ThinkNnovation 2.0 Tasks Organizations on Taking Proactive Measures to Strengthen Cybersecurity

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Friday, October 22, 2021 / 08:23 AM / Ayomide Oguntoye for WebTV / Header Image Credit: WebTV

 

The FITC, on Thursday, October 21, 2021, held its ThinkNnovation; Cybersecurity Conference 2.0, which had as its theme, 'Building Cyber Resilience in an Interconnected World'.

 

The two-day conference brought together stakeholders from the financial services sector, cyber experts, telecommunications experts, strategists, consulting and industry leaders. The participants discussed salient post-pandemic cyber security development issues and how organizations could build resilience in an increasingly interconnected world.


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Mrs. Aishah Ahmad, Chairman FITC board, delivering her opening remarks, noted that due to new standards in remote working, it has become necessary that organizations find safe operations in the digital world.

               

According to her, cyber and digital risks were naturally becoming the critical areas of focus in the global risk landscape, second only to climate and environmental risk. She mentioned that regulators should look into cyber security risks and other risks associated with the digital economy and technology transformation to address the lack of clarity surrounding the risks affecting safe global business.

 

Cyber risks and other digital risks are complex and rapidly evolving, hence the need for vigilance, adaptability, and the fostering of close collaborations to support resilience.

 

Olajumoke Odulaja, Chief Risk Officer, Union Bank of Nigeria, in her presentation, explained that cyber-attack means vulnerability to attack as a result of an online presence. However, cyber security focuses on minimizing the impact of these attacks and ensuring that data is protected online. In contrast, cyber resilience talks about how quickly an organization can respond to the events of such a cyber-attack. Therefore, strategies and measures to ensure that an organization is adequately prepared and responsive to such attacks were crucial for strengthening cyber security.

 

"In the events such as this, cyber resilience speaks to an organization's ability to anticipate, identify, protect, detect, respond and quickly recover necessary data. It is important to put these measures in place as loss of any kind can incur damages and, as a result, lead to a crippled business. However, an organization's ability to rise above any form of cyber security depends on measures that take place before any attack; cyber-driven end strategy as a way to ensure optimum recovery".

 

Odulaja noted that a well-established cyber resilience strategy, a collaborative approach involving third parties could offer an organization multiple benefits before, during and after the incident. 


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Iretioluwa Akerele, Information Security Manager, Xclaim Labs, speaking at one of the plenary sessions, assessed the risk of ransomware and operational technology to organizations. Akerele noted that most ransomware occurs through user-initiated actions such as clicking on a malicious link in a spam e-mail or visiting a malicious or compromised website.

 

Highlighting the impacts of ransomware, Akerele listed the following;

  • Loss of business revenue
  • Temporary or permanent loss of sensitive or proprietary information
  • Disruption of regular operations
  • Financial losses incurred to restore systems and files
  • Access to information
  • Potential harms to an organization's reputation

 

However, the information security Manager suggested proactive measures organizations can put in place to prepare for any form of ransomware. She said that management should be committed to preparing themselves for such occurrences and putting in place measures for risk assessment. It is also essential that organizations are cyber security conscious and get the necessary training and prepare backup plans. Using unique and robust passwords should also be considered as a proactive measure.


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