The Importance of Cybersecurity Services in Modern Organisations
Introduction In this new age of digital transformation, individuals and organisations are more connected than ever before. The internet provides a safe place for entities to communicate and conduct businesses with an easy backdrop. While it’s a welcome development, it comes with several unpalatable consequences. The importance of cybersecurity services comes in due to the huge target on organisations and persons by unethical people. In this article, I’ll take you through the exact reasons why cybersecurity is important in modern organisations. What is cybersecurity? Cybersecurity is the entire process by which organisations protect their systems (computers), storage devices, and important tools—sensitive data included—from external threats to their functionality. Often times it’s regarded as the same as data security, which isn’t exactly right. While cybersecurity focusses on the protection of sensitive data and all hardware and software in the organisation, data security simply means data protection from external threats. Purpose of Cyberattacks There would be no need for cybersecurity if there wasn’t an enemy to keep out. Cyberattacks are the enemies. The technological advancement of the world gives such attacks enough ammunition to strike at the heart of organizations. In the second quarter of 2024 alone, checkpoint research recorded a 30% increase in the occurrence of cyberattacks globally. To better understand this statistic, just know that cyberattacks average 1636 hits per week for each organization. Now, to the worse fact, no industry is left out of the onslaught. So, imagine your little, medium, or large business taking wave after wave of attacks without a shield system in place. Let’s do an overview of cyberattacks so you can understand what you’re up against. 5 Most Common Cyberattacks Cybercrime is defined as any unauthorised activity that includes network, computer, and any other device. Now, cyber threats are classified into 3 categories: These are the common cyberattacks below. Malware: This threat takes the form of malicious software, hence the term malware. Malware is an umbrella term for viruses, worms, spyware, and ransomwares. These types of cyberattacks stop access to your computer and interrupt the entire system. In fact, malware can subtly transfer information from your storage. Phishing: phishing is the most common form of cyberattacks. In 2022 alone, 84% of organisations were the target of at least one phishing attempt. Like the name suggests, cybercriminals “fish” for sensitive and personal data of victims with false emails that impersonate a trusted source. E.g., an email from a bank that asks for credit card details to correct one or more issues with the client’s account. Also, some also install malware. Man-in-the-middle attack: here, cybercriminals, i.e., hackers, squeeze themselves into an online transaction between two people. Denial of service: For this type of cyberattack, hackers overwhelm a computer and network with “handshake” processes. Eventually the network breaks down and users are unable to access it. Trojan: This form of attack imitates the famous Trojan horse. Cybercriminals present malicious software under the guise of a “harmless” file. Afterwards, the malware establishes itself as a channel for them to attack the system. So, what is the importance of cybersecurity services? If you’re a business owner still contemplating the importance of cybersecurity, here are reasons to consider an investment in cybersecurity. The Sheer Amount of Cyberattacks On average, 30,000 websites are hacked daily; a company gets attacked every 39 seconds, and an estimate of 60% of organisations have experienced a data breach. With these statistics in mind, the chances that your organisation will be exempt are extremely low. As a matter of fact, the right question isn’t “if” but “when.”. Now, the number of attacks as a problem can be solved with just any security measure. But their complexity makes it even worse. Cyber threats take various forms and require different types of cybersecurity measures to combat them. Financial Implications According to the bureau statistics, financial losses to cybercrimes come close to $12.5 billion in 2022. This proves the validity of cybersecurity in today’s world. Apart from the money cybercriminals loot, organisations part ways with another massive amount of money to rectify whatever damage they—criminals—caused. For instance, data subjects might file a lawsuit against the company in accordance with data laws like the NDPA. Also, the fortification of the initial channels breached cuts a huge hole in the business’ pockets. Reputational Damage. Would you trust a partner who betrayed you? Would you place money in an investment known to constantly fail? And would you walk the path infested with bandits?. Most likely, you answered no to the questions.The consequences of a