Home Tech News ISSAN: First half of 2016 ‘witnessed high-profile cyberattacks’

ISSAN: First half of 2016 ‘witnessed high-profile cyberattacks’

ISSAN: First half of 2016 ‘witnessed high-profile cyberattacks’
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Information Security Society of Africa-Nigeria (ISSAN) says high-profile cyberattacks were successfully carried out by cybercriminals worldwide, including Nigeria, in the first half of 2016.

The technology security group which Tuesday evaluated cyberspace security trend in the first half of 2016 at its July meeting in Lagos alerts that that the past six months have seen “strong positioning and metastasis of the ransomware and DDoS attacks globally.”

David Isiakwve, President of ISSAN says Nigeria is not excluded in these blocks of attacks happening on the Internet.

A bank staff seen using an ATM at an exhibition showcasing banking technologies and services in Lagos
A bank staff seen using an ATM at an exhibition showcasing banking technologies and services in Lagos

[quote font=”georgia” font_size=”22″ font_style=”italic” align=”left” arrow=”yes”]The President of ISSAN says that “in Nigeria, we lose approximately N127b annually to cybercrime. Also, the latest data released by NCC shows that Internet subscription increased by 5% to 92 million in May 2016. This is a density of 50% vs the African average of 16%.”[/quote]The President of ISSAN says that “in Nigeria, we lose approximately N127b annually to cybercrime. Also, the latest data released by NCC shows that Internet subscription increased by 5% to 92 million in May 2016. This is a density of 50% vs the African average of 16%.”

Isiakvwe lists a number of notable cyberattacks that happened around the world during the first half of this year. They include: massive password attack which affected Central Bank of Bangladesh, massive phishing attacks and also cites attacks on the payroll department of Snapchat and hack of social media outfits following attacks on CEOs of Facebook and Google.

ISSAN also outlines the spate of cyberattacks to involve identity theft, ATM/card fraud, in-branch POS deposits, BVN related frauds/change of identity, fraudulent transfer withdrawals, business email compromise (BEC), social engineering attacks, DDoS attack kits sold for as little as $5 and malicious Pokemon Go app (Mobile Game) installing a backdoor on Android devices utilizing RAT called DroidJack or Sandro RAT that gives the attacker full control of the victim’s device.

Mr. Godwin Emefiele, Governor, Central Bank of Nigeria (CBN)
Mr. Godwin Emefiele, Governor, Central Bank of Nigeria (CBN)

On home front, the ISSAN President reveals that the Nigerian fraud sample trends for the past six months. According to him, 88% of the total cybercrimes in Nigeria come from card frauds and mobile banking frauds. Fraudulent transfers account for 8% while internal fraud stands at 4%.

On how to combat this evolving threats, Isiakvwe recommends the following: know where your critical data are, take preventive measures to ward off attacks, detect every attack that successfully passes through, respond effectively to contain the attack, recover all and restore your operations on time.

In addition, he says, “Collaboration at all levels is critical, supported by awareness campaign.”

[quote font=”georgia” font_size=”22″ font_style=”italic” align=”left” arrow=”yes”]“In the banking and financial service industry, I can tell you that customers are being attacked on daily basis. On the other hand, organisations that are yet to back up their data should know that ransomware is like kidnapping, once you are attacked you have no option that to pay or you lose your data. But if you have a backup you can afford to ignore the attackers,” the ISSAN President, Isiakwve, says.[/quote]Members of ISSAN were reminded of the action points discussed at last meeting which harps on the need for organizations to arrange an awareness session on cybersecurity for customers and stakeholders.

Other tasks ahead for the body is that IT departments in organisations should make arrangements for management staff computer backup.

“What we have seen is that executives in organisations don’t backup their data, meanwhile they are typically the target of the fraudsters, yet some organisations fail to back up their data and that leaves them vulnerable. So two important things here, cybersecurity forum or event for customers and data backup for executives,” the ISSAN Presidents told the meeting attendees.

He reiterated how important it is to send awareness messages to customers is as most of them are rarely aware of some of these activities and techniques by cybercriminals.

“In the banking and financial service industry, I can tell you that customers are being attacked on daily basis. On the other hand, organisations that are yet to back up their data should know that ransomware is like kidnapping, once you are attacked you have no option that to pay or you lose your data. But if you have a backup you can afford to ignore the attackers,” the ISSAN President, Isiakwve, says.

Donatus Anichukwueze Technology Journalist at Technology Times Media Phone No: 08074016066 e-mail: donatus.anichukwueze@technologytimes.ng

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