The Cyberspace is a digital world that contains just about anything one is searching for online. With the advancements in information accessibility, and the application on the internet, also came a growing disadvantage of cybercrime. With this rising trend, cyber security has now become a major national concern around the world, even in Nigeria, as threats from the internet now need to be taken more seriously.
Cyber-crime refers to activities done, using computers and the internet. This goes from downloading illegal materials, to stealing millions of dollars from online bank accounts. It also includes non-monetary offences like creating and distributing viruses on other computers, or posting confidential business information by miscreants for selfish purposes.
Over the past twenty years, criminal cyberspace users have continued to use the internet to commit crimes. In Nigeria, this has grown to an extent where the perpetrators of cybercrime have been named “Yahoo Boys”, as an apt description for their criminal new found trade on the internet. This phenomenon has seen so much increase that it is calling for quick response from the Government, in providing special laws that will protect the cyberspace and its users.
As technology advances, cyber attacks are becoming more sophisticated. With the increasing use of technology in our daily lives, cybercrime is on the rise, as evidenced by the fact that cyberattacks caused 92% of all data breaches in the first quarter of 2022, around the world. This is why being current with cybersecurity trends and laws, is crucial to combatting these threats, which can significantly impact business development in any community.
In 2023, it has been projected by cyber space experts that the cyber security market is expected to see new trends, and businesses must be adequately prepared for such developments. This is one of the reasons for organising the Economic Forum Series, EFS by Vanguard Newspapers, in partnership with The Central Bank of Nigeria, CBN; Telecom firms like 9mobile, Financial technology and FinTech firms like eTranzact and PalmPay.
It held the annual “FinTech CyberSecurity & Fraud Summit”, on April 27 at the Civic Centre, Ozumba Mbadiwe, Victoria Island, Lagos. The forum with the theme: “The Role of Cyber Security in an Evolving FinTech Regulatory Digital Economy”, also had the FinTech Association of Nigeria, FinTechNGR; Association of Telecom Companies of Nigeria, ATCON; Association of Licensed Mobile Payment Operators, ALMPO, and Cybersecurity Experts Association of Nigeria, CSEAN, as partners.
FinTech, well represented by Ade Bajomo, President of the FinTech Association in Nigeria, and others on the same cause, gave strong reasons why companies under FinTech in Nigeria, should be supported more for greater results in the digital ecosystem. From the Papers presented at the Forum, more facts emerged that increasing areas of cyber security, need to be ascertained across the country, for better assurance of cyber space users. Some of the areas identified included:
Mobile Security – This is since the mobile phone has largely replaced people’s trips to the banks, stores, and outings with friends. With just a few taps on an app, one can order any service or product, without leaving the house. With these mobile trends, experts are of the opinion that the number of attacks in this sector will continue to grow along with the market. This is as malicious actors will exploit simple opportunities in e-commerce, banking services, and online booking, to take advantage of people whenever possible.
Next, is the result of home automation using IoT. IoT devices are anything that connects to the cloud and collects data. It could be locks, refrigerators, security cameras, ovens, televisions, or any other gadget that connects to the cloud. This is also expected since smart devices, smart homes and voice assistants, have become integral to people’s lives. However, Cyber experts caution that each such device can be hacked and taken over by cyber criminals.
Another aspect of these projected cyber attacks is working remotely, which is on the increase around the world. Remote work has relaxed the control companies have over their employees’ safe use of data. Cyber criminals, along with those engaged in phishing and social engineering, have taken advantage of this loophole, using increasingly sophisticated attack methods to compromise networks.
As mentioned above, social engineering is still a factor to be reckoned with, and is also evolving. Over the years, attacks have become multi-channel, meaning that the same user can receive phishing emails, and is targeted through SMS and social media.
As cyber attacks and the levels of risk associated with them continue to grow, so do new related industries designed to mitigate these risks, including cyber insurance. Organisations turn to them to minimise threats and financial losses from attacks. To obtain full insurance coverage, demonstrating a company’s proper level of protection, is increasingly becoming mandatory. Small and medium-sized enterprises, are needing more help meeting the cyber insurance requirements.
Each cyber attack potentially leads to severe consequences because safeguards are either not in place or currently unavailable. A successful data breach can cost millions, and the amount depends directly on the type of attack and its duration, as well as the loss of reputation, customer loyalty, and the customers themselves. There are no forecasts or guarantees for any specific business or industry—any company that stores data on a network can be attacked.
There is also the concept that is based on “never trust, always verify.” In a zero-trust environment, users are constantly checked, re-assessed, and re-authenticated using multiple authentication methods. This is why Artificial intelligence (AI), is already being used in cyber defense, in some areas. It is expected to become even more prevalent in 2023, particularly in monitoring resource and threat analysis, and rapid response capabilities.
Cyber experts at the forum agreed that the only way organisations can stop an attack or reduce its impact, is to identify unusual activites across their entire ecosystem of users, applications, and infrastructure. Types of Fraud prevalent in Nigeria, were identified by the Managing Director of Palm Pay, Chika Nwosu. He noted the challenge of – Impersonation, ‘Fake Give Away’ bonanzas that are designed to get people’s data, criminal Investment platforms, among others.
The forum also recognised the use of – crypto currencies which can be hacked for criminal purposes. Among other solutions proffered at the talk sessions were points raised on dealing with the problem of lack of reporting among those that have been attacked, proposing a strong collaboration between the media and banks, and more integration of Artificial Intelligence – A.I. technology etc, into the system.
This is why the Central Bank of Nigeria represented by Jimoh Musa Itopa, Director, Payment System Management Department, CBN, proposed the coming together of Telecom companies to track reported attacks, and working together more on protecting phones. He also advised mounting more pressure on lawmakers to make laws that can be used in prosecuting cyber criminals.
It is a fact that as cyberattacks become increasingly sophisticated, many companies need help to ensure a high level of security on their own. Therefore, the trend of protecting companies with expert service providers is expected to flourish. Undoubtedly, cyber insurance has raised the bar for the level of protection, and now service providers will face higher demands.
Understanding these growing digital trends will also allow the nation and the private sector, assess more of the risk of attacks for her industries. These will aid in considering a protection implementation plan that can be put to action.
By Blossom Chukwu
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