successful data breach include loss of customer trust. As a matter of fact, some businesses never recover from the reputational damage of a cyberattack. Thus, the importance of cybersecurity services shines through. As a business, the implementation of a strong cybersecurity system will prevent this situation in the first place. In addition to the major importance of cybersecurity services, here are some other advantages of cybersecurity services. Boosts productivity: A solid cybersecurity system reduces the downtime caused by data breaches. Therefore, productivity levels go up. Encourages remote workspace: Many organisations shy away from remote work modes due to their vulnerable nature. But, with cybersecurity, the risks are minimal. GDPR compliance: Cybersecurity encourages compliance with data protection laws like the GDPR, NDPA, etc. since it encompasses the protection of personal data. Disadvantages of Cybersecurity Services Cybersecurity also comes with downsides. Some of which are mentioned below: Regular updates: The constant evolving nature of cyberthreats does not permit a stagnant cybersecurity system. As the threats evolve, so does cybersecurity, which needs regular updates—an outdated system = cyberattack channel. Complex set-up: To set up cybersecurity, organisations need qualified personnel certified in cybersecurity. Constant monitoring: Cybersecurity needs to be checked and enhanced regularly so as to discover chinks in the system. Cost: Considering the shortage of talents and the cybersecurity tools required, the total cost of implementing cybersecurity is expensive. As a result, many organisations forgo it. Conclusion Prioritizing cybersecurity is no longer optional but a necessity for sustainable business operations. Implementing robust cybersecurity measures helps protect sensitive data, maintain operational continuity, prevent financial loss, and preserve the company’s reputation.
6 Cybersecurity Tools You Should Know
Experts in the information security industry make use of cybersecurity tools to defend against threats to data. In this article, you’ll get an overview of cybersecurity, why it’s necessary and the top 9 tools to ensure security in an organization. What are cybersecurity tools? Cybersecurity tools have one primary purpose: to identify potential security risks to data and assets. Considering the high rate of cyber insecurity, such tools are a necessity for organizations and individuals alike. These tools ensure that organizations are at least one step ahead of the opposition since they send alerts of potential risks in real-time. Some tools take it a step further; in addition to the identification and assessment of risks, they also protect against identity theft, password trafficking, and other cybercrimes. Basically, cybersecurity tools are used to protect an organization, data, network, systems, and intellectual property from cyber threats. Overview of Cybersecurity Cybersecurity, although different, is sometimes called data security. It is the process by which organizations protect their networks, computer systems, and other devices against external threats. There are different types of cybersecurity: network security and application security. Often times, people mistake the terms cybersecurity and data security for each other. However similar they are, there are still major differences. Data security encompasses all procedures for the protection of data directly, while cybersecurity protects the sensitive information, the computer system, and every other device that can access it. Still confused? It’s simple: data security is a type of cybersecurity that safeguards data only. Why is cybersecurity important? Every business, organization, and what have you thrive on the importance of data. Further made important by the digital era we’re in now, data faces constant threats to its integrity. The relationship between organizations and data makes the former a sitting target for cybercriminals. According to Forbes, cyberattacks on organizations increased steadily in recent years. Why don’t businesses just fight back? Cyberattacks constantly change their mode of attack, and they employ technologies beyond what organizations can handle. So, businesses must use several technologies to protect their hardware and software from data breaches. Now, cybersecurity saves the day! Businesses are free from the financial and reputational costs of a successful data breach. Check here for the importance of data security. Top cybersecurity tools you should know. Starting a business is a tedious yet exciting process. You have to conduct market analysis, kickstart production, and push digital marketing. In all of these, cybersecurity ranks low on the to-do list of many entrepreneurs. Probably it’s the complex nature, or they just don’t know how. To help you achieve maximum cybersecurity, here are the top cybersecurity tools you’ll need for your business. Network security