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

Kaspersky Lab: Emerging Threats in the APT World - Predictions for 2015

Kaspersky Lab experts have released a list of the top emerging threats in the APT world. Read More

“Visibility Void” represents potential threat to enterprises

Companies must stay on top of a growing pool of cyber-threats says Andrew Potgieter, security solutions director at Westcon.   Read More

The hackers’ bounty - how much do cybercriminals make from innocent users?

Cybercriminals could be raking in profits 20 times greater than the cost of their attacks, according to figures compiled by Kaspersky Lab experts.  Read More

Don’t get hacked this holiday

Public Wi-Fi isn’t as safe as you might think, warns Eset. Read More

Regin: a malicious platform capable of spying on GSM networks

Kaspersky Lab’s Global Research and Analysis Team has published its research on Regin – the first cyber-attack platform known to penetrate and monitor GSM networks in addition to other “standard” spying tasks.  Read More

Security a top priority as Africa moves to LTE

Securing the network is a top priority for telcos and carriers as LTE becomes increasingly mainstream across Africa, says Fortinet. Read More

Barclays ropes in ICT taskforce in anti-fraud war

Barclays Bank of Botswana (BBB) has roped in experts in the field of Information Technology and cybercrime to give weight to its annual fraud awareness month. Read More

Kaspersky Lab: Most businesses use third-party services to manage virtualisation

Less than one-third of businesses keep their virtualisation servers on-premises and managed entirely by their own internal IT staff, according to a Kaspersky Lab survey of 3,900 IT professionals worldwide.  Read More

Cisco: Employee complacency increases risk

Kian Ellens Research released by Cisco shows that critical company data is at risk in South Africa as a result of organisations focusing IT security policies and resources more on external threats and not enough on the threat from within.    Read More

Cyber security workshop set for Wednesday

The African Cyber Risk institute (ACRI) will host a cyber security conference in Gaborone on the 29th of October.  Read More

PRESS OFFICES

Sage ERP AfricaSAP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionMTN BusinessSchneider ElectricMultichoice

FEATURED STORY

PWC: Optimism abounds but a bumpy journey ahead for somePWC: Optimism abounds but a bumpy journey ahead for some

PwC’s ‘Capital Projects & infrastructure in East Africa, Southern Africa and West Africa,’ report says infrastructure spend in the region is projected to reach $180bn per annum by 2025.

IN DEPTH

Africa lags on digital migration Africa lags on digital migration

Only three African countries have so far completed the digital migration process, and serious issues are hampering the migration in other nations.