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Kaspersky Security

Nigerian businesses, 17 nations on the radar of North Korean hacking ring—Report

Relying on the recent report released by leading global cyber security group, Kaspersky that banks and some companies in Nigeria were among new targets of North Korean hacking ring, the Cyber Security Experts Association of Nigeria (CSEAN) has raised alarm, saying the country is currently under threat.

Kaspersky report had listed other 17 countries the North Korean group has penciled down for hits before the end of the year to include US and other developing economies.

However, the group is upbeat that the emerging opportunity to be provided by the 2017 Cyber Security Conference tagged ‘Cyber Secure Nigeria 2017,’ scheduled to hold in Abuja on May 16-18, would provide the platform for cyber security experts to come up with an antidote.

Stakeholders expected in the conference included industry giants, MDAs, academia, information security professionals from the country and international community.

In an early warning sign given to Nigerian government and corporate bodies, CSEAN President, Remi Afon, said the case of Nigeria is more pathetic because many indigenous companies and MDAs have refused to realise and prepare for imminent cyber attacks.

According to him, cyber-attacks were becoming more dynamic and sophisticated, thus need to build a resilient cyber defence system for the country.

Details in a statement issued by CSEAN read thus; “A recent report by Kaspersky showed that North Korean hacking operation linked to Lazarus group targeted banks in 18 countries of which Nigeria was among the targets”.

“Clearly, this has shown that Nigeria is not immune to cyber threats. The vast scope of Cyber threats we face today makes a compelling case for legislation that will compel organisations to have minimum cyber security controls in place and also mandate them to make full disclosure once they are breached. This will assist the nation in understanding attack vectors we face and aid security experts in the implementation of adequate security controls.”

The group further recalled that “The global cost of cybercrime will reach $6 trillion by 2021, a threefold increase from the 2015 estimate of $3 trillion according to Cybersecurity Ventures. Unfortunately, over 80 per cent of organisations and government agencies in Nigeria believe that since they have not suffered a major cyber-attack, there is no need for security to be implemented in their business plan.

“Cyber threats and attacks are becoming commonplace, sophisticated and damaging. Governments, organisations and individuals are faced with an evolving complex threat landscape. State and non-state actors are capitalising on vulnerabilities to launch attacks. Through workshops, plenary and breakout sessions, Cyber Secure Nigeria 2017 will prepare participants to defend their networks and operations against growing sophistication of cyber-attacks by Building Resilient Cyber Defence.”

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