monitoring tools These tools are used to identify external threats to the organization’s network. By using network monitoring software, a network can be assessed for chinks in its system and potential risks are identified. Besides that, through the evaluation of past data, these tools can detect threats from inside the organization. Network monitoring tools give a bird’s eye view of the network, devices connected, and the general flow of data. Below are some types of network monitoring protocols. ICMP (Internet Control Message Protocol): Routers, servers, and other network devices use the Internet Control Message Protocol to send IP operations information and generate messages when devices fail. SNMP (The Simple Network Management Protocol): This protocol checks the status of devices such as switches and printers and can be used to watch the status and configuration of systems. ThousandEyes Synthetics: An internet-aware synthetic monitoring system that detects problems in the performance of modern networked applications. Vulnerability scanners To get a clear picture of how to fight, organizations must clarify the nature of threats. Vulnerability scanners help figure out the kinds of vulnerabilities in the IT infrastructure. They scan websites, dissect the files, and expose the chinks found. These help organizations reduce the cost of compliance with data security laws, amongst others. Some examples of cybersecurity scanners are: GFI Languard: This type of vulnerability scanner is for network and web applications. It can send patches across web browsers, operating systems, and third-party applications. Tripwire IP360: A scanning tool that can scan the entire environment of an organization, including assets discovered previously. some other examples are: Acunetix and Nessus. Encryption Tools Encryption tools play a vital role in safeguarding personal and sensitive data from unauthorized access. These tools scramble up data such that it makes no sense, rendering it unreadable and thus safe from unauthorized persons. Meanwhile, the intended recipient can read it but once it’s in transit or storage, it reverts to the unreadable state. Some examples of encryption algorithms used are: Triple DES RSA TwoFish Advance encryption standard (AES) Firewalls Hardly can you say you’ve never heard of firewalls, even when you don’t know exactly what it means. Sci-fi movies ensure their fans know a bit about fire walls. Firewalls are cybersecurity tools that monitor the flow of data in and out of a network. It prevents unauthorized users from accessing a private network—more like its name, Fire Wall. Using a set of predetermined requirements, firewalls act as filters for data packets and block packets that don’t meet security requirements. There are different types but these are the 3 common types of firewalls. Packet filter: This is the most basic type of firewall cybersecurity experts use. It scrutinizes the packets exchanged between computers based on a provided list. The list contains the criteria with which packets be investigated, rejected, or accepted. This type of firewall is outdated and no longer guarantees concrete cybersecurity. Connection tracking: Connection tracking firewalls, also called second generation firewalls, work similarly to the first generation. This type of firewall records the port number the IP address uses to receive and send information. So, the exchange of data is monitored in addition to the packet content. Application/layer 7: Application firewalls are more intense than the packet filter and connection tracking types. They identify non-standard ports and toxic applications thanks to their ability to understand various applications. Such as File Transfer Protocol (FTP) and HyperText Transfer Protocol (HTTP).
The NDPC Fines Fidelity Bank for Data Breach
On August 21, 2024, NDPC Fines Fidelity Bank. The NDPC (Nigerian Data Protection Commission) issued a huge fine of NGN 555.8 million to Fidelity Bank Plc. Since the commission was established on the 4th of February, 2022, this is one of the few penalties imposed on any organization. The investigation into the data processing activities of the bank started with a complaint lodged with the NDPC. The complaint stated that the bank opened an account for the complainant with personal and sensitive data without express permission of the subject. According to the NDPC, “It is to be noted that the Commission’s initial decision was issued in July 2023, and a directive to pay a remedial fee was issued in December 2023, and over ten correspondents were exchanged. The Commission issued repeated warnings to no avail. The Commission gave several opportunities for full accountability for over one year, considering the need to encourage compliance as a culture. However, Fidelity Bank did not provide the requisite, satisfactory remedial plan.” The commission, NDPC, was left with no other alternative than to issue a fine. NDPC Fines Fidelity Bank