Cyber incidence has become new norm with the increase in number of people that use mobile phones to assess the internet.
Odalo Aimufia, CIO, Leadway Assurance, made the remark while speaking on “Cyber Risk: Overview of the Threat Landscape,” stating that in recent years people assess the cyberspace through mobile phone, “whether it’s in developing or developed world, we have more and more people assess the internet through their mobile phones and that has exponentially raised the issue of how do we secure ourselves”.
Aimufia who was part of discussants at Leadway Assurance Company Limited’s Cyber Risks seminarheld recently in Lagos.
Leadway Assurance, Nigeria’s foremost insurance service companies organized the Seminar in partnership with Chubb Limited, world’s largest publicly traded property and casualty Insurer.
He added that most organizations that are forward looking have in their agenda something around cyber space and protection.
“It’s either the company is trying to go digital and as they go digital they exposure themselves to third party, so the question is how do we do it in a safe way.What are the possible repercussions of this digitalization programs,” he said.
Aimufia stated that a survey carried out last year shows that 41% of CEOs indicated that companies are likely to go digital in the next few years and a similar survey carried out last year also shows that 72% of these CEO’s identify Cyber risks as one of their top most priorities in their organizations, which means that cyber security is the one of the top three things that keeps these CEOs awake at nights.
He added that Cyber crime is a major threat to businesses, as 94% of people survey indicated that cyber crime is a major threat to their business.
The Leadway Assurance CIO noted that these cyber threats are not always external alone, it has become internal too, as more people
However, other facilitators at the Cyber Risks Seminar expressed that cyber risks are huge threats and that there is need to mitigate or nib them in the bud.
Ms. Adetola Adegbayi, executive director, General Business, Leadway Assurance, while speaking on “Cyber Risk: Crime and Infidelity” expressed that value is what leads to crime, “we have positive and negative value depending on how we behold what is of value to us”.
“I will start by considering what Value is, it is essentially value that leads to crime, Value is why people exploit, people need to earn money, and when you see something of value you decide what you want to do with it and you set all your business around it, hopefully if everything goes well and the market is right you make money.
“And that any value that is developing on a positive side there’s also a negative side of value, the negative side of value is crime,” she said.
She added that as the general world is being automated, crime world is being automated, that people in the crime world is striving to be ahead in their act.
She narrated an incident where a staff of a financial institution was blackmailed into compromising the system in order to rescue a family member who kidnapped.
She said “Crime has become suffocated that it could be committed when an internal person in an organization is being threaten to commit crime, when either their family member have been kidnapped and they need to compromised the system by transfer money from with the system to the person who is holding their family member at ransom,”
She enumerated so many ways through which crimes are been committed and stressed need for us to put control measures in place in order to mitigate it.