Cybercrime is a challenge, in today’s digital world. A 2019 cyber security study, stated that, banks, insurance companies and government institutions, in Nigeria spent an estimated sum of $270 million, to prevent cyberattacks in 2018. Think about, what will happen, in a world that has rapidly advanced in 2019.
I, recently, had a chat, with Akin Banuso, Country General Manager, Microsoft., on Tech Trends show, on Channels Television and he spoke on cyber security and what should be done to curtail it and lots more.
CFA: Akin, glad to have you on the show today.
Akin: Thank you for having me.
CFA: Give us an overview of your cyber security landscape, globally?
Akin: The Cyber Security Association of Nigeria says that, we should expect increased ransomware and fraud attacks in 2020, especially, large organisations, such as banks, should be on their guard because, you will see things, similar to what we had in 2017, with Wanacry.
Globally, there is expected to be cybercrime, to the tune of about $6 trillion, by 2021 and that is a huge increase, from 2015, when we had about $3 trillion in cost of cybercrime.
CFA: How serious is the incidence of cyber security in Nigeria and Africa, compared to other parts of the world?
Akin: The Chartered Institute of Forensic and Investigative Professionals of Nigeria, disclosed that Nigeria had lost about N5.5 trillion, to fraud and cybercrime, over the last 10 years, so, if you think about it, in 2018, the Nigerian-based cybercrime jumped around 54%, year over year.
CFA: Nigeria loses billions of Naira, annually, to cybercrime. What do you think is the way forward?
Akin: One of the primary reasons, I would say, in my own opinion, would be lack of good hygiene, in terms of security, so, basic knowledge from the users, having the most basic security ethics and ways of protecting themselves, so, there is a lot of education we have to do with our user community and providing basic security and preventive solutions.
CFA: In your opinion, what is the way forward?
Akin: Very clear steps that we should be thinking about. We should start with very good identity management. You should educate your users, so that, people don’t randomly open unknown files, or data, or emails that are coming from unknown locations, or at least, opening attachments that comes with them, so that, you can be protected from phishing attacks.
Protect your passwords. You will be amazed at the number of people, who use easy passwords. There is a huge rise I social engineering and social engineering is where, people put a lot of details on their social media handles and such information, can then, be used to crack their passwords. Birthdays, children’s favourite places, etc.
You can watch the full interview here