For What Reasons? During the investigation, NDPC found the data processing platforms of the bank lacking. Fidelity Bank was found guilty of the following: Why Does It Matter? Personal data is a very important part of every individual and organization. Some examples are: name, credit card number, bank details, age, etc. These data are often used by hackers and cybercriminals to perpetrate crimes like identity theft, fraud, and targeted accounts. Since organizations like banks and businesses gather such information for processing, they need to devise means of data protection. To combat this, Nigeria passed the data protection bill into law as the NDPA (Nigerian Data Protection Act) on 12, 2023. This law guides all organizations towards maximum protection of Nigerian citizens’ data. Now, this law isn’t limited to institutions in Nigeria. For instance, a company in the EU is subject to the NDPA, and so far, the data of a Nigerian is involved. To break it down, these are some of the principles of data protection followed by every organization: In addition to the above, businesses or organizations are mandated to outsource data processing to compliant third-party agencies only. What Does This Mean for Nigerians? The Nigerian banking sector lost approximately NGN 273 billion in 2022 and the number has spiraled beyond that. This shows the importance of data protection and security for banks. Let’s link this back to the ‘NDPC fines Fidelity Bank’ fiasco. Based on the allegations, Nigerians who have accounts with Fidelity Bank are at higher risk of data loss to criminals. Why? The agency the bank uses to process personal data is not NDPA-compliant. In addition to external threats, the personal or sensitive data of their clients risk threats from the inside. All it takes is one corrupt official and the rest is history. Really, the list is endless. What Was The Bank’s Response to The Trending “NDPC Fines Fidelity Bank”? The bank has denied all allegations of data violations by the NDPC. In a statement released on Thursday and signed by Dr. Meksley Nwagboh, Divisional Head, Brand & Communications, Fidelity Bank Plc. said, “Our attention has been drawn to a news story titled, ‘NDPC Fines Fidelity Bank for Data Breach.’ “While the matter is the subject of an ongoing engagement with the regulator, we wish to assure the public that we have conducted ourselves to the highest ethical standards by ensuring full compliance with existing laws on data protection. “Below is a breakdown of our dealings with the NDPC since we received their letter informing us about an alleged data breach: “On April 30th, 2023, we received a notice of investigation from the Nigerian Data Protection Agency (NDPA), now the Nigerian Data Protection Commission (NDPC). “The investigation was in respect of a complaint from [name has been withheld to protect the identity of the complainant], who claimed that [name withheld] details were used to open an account in the bank without [name withheld] consent. “Based on this notice, we conducted an internal investigation into the circumstances surrounding the claim and discovered as follows: It continued; “On May 2, 2023, we responded to the NDPC that the bank did not violate any law because there was no data breach and that the account opening process was not completed. “On our part, we carried out due diligence by immediately blocking the account and subsequently closing the account when we did not receive the outstanding documents. “At no point in the process was the account ever operational. “On July 7th, 2023, we were invited for a pre-action meeting with NDPC. During the meeting, we restated our position as earlier communicated to them in our letter dated May 2nd. “However, despite our explanation and evidence provided to support our claim, the agency informed us that they had reached a conclusion to impose a penalty on the bank. “On December 5, 2023, we got a letter from NDPC demanding we pay a’remedial fee’ of N250 million within 21 days. “We immediately commenced another round of engagements with the Commission as we were convinced we had not breached any existing law or regulation. “While discussions were still ongoing with the NDPC, we received another letter on the 20th of August demanding that we now pay N555.8 million naira. What’s Next After NDPC Fines Fidelity Bank As we anticipate further news on the situation, we hope Fidelity Bank proves its innocence. Otherwise, it might not survive the reputational and financial consequences. The data breach at Fidelity Bank serves as a stark reminder of the risks associated with digital information. The fine imposed by the NDPC can’t even be compared to the threat it poses to individuals. Financial institutions need to prioritize data security and invest in robust protection measures. You can trust us at Johan Consults. If you are a business owner and you are struggling with NDPR and GDPR compliance, you can contact us for a consultation.
