Cyber security one of top 5 world risks

SECURITY

|
Image: By BiztechAfrica
Cyber security one of top 5 world risks

The World Economic Forum meeting in Davos has identified cyber security as one of the top five risks in the world, but experts have cautioned against restricting the internet as a result.

Delegates at the conference heard that a new piece of malicious software is introduced every 30 seconds.

Over 2 million viruses, worms, back doors or Trojans have emerged over the past two years, and the threats are constantly growing. People used to hack computers for notoriety, and then as a criminal activity. Today, companies and nation-states are also behind cyber attacks, in the form of industrial and military espionage, respectively.

Attribution is a fundamental issue in addressing the problem, experts said. The biggest challenge is identifying who is behind a cyber attack and from where it comes, since cyber criminals are anonymous and operate without boundaries.

Experts noted that more international cooperation is needed to investigate cyber attacks and try to solve the attribution problem. With 4.5 billion users around the world, a sophisticated international framework may be one way to address the issue.

Rod A. Beckstrom, President and Chief Executive Officer, Internet Corporation for Assigned Names and Numbers (ICANN), USA, said: “Everything attached to a network can be hacked and everything is being attached to a network.”

Collaboration is the key to addressing the ongoing arms race between cybercriminals and the corporations, lawmakers and governments who oppose them, Beckstrom said.

Neelie Kroes, Vice-President and Commissioner for the Digital Agenda, European Commission, Brussels, described her belief that the future economy is inherently coupled to the Internet, so much so that cyber risk should be added to standard corporate reporting.

However, the COO of social networking site Facebook, Sheryl Sandberg, was one of those who noted that while security was paramount, there was still a need for a free and open internet platform. She said the internet and the social media had emerged as a major platform for freedom of speech.

Outlined at the event, a Partnership for Cyber Resilience highlighted key principles for cyber resilience, which were developed by Deloitte through multistakeholder dialogue across multiple regions and sectors.

In summary, the Principles are:

-Recognition of interdependence: All parties have a role in fostering a resilient shared digital space

-Role of leadership: Ensure executive-level awareness and leadership of cyber risk management

-Integrated risk management: Develop a practical and effective implementation programme

-Promote uptake: Where appropriate, encourage suppliers and customers to develop a similar level of awareness and commitment



Share the News

Get Daily Newsletter

comments powered by Disqus

MORE SECURITY NEWS

Safe Deposit: Defeating cyber-attacks against banks

With online heists once again hitting the headlines, how should banks and their customers protect themselves against similar attacks?  Read More

Large organisations gear up to address aggressive cyber-security business disruption attacks

Although the frequency of a cyber-security attack on a large scale is low, by 2018, 40 per cent of large organisations will have formal plans to address aggressive cyber-security business disruption attacks, up from none this year, says Gartner. Read More

Identity and access management trends for 2015

CA Technologies has identified five key trends for security and identity and access management (IAM) that will impact organisations and security professionals in 2015 as they compete in the application economy.  Read More

Leading newspaper site hacked

Botswana is seeing unprecedented cases of internet hacking with one of the latest attacks targeting one of the country’s leading private newspapers, Mmegi. Read More

Senegal hit by wave of cyber attacks

Senegal has been hit by a wave of hackings in the past two weeks, two of which hit the popular news website Seneweb.com and ADIE. Read More

Cyber attacks may get more virulent, Cisco, Kaspersky warn

Cyber attackers are using more subtle methods to infiltrate corporate networks with the aim of stealing vital information or simply causing mayhem. This is according Kaspersky Lab and Cisco, who say IT security experts should up their game in educating users how to ward off potential attackers. Read More

SIM box task team steps up successes with help from ICT firm

Ghana’s efforts to crack down on SIM boxing fraud have been given a boost by the efforts of Subah Infosolutions Ghana Limited, which now partners with the authorities in the fight against this crime. Read More

Software vulnerability led to Ghana govt site hack

A software vulnerability and failure to update software led to the hacking of some websites on the government of Ghana’s official portal. Read More

CBN issues directive on two factor authentication for internal banking processes

The Central Bank of Nigeria has issued a directive requiring all deposit money banks (DMBs) to implement two factor authentication for internal processes this year. Read More

SA: 57% could not recover money stolen in online fraud

A recent survey conducted by Kaspersky Lab and B2B International found that more than half of those respondents in South Africa who lost money in fraudulent online transactions did not get all – or sometimes any – of their funds back. Read More

PRESS OFFICES

Sage ERP AfricaSAP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionMTN BusinessSchneider ElectricMultichoiceMicrosoft 4Afrika

FEATURED STORY

2bn priced out of internet access2bn priced out of internet access

A new report from the Alliance for Affordable Internet shows that the price of broadband remains prohibitive for billions in developing and emerging countries, with women and rural dwellers hardest hit.

IN DEPTH

Kenya’s digital TV battle hots up Kenya’s digital TV battle hots up

Kenya’s journey to Digital TV broadcasting took a new turn this week, when the Communication Authority of Kenya (CAK) accused three local media firms of intent to disrupt the process.