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Experts Frown at ‘Denial Syndrome’ in the Fight against Cybercrime


CybercrimeCyber-security experts at the just concluded Hackcess conference have frowned at the intrusion disclosure regulations of CBN/NDIC that allow local financial institutions to conceal losses as a result of cyber-attack as a challenge to cybercrime fight.

Discussants ranging from risk management experts from telecom infrastructure providers, finance sector consultants, security software solution vendors, and University of Lagos students all agreed that the greatest threat is the “denial syndrome” prevalent among large corporate and government agencies.

Rex Mafiana, chief executive officer, FPG Tech Ltd, noted that a survey conducted by his Company revealed threat of intrusion on over 80 percent of the online presence of corporate and institutional Nigeria.

“This near paralysis inducing situation becomes more damning relative to the speed and alacrity with which Nigeria is adopting IT-enabled RDBM – dependent systems for governance and management, transaction management and social health/communications”.

Vincent Omobolaji from the ISACA, Lagos Chapter representative and works at Deloitte, speaking on “Actionable Intelligence”, emphasized that collaboration on threat intelligence gathering, which is the cataloguing of digital signatures of known threats (viruses, malware, DDoS, etc.), counter-measure procedures and set-up of national response centers are advisable.

Dr. Bhargav Mitrav of the Center for Security Information Tech (CSIT), the UK’s cyber-security information and knowledge innovation center said that in the wake of recent jihadist bombings in Northeast Nigeria and internationally, “it is important that agencies share data for quick physical response. Encrypted messages mean that merging records on mobile, SMS, web chat and link traffic analysis must be married with physical data records for a fuller picture of threat definition to emerge.

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