The Importance of Data Security in 2024
Introduction An organization comprises several sectors or departments. And the synchronization of all their activities makes the organization functional. How does the importance of data security come into play?. Data is an important part of every business and organization. It‘s use is versatile and broad. Organizations make use of data to know the pain points of their target audience, scope out the competition and do marketing. This article reveals the basics of data security and highlights its importance. Read on. What is Data Security? Data security is the process an organization takes to keep data safe from compromise, cyber attacks, mishandling, and other woes. All businesses, whether large, medium, or small, are at constant risk of data breaches—emphasis on ‘constant’. While SMEs think they aren’t on the target list, that couldn’t be more false. Small and medium businesses have proven to be easier targets of cyberattacks because they don’t have a comprehensive data security system. As a matter of fact, statistics show that SMEs will make up a large percentage of the total victims of attacks in 2024. Large corporations are not left out either, but they usually have better ways of securing data. Regardless, the financial implications of a successful data breach frustrate the big guns. The importance of data security goes beyond the one stated above. It is a legal requirement under several data protection laws, like the GDPR, NDPR, and the Data Protection Act of 2023. These laws mandate organizations to secure the personal data of employees and clients against unauthorized access, loss, and compromise. Failure to comply with the data security requirements of these laws incurs severe penalties. Differences Between Data Security and Cyber Security While the application of these terms overlaps, they cannot always mean the same thing. Data security is simply concerned with safeguarding data; on the other hand, cyber security protects the entire digital assets and computer system of an organization. For better comprehension, cybersecurity is the fence protecting the building (digital assets and computer systems) and data security is the door protecting a room (databases) in the building. Types of Data Security There are several ways you can safeguard data as an organization. You can use any combination of these methods you find suitable for your business. Below are some of the most common types of data security. Data encryption Data encryption is the logical scrambling of a dataset to prevent unauthorized parties from understanding it. This is perfect because hackers and other vile people cannot read it without a decryption key. Data erasure Data erasure is exactly as the name implies. After processing data for the intended use(s), you’ll need to get rid of them in accordance with the GDPR and NDPA. This method gets the job done without leaving a trace. Data backup Data backup involves storing another copy of the information on a secure external database. Do not mix it up with data storage. When you lose the original copy, you can easily retrieve the secondary copy as a replacement. This ensures data resiliency (continuity of data after loss or compromise). Data masking Although similar to data encryption, this method is a bit different. Rather than scrambling the data, some characters in the data are replaced with entirely different characters. This makes the information unreadable without the password. Authentication This is probably the most important type of data security. Here’s how it works. To access a particular data or database, authorized users must prove that their identity is accurate. This can be done with a login and password system. Biometrics like fingerprints and rectinal scans are further steps to authentication—two-factor authentication. Firewalls A firewall secures data by blocking access from certain IP addresses. importance of Data Security The importance of data security cannot be overemphasized. These are some reasons why you should take data security seriously in your organization. Unnecessary expenditure Businesses are always on the receiving ends of data insecurity. The reason why is that corporations have to spend significant amounts of money to reverse the damages inflicted during data loss, compromise, and theft. Aside from that, the owners of compromised data can seek to file lawsuits against the institution careless enough to lose data. Such actions take a toll on the company’s pocket. Automated attacks The importance of data security shows itself here. Hackers found an easier way to attack in the form of BOT attacks. It’s an automated system with which they can consistently raid your database without breaking a sweat. To combat this, all businesses need to update their data security systems. Reputational damage Absolutely no one would trust a brand known to always lose their data. Most data held by organizations is very personal and sensitive. Examples are names, bank details, health status, social media passwords, etc. The illegal release of such data is dangerous to its owners, as impersonations, targeted attacks, and online scams will be issued against them. Therefore, organizations need to secure data to protect brand image. Data integrity The integrity of data relies on its reliability and accuracy. This means that for data to maintain its integrity, it must be void of compromises or variations as much as possible. You can maintain data integrity through the centralization of data storage and putting it on various servers. This ensures that uncompromised data is available at all times. GDPR Compliance The General Data Protection Regulation is the law that guides organizations towards data protection in the EU. Although an EU law, the GDPR is regarded as the most comprehensive data protection regulation in the world. organizations In compliance with the GDPR, businesses and organizations have to implement foolproof data security systems. Why? The law penalizes defaulting entities with fines, sanctions, and even outright bans. Conclusion In 2024, data security will be a must for all organizations—small, medium, and large. With it, you can prevent financial loss and reputational damage in addition to complying with legal regulations like GDPR. endeavor to mount more data security methods in your organization; you’ll be better for it. Want more info on
