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Cybercrimes Increased By Nearly 300% In 2020

TECHDIGEST – A cyber-attack occurs every 39 seconds, and cybercrimes increased by nearly 300 per cent last year following the COVID-19 outbreak, the Senior Manager, Cyber Risk Services, Deloitte, Ms Funmilola Odumuboni, has said.

She said this at the annual conference organised by Central Securities Clearing System Plc, with the theme ‘Cybersecurity: The challenges we face today’.

Odumuboni said, “The major tenets of cybersecurity are confidentiality, integrity and availability. The information meant to be kept secure are indeed secure and kept out of public domain; the information at hand is correct and the systems are available for use when one wants to use them.

“A cyber-attack occurs every 39 seconds and cybercrimes increased by nearly 300 per cent following the COVID-19 outbreak. Also, human error is the primary cause of cybersecurity breaches, accounting for 95 per cent of all data breaches; 86 per cent of breaches were financially motivated and 10 per cent were motivated by espionage and 36 per cent of breaches involved phishing, 11 per cent more than last year.”

Speaking at the event, the Managing Director/Chief Executive Officer of CSCS, Mr Haruna Jalo-Waziri, said, “The conference, the third in the series, is timely, given the increasing global incidence of cyber-attacks, especially as network compromise arising from remote connections associated with work-from-home presents new forms of cybersecurity exposures.

“The prolonged pandemic occasioned by COVID-19 has increased digitisation and adoption of new technologies, albeit presenting new risks to cybersecurity. As we surf the Internet and connect to different applications either on our official networks or personal devices, we need to protect ourselves and our ecosystem from the rising vulnerabilities of cybercrimes.”

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Also speaking at the conference, the Chief Information Security Officer, First Bank Group, Mr Harrison Nnaji, said, “The lingering COVID-19 will lead to increased insider threat, data breaches, and series of home network or work-from-home attacks this year.

“Increased system infiltration, dangerous fileless and ransomware attack, increased attack on key cloud assets (crypto platforms, supply chain, blockchain, Internet of Things, Open API, and interconnected systems), enterprise software and remote communication platforms will be a key target of threat actors.”




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