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20 percent business losses are work of of Hackers

ACCORDING to the latest CISCO report, data stored in the cloud is not as untouchable as people think. Ten years ago, according to the IT giant’s first Annual CyberSecurity Report, ACR, report, web and business applications were often hackers’ preferred targets, often via social engineering and user-introduced infractions. Today however, hackers attack cloud based applications. Unveiling the report to journalists in Lagos recently, Country Manager, CISCO Nigeria, Mr Olakunle Oluruntimehin said that the report, which surveyed nearly 3,000 Chief Security Officers from 13 countries, found that “over one-third of organizations that experienced a breach in 2016 reported substantial customer, opportunity and revenue loss of more than 20 percent.”

 “Ninety percent of these organisations are improving threat defense technologies and processes after attacks by separating IT security functions, increasing security awareness training for employees, and implementing risk mitigation techniques,” said the CISCO Nigeria boss. The report also stated that one in seven emails is malicious. “Spam accounts for nearly two-thirds of email with eight to ten percent cited as malicious. Just 56 percent of security alerts are investigated and less than half of legitimate alerts are remediated.”

According to CISCO, “the biggest barriers to advancing their security postures include budget constraints, poor compatibility of systems and a lack of trained talent. It also revealed that security departments are increasingly complex environments with 65 percent percent using between six to fifty security products, increasing the potential for security effectiveness gaps.”

The CISCO Nigeria boss advised organizations to take steps to prevent, detect, and mitigate threats and minimize risks. He said that organisations must make security a business priority, measure operational discipline, test security effectiveness, adopt a defense approach and focus on investigating and resolving true threats. “In Nigeria, we recognise that the penetration of mobile and growth in internet usage also means that we are more vulnerable to cybercrimes. That is why we leverage our partners, the Cisco Network Academy Program and certifications in addition to typical customer enablement activities to grow our security market share,” said Oluruntimehin.

 

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