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‘Cyber threats outpacing abilities of governments, companies’


Cyber criminals

As cases of data breach and online frauds baffle authorities globally, the World Economic Forum (WEF), has warned that cybersecurity threats are outpacing the abilities of the governments and companies to overpower them unless all stakeholders cooperate.
In a new report to be discussed in detail at its yearly meeting in Davos, Switzerland, with expected over 3,000 world leaders, the Geneva-based WEF said working collaboratively in the cybersecurity space is difficult and there is no “simple policy solution or silver bullet here.”
The new report produced by WEF in collaboration with the Boston Consulting Group (BCG), noted that the increasingly networked, digitised and connected world is vulnerable to cyber threats that can only be addressed by the combined capabilities of the public and private sector.
According to the report titled: “Cyber Resilience: Playbook for Public-Private Collaboration,” seeks to facilitate capacity-building, policies and processes necessary to support collaboration, safeguard cyberspace and strengthen cyber-resilience. It precedes the launch of a new Global Centre for Cybersecurity at the Davos Summit from January 22-26.
In Nigeria, the Minister of Communications, Adebayo Shittu, last year, put the country’s losses to cybercrime at N127billion. On its part, the Information Systems Audit and Control Association (ISACA), informed that 25 per cent of cybercrime activities are not usually resolved in Nigeria.  
Meanwhile, the Project Lead for Cyber Resilience at the WEF, Daniel Dobrygowski, said: “We need to recognise cybersecurity as a public good and move beyond the polarising rhetoric of the current security debate. Only through collective action can we hope to meet the global challenge of cybersecurity.”
It further said cyber threats are complex, dynamic and increasingly personal as technology saturates economy.

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