Menu

Banks, large corporations to experience cyber-attacks in 2015 – Expert

                                                           Godwin Emefiele, CBN Governor
 
As cyber-security threats shift from hacking for fun to deliberate efforts in order to get financial information, expert in information security has warned that banks, other financial institutions and large corporations in the country would experience cyber-attacks as the year moves to a close, unless they strengthen their cyber resilience through implementation of adequate technology.
 
President, Information Systems Audit and Control Association [ISACA] Abuja chapter, Opeyemi Onifade said this recently as part of the preparation for ISACA’s forthcoming tenth year anniversary and annual conference in Abuja. According to him, as a member of the global society, “Nigeria cannot be insulated from the opportunities and threats of globalization”.
 
To overcome cyber-attacks, he warned, the banks would need to strengthen their cyber resilience through implementation of adoption of process-oriented good practices, technology and standards, and engagement of right skills and competencies.
 
He added that, “we need to understand that we cannot succeed by accident. The cyberspace is now recognized as the fifth domain of warfare in addition to land, air, sea and space. Unfortunately, in Nigeria, our cyberspace domain is still a neglected and unprotected territory. Yet, we depend so much on mobile telecommunications, electronic banking and electronic commerce for our socio-economic survival”. 
 
Onifade said the internet has become imperative to address Nigeria’s collective capacity to respond to the inevitability of cyber threats, especially Advanced Persistent Threats [APT].
 
“The purpose of the majority of APTs is to extract information from systems—this could be critical research, enterprise intellectual property or government information, among other things. Talking about the shift in the motive for hacking (i.e. compromising the security profile of information systems), you will find that there is an evolution in the motivation for attacks.
 
“Motivation for attacks can be explained as being attacked because you are on the Internet and you have vulnerabilities. Or because you are on the Internet and you have information of value or because of who you are, what you do or the value of your intellectual property [IP]. These would include state-sponsored attacks and corporate espionage. According to recent research, Cyber security is a top global concern as 82% of enterprises will experience a cyber-incident in 2015”, he said.
 
To him, government should declare an emergency in the cyber security education domain of the country in order to promote cyber security expertise and create a formidable “army” that would ensure effective national cyber defense.