Phishing and insider threats has been identified as the biggest cyber threat sources in Nigeria in 2015, the Head of Cyber Risk Services at Deloitte Nigeria, Tope Aladenusi, has said.
Aladenusi who stated this in the ‘Nigerian Cyber Security Outlook 2015’ released in Lagos, said that phishing and insider threats would increase, especially as crude oil prices continued to fall.
According to him, phishing is a form of social engineering that attempts to acquire sensitive information such as usernames, passwords and ATM card details (and sometimes, indirectly, money) by masquerading as a trustworthy entity in an electronic communication.
“Phishing is a continual threat that keeps growing to this day. The risk grows even larger in social media such as Facebook, Twitter, Myspace, etc.
“An Insider threat is a malicious threat to an organisation that comes from people within the organisation, such as employees, former employees, contractors or business associates, who have insider information concerning the organisation’s security practices, data and computer systems.
“As companies take austerity measures such as downsizing and salary slashing, due to the falling crude oil prices and the devaluation of the naira, there is a higher risk that employees, former employees or contractors resort to cybercrime as a means to maintain their standard of living,” he said.
Aladenusi said that there was likely going to be an unprecedented rise in attacks from disgruntled employees, adding that the cybercrime of choice by majority of the Nigerian cyber criminals would be via social engineering.
According to him, intelligently crafted phishing emails and phone calls to naive customers will increase.
“A total of 31,536,000 was the number of seconds that made up the year 2014 and around the world, each second was used effectively by hackers in planning attacks and exploiting vulnerable people, systems and processes.
“Brazen attacks unlike anything we have ever witnessed before were carried out and from all indications, 2015 is likely to be another roller coaster ride.
“In 2014, the National Assembly of Nigeria made a bold move in the war against cybercrime when the Senate passed the Cybercrime Bill.
“This feat, in addition to the cyber security strategy and policy documents introduced by the Office of the National Security Adviser (NSA), are attributes that define 2014 as the year of the awakening,” he added.
Aladenusi said that 2015 would witness an increase in cyber security issues that might likely reduce towards the last quarter.
He said that, however, the reduction would only be based on a successful implementation of the Bank Verification Number (BVN) and electronic ID by the National Identity Management Commission (NIMC).
Aladenusi said that the company’s 2014 cyber security outlook was an eye-opener into the Nigerian cyberspace, as all the predictions made were accurate.
“2015 must therefore not be underestimated, as the seeming deduction is that the hackers are always one step ahead; this is a gap that must be bridged,” he added.
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