Companies need to understand that in today’s world, cyber risk is business risk.
In April 2018, an Executive of UNATRAC Holding Limited (the export sales office for Caterpillar heavy industrial and farm equipment) became a victim of a phishing email that allowed conspirators to capture login credentials. The conspirators made fraudulent wire transfers amount totaling nearly $11 million from the company.
Just few weeks ago, leader of a syndicate cybercrime group was nabbed for committing cyber-crime worth N160bn with about 2million victims. Director of Dubai CID where the arrest was made also mentioned that a document of one another planned fraud worth $435 million was also recovered from him.
COVID19 pandemic has further exposed more organizations to cyber attack as attackers are now taking advantage of the huge transition of organizations from offline to online. The main drivers of this increase in the rate of cyber-crimes include the rapid adoption of new technologies by cyber criminals, the expanding number of cyber-crime centers, the easy availability of cyber-crime tools, and the growing sophistication of top-tier cyber criminals.
As far back as in 2018, the cost of cyber-crime was up to 0.8% of global gross domestic product (GDP) or $600bn a year. With Europe suffering the highest economic impact of cyber-crime according to McAfee and the Center for Strategic and International Studies (CSIS) in 2018. Thus, it is evident that businesses need to take the economic impact of cyber-crime more seriously.
In another respect, Raj Samani, chief scientist and fellow at McAfee identified that “There is a serious problem with under-reporting of cyber-crimes, with up to 95% going unreported, so the $600bn quoted above figure is extremely conservative and is based purely on the figures we have available”. He further advised that “Companies need to understand that in today’s world, cyber risk is business risk.”
The size of your business is not the immunity against these organized crime groups.
They have been successful in countries that have up-to-date sophisticated cybersecurity infrastructures- UK and US. Nigeria is definitely no match for the developed countries. However, to be prepared for the management of cyber and data security risks, adequate information and education is very important. Conrad Clark Nigeria Limited is offering an intensive training online with international facilitators who will help you and your business in being insulated from the threats of the cyber space.
Cyber and Data Security Risk Management workshop is an online workshop and facilitated by our UK and Malta Associates. Both of whom are leaders in the industry with years of experience protecting assets of organizations, agencies, and governments across the globe.
Cybercrime poses a great risk to businesses, small medium and big as well as the economy, hence the need to have a proper understanding with improved capacity to manage its threats. Also, collaborative efforts of governments, corporate entities and the citizenry could play a vital role in checking cybercrimes especially after the businesses have done their homework very well. Don’t wait till the other syndicate groups out there steal from you.
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Conrad Clark Nig Ltd
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