Cyber-attacks on Nigerian banks imminent, warns group

By Kokumo Goodie, Lagos, Nigeria

The Cyber Security Experts Association of Nigeria (CSEAN) has warned that with the level of vulnerability of the country to cyber-attacks, financial institutions may be hit soon.

President of the Association, Remi Afon, warned that corporate organisations and government establishments have failed to prepare against obvious dangers of cyber threats posed by increasing sophistication in cyber crookery.

According to Afon, cyber-attacks were becoming more sophisticated, stressing the need to build resilient cyber defence mechanism for the country.

Referring to Kaspersky’s recent report, he said some banks were targeted by North Korean hacking operation group in 18 countries including Nigeria.

Afon said: "A recent report by Kaspersky showed that North Korean hacking operation linked to Lazarus group targeted banks in 18 countries of which Nigeria was among the targets. Clearly, this has shown that Nigeria is not immune to cyber threats. The vast scope of Cyber threats we face today makes a compelling case for legislation that will compel organisations to have minimum cyber security controls in place and also mandate them to make full disclosure once they are breached; this will assist the nation in understanding attack vectors we face and aid security experts in implementation of adequate security controls.

"The global cost of cybercrime will reach $6 trillion by 2021, a threefold increase from the 2015 estimate of $3 trillion according to Cybersecurity Ventures. Unfortunately, over 80 per cent of organisations and government agencies in Nigeria believe that since they have not suffered a major cyber-attack, there is no need for security to be implemented in their business plan.

“Cyber threats and attacks are becoming commonplace, sophisticated and damaging. Governments, organisations and individuals are faced with an evolving complex threat landscape. State and non-state actors are capitalising on vulnerabilities to launch attacks. Through workshops, plenary and breakout sessions, Cyber Secure Nigeria 2017 will prepare participants to defend their networks and operations against growing sophistication of cyber-attacks by building resilient cyber defence."

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