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Warning Signs for Investors: Cybercrime costs to hit $2 trillion by 2019

*Why Nigeria is vulnerable

Isaiah Onwuanumba:

Global cybercrime costs are now projected at $2 trillion by 2019 and investors across the world would loss several billions of dollars to cyberattacks, and is a concern for Nigeria and other African countries that are most vulnerable online, according to Report.
CNBC and Forbes stateed that massive cyberattacks could cost worldwide IT companies over $1 trillion.They added that the time is now investors pay attention to the warning signs and step up their efforts in ensuring companies adopt comprehensive cybersecurity programs and deployments. And that cyberattacks cost companies 20 percent of their revenues in 2016.

The Reporet also lamented that “despite the flurry of global cyberattacks and incessant security incidents targeting organizations of various capacities in revenue, workforce, and international presence, some global firms continue to act in denial of the crushing impact of cyber attacks.”
Ouir Correspondent gathered that hackers are working around the clock trying to figure out how to crack your password, get inside your demilitarized zone, and tear apart your firewall, all while many companies spend months or years without a cogent decision on their cybersecurity program. This leaves them, and their shareholders, at the mercy of hackers.

Companies, the Reported added, “must invest in comprehensive cybersecurity programs that ensure a defence-in-depth of infrastructure, protecting the “lifeline” of their enterprise.”
This is of particular concern for Nigeria whoes law are not stiff enough to nail online criminals
For example, Cyber Security Experts Association of Nigeria (CSEAN) has said the cybercrime law that was passed in 2015 is outdated in a space of less than four years.
CSEAN President, Remi Afon said cyber crime is dynamic and changes from time to time.
“When the cyber crime law was passed a few years ago, there was no mention of cryptocurrency. A lot of cyber criminal were not in the dark web. So there is a need for cybercrime laws to keep changing to keep pace with the activities in cyberspace.”

The president said for this reason Nigeria truly vulnerable in the cyberspace.
“Yes! Nigeria is vulnerable. A lot of our information is online these days. Even the government has started connecting their system online. The only way we can tackle this problem is to have a strong legislation, which will make organizations to be compelled to make sure their assets are secured, and whenever there is a breach, there also is a notification. Many cyber crime activities are taking place in Nigeria on a daily basis, but because they are not reported, nobody notices them. “
As regards the Cyber Secure Nigeria 2018 conference, Afon said the event is the annual conference of Cyber Security Expert Association of Nigeria, adding, this is the fourth edition of the conference since inception. “This is also the first time we are holding the conference in Lagos. The theme is mitigating cyber threats in the digital age. The objective of the conference is to sensitize the masses about the dangers of cyber crime, especially in the digital age when everybody is committed to the Internet.”

Afon explained that the message I was trying to pass is that in 2015, election in the country was almost compromised. “People were influenced using the alleged Cambridge Analytical campaign, where the then All progressive Congress (APC)’s Presidential aspirant, Muhammedu Buhari’s email was said to have been hacked. A lot of fake news and malicious campaign were going on, just to discredit the President at that time. As we move to 2019, these campaigns are not going to stop. A lot of politicians will use unemployed youths to help them spread malicious information. Hacking of email and exposure of several classified information will happen. This is the new trend and it is not going to abate.”

 

CSEAN, he said, laments the current state of things as government is doing about data protection law.
“It is quite unfortunate that the government is so slow about the data protection law. They are not doing anything about it at the moment. There is a need to have a data protection law as a matter of urgency. Otherwise, it is not going to be a crime for anybody to compromise other people’s data. We have cybercrime laws, but there is a need to make sure organizations are held accountable if data in their possession are compromised. It is the responsibility of government to have the law in place. Our own responsibility is to sensitize the citizens,” he said.

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