Industry experts are of the opinion that strong partnership and alliance amongst organizations, government, and private individuals would curb the level at which cyber criminals are operating.
Cybersecurity Ventures predicts that the global community will lose more than $6 trillion annually by 2021. While, Forbes projects that cybercrime costs will reach $2 Trillion by 2019.
“The fight against cyber crimes is currently beyond socio-political and economic exigencies. Hence there is greater need to form strategic partnerships and collaborative alliances with stakeholder Agencies, Organizations, and Jurisdictions with the objective of creating a united front to combat and contain the menace of Cybercrimes in all its ramifications and manifestations in our society” Prof. Umar Danbatta, Executive Vice Chairman of NCC, Prof. Umar Danbatta.
He said the world approaches the end of the second decade of the 21st century, the challenges of a secure cyberspace are more daunting as threat actors are becoming more resourceful, more brazen and determined to inflict maximal damage to their victims, and more pervasive regarding their profiles. “For us to win this war we must collaborate with relevant stakeholders.”
According to Remi Afon, President, Cybersecurity Experts Association of Nigeria, 89 percent of breaches has a financial or espionage motive, noted that cyber crime prosecutions are picking up in the country. He explained that the menace comes in different forms, “including 419, phishing, social engineering, malware, cyber bullying and identity theft.”
He disclosed that phishing accounts for 83 per cent; compromised accounts, 63 percent; web-based attacks 54 percent; and client side attacks, 43 percent.
According to him, it usually takes 146 days before a successful breach is detected, while 84 percent of offenses is against the application layer. “Average cost of cybercrime is $7.7 million. About 95 percent of enterprise attacks is through emails.”
The U.S. Consul-General, John Bray, said all around the globe, individuals, companies, and governments have become victims of cyber attacks.
He stated that it was for this reason that in 2009, President Barrack Obama urged an increase in education and dialogue about cybersecurity in the cyberspace security review.
According to Consul General F. John Bray, Cybersecurity Awareness, one of the ways to further promote cyber security awareness is to be part of the “Stop.Think”. Connect campaign.
“As part of this policy review, the Department of Homeland Security created an ongoing Cybersecurity awareness campaign – Stop.Think.Connect.
Stop.Think.Connect is a national public awareness campaign designed to raise awareness of cyber security and to be more vigilant about practicing safe online habits.
By joining the Stop.Think.Connect campaign you will have connections to partners and subject matter experts who are committed to increasing online safety; cyber security tips, messaging, articles, and presentations; monthly discussions highlighting current cyber issues and trends.” he noted.
He stressed that the growing dependence on technology, coupled with the increasing threat of cyber-attacks and risks to privacy, demands greater security in the online world. And by adopting and joining the campaign, he said people would better understand the risks that come with using the Internet and the importance of practicing safe online behavior.