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Build cyber ecosystem capable of withstanding surging cyber attacks, KPMG warns

More cyber sensitive firms across the world have continued to raise alarms on attack possibilities on leading business groups in Nigeria.

Last week, leading global cyber security group, Kaspersky revealed that Nigerian banks and companies were among new targets of North Korean hacking ring

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. This was the observation of the Cyber Security Experts Association of Nigeria (CSEAN).

Again, over the weekend, KPMG Professional Services hinted that business organisations in Nigerian and other sub Saharan economies are under the risks of attacks on their computer networks.

Head, Technology Advisory & Markets at KPMG, Joseph Tegbe, has sounded a note of warning to companies to try as much as possible to create a secure cyber ecosystem in order to limit chances of losing vital information and revenue if attacked.

He said “Our lives, economic vitality, national security, etc now revolve around technology. This dependence on technology comes with a whole new set of threats, risks and dangers to individuals, businesses and the society at large. Attacks on computer networks are on the rise; we need a safe, stable and resilient cyberspace.

“We have seen this as an emerging trend. Online scams on social media are being escalated at an organisational level. Do you know what it means to hack into the email of a managing director and start sending mails, which did not originate from the company to people?”

Giving more insights on the reality of cyber attacks, a partner in the company and Head of Risk Consulting, Mr. Olumide Olayinka, said the global dimension of digital space has put every online outfit under threats of attack anytime.

According to him, “Because all these systems are interconnected, some people can sit in their houses and take over a particular system of data of a client and they can either destroy or expose the information to the public. That is the kind of ransom we are seeing. Sometimes, they put something into a managing director’s laptop and with the push of a button, they can copy sensitive information from the laptop”.

“There is also denial of service. Imagine if the system of a bank or telecoms company has been taken over by hackers, they can bring it down and people will be denied services, the bank will lose a lot of money as a result. Considering the amount of money telecoms companies generate hourly, if their system is down, they will lose money.”

Business Hilights investigations showed that companies are beginning to be more serious on issues of cyber security as many are either outsourcing their cyber security jobs or training in-house staff for the safety of data and crucial files.