ALL YOU NEED TO KNOW ABOUT CYBER SECURITY AND GDPR IN NIGERIA
Most people simply don’t care enough to take proactive measures to protect themselves, their identity and their data when online or using their devices, perhaps they think it will not happen to them. Well, the truth is Cyber attacks are real and can be damaging on the long run, hence one needs to curb it completely. New laws are taking effect across the globe to regulate the collection, use, retention, disclosure and disposal of a person, information. At the same time, the rate of cyber attacks, data breaches and, unauthorized use of personal data is growing exponentially. It is more important than ever particularly for those organizations handling financial data, health information and other personally identifiable information to understand the rights and obligations of individuals and organizations with respect to personal information. The Emerging data privacy regulatory space GDPR The European Union enforcement of the Global Data Protection Regulatory Space (GDPR) commenced on 25 May 2018, and it came with sweeping changes in the privacy and data security policies for the vast majority of companies operating, not only in the EU, but across the globe. The GDPR applies to all companies processing the personal data of subjects not only residing in the EU, but inclusive Africa. This generally governs how companies manage and share such data. Furthermore, there are provisions of the GDPR that will be important for all companies to take note of and that includes; The requirement for explicit and informed consent for collecting personal and mechanisms to withdraw such consent. Breach notifications, the right to access all data that a company has collected and the right to be forgotten through the erasure and cessation of dissemination of data. So What are the penalties for breaching the GDPR Penalties for breach of the GDPR are steep up to 4 per cent of annual global turnover or €20M, which is greater. In recent reports, French data privacy regulator, The National Data Protection Commission, slapped Google with a $57 Million fine, the offence has to do with the company’s failure to comply with the GDPR, in other words, you can call it a fine for lack of transparency, inadequate information and lack of valid consent regarding the ads personalization. Cyber crimes and Data Breachment in Africa – What can be done? Arguably, Nigeria is seen as the giant of Africa and such bold statement should be reflected in the country’s cyber security network, the process of adopting innovations can be lengthy and require full commitment and effort from all security network. In Nigeria and Africa as a whole, the tech industry has grown and more technological innovations are expected to come, as young and smart minds are delving into the tech industry, the future is bright but it can be brighter. In view of this, companies, startups, corporate business organizations are further encouraged to establish internal policies and procedures to ensure compliance. Business policies may include top-level information security and privacy from the top-level officers of a company, monitoring, breach reporting, risk management program and acceptable use policy. Technical policies may include encryption of password, authentication protocols, disaster recover intention detection, physical security, patching, etc. Artificial Intelligence(AI) and specifically Machine Language(ML) techniques are now widely employed to enable computers to learn and adapt to new input. Such AI technology can be used in cyber security systems to provide an automated process for the identification of new threats and implementation of technology controls and protection. Furthermore, Bigger companies should shoulder the responsibility of protecting their smaller counterparts in the tech field, this can be successfully implemented when companies support data privacy as a “human right” where there are rights to protect the legitimacy and ownership to private data. I believe everyone should own the right to his/her private information and exercise the right to make it available to the public or not. Microsoft CEO, Satya Nadella speaks out about data privacy and he voiced his support for data privacy as part of a human right. This focused on three major elements; Privacy, Cybersecurity and Observing the AI ethics. He also cited EU’s General Data Protection Regulation as a model of legislation. Nigeria as a country should urge companies to see common citizens and small businesses as the most vulnerable to cyber threats and task the Big companies to use their power in protecting them. In conclusion, Recognition of the new and evolving international privacy and security regulations is a requirement, especially in view of the threat of increasing liability and risk with statutory penalties and class action lawsuits. Implementing a compliance program with a set of best practices for privacy and data security will surely help mitigate these risks, but it is a continuing process, especially as technologies in Africa face new hurdles when rolling out new systems and technologies. Photo source – Unsplash
