Governments, firms may suffer $30b ransomware exposures by next year
31 August 2022 |
3:41 am
Except urgent measures are deployed, there are indications that governments, firms and other enterprises may suffer $30 billion in ransomware exposure by next year
Except urgent measures are deployed, there are indications that governments, firms and other enterprises may suffer $30 billion in ransomware exposure by next year, according to a new report by cyber protection company, Acronis.
The report noted that cyber-attacks have contributed to a loss of more than $60 billion in decentralised finance (DeFi) currency since 2012 — $44 billion of that vanished during the last 12 months.
Ransomware, which is a type of malicious software designed to block access to a computer system until a sum of money is paid, underlines how over-complexity in IT and infrastructure leads to increased attacks.
The Acronis report noted that nearly half of all reported breaches during the first half of 2022 involved stolen credentials, which enable phishing and ransomware campaigns, according to the report.
According to it, to extract credentials and other sensitive information, cybercriminals use phishing and malicious emails as their preferred infection vectors.
Nearly one per cent of all emails contain malicious links or files, and more than one-quarter (26.5 per cent) of all emails were delivered to the user’s inbox (not blocked by Microsoft365).
“Organisations of all sizes need a holistic approach to cybersecurity that integrates everything from anti-malware to email-security and vulnerability-assessment capabilities,” said Candid Wuest, VP of Cyber Protection Research.
The Conti gang demanded $10 million in ransom from the Costa Rican government and has published much of the 672GB of data it stole.
Lapsus stole 1TB of data and leaked the credentials of over 70,000 Nvidia users. The same gang also stole 30 GB worth of T-Mobile’s source code.
ALREADY in Nigeria, since the start of 2022, the Nigerian Communications Commission (NCC) has issued at least six cyber-attack warnings.
While data consumption, according to NCC, increased from 123,648TB in December 2019 to 205,880.4TB by December 2020, a study by Sophos revealed that 71 per cent of Nigerian organisations were hit by ransomware in 2021 while 44 per cent of those affected firms had to pay ransoms to get their data back.
Besides, a Check Point Threat Intelligence report, disclosed that Nigerian businesses experience about 2,308 attacks across all industries sectors weekly.
It stated that over a six-month period, 62 per cent of Nigerian businesses fell victim to attacks that allowed cybercriminals to gain remote control of devices and the private data stored on them. It said emails were the most prominent origin point for 60 per cent of cyberattacks.
To guard against Nigerians falling prey, the NCC inaugurated the Centre for Computer Security Incident Response (CSIRT), and in the last eight months, about six warnings have been issued.
At the inauguration of the centre, the Executive Vice Chairman of NCC, Prof. Umar Danbatta, said that increasing growth in Internet usage, as a result of the pandemic had led to a surge in cyber incidents and criminal activities.
He said, “Thus, the commission recognises that with the borderless nature and pervasiveness of these incidents, relentless and concerted attention is required to protect Internet users as well as the Critical National Information Infrastructure and ensure they are resilient.
“The CSIRT’s services will commence with four main thrusts, namely: monitoring, incident management, communication, and alert and warning. The devices for handling these four areas will be scaled up and expanded as the centre’s operations grow in order to enhance the digital economy and ensure it yields great dividends to Nigerian citizens.”
Identified cyber threats have ranged from those targeted at harvesting sensitive information from mobile devices to those that can hack and steal vehicles.
In its recent advisory, the NCC-CSIRT issued a warning to organisations and employees after Yanluowang threat actors gained access to Cisco’s network using an employee’s stolen credential.
Related
Latest
52 mins ago
The Tertiary Education Trust Fund (TETFund) said over 2.5 million Nigerian students have so far enrolled on its Tertiary Education, Research, Applications and Services (TERAS) platform. Executive Secretary of the Fund, Arc. Sonny Echono stated this on Wednesday in Abuja at the Second Registrar's workshop and 75th business meeting of the Association of Registrars of…
53 mins ago
Manchester City's Premier League title bid suffered a blow after Norway striker Erling Haaland was ruled out of Thursday's crucial clash at Brighton. Haaland missed City's 1-0 win over Chelsea in the FA Cup semi-final at Wembley on Saturday due to a muscle injury sustained in the Champions League quarter-final exit against Real Madrid last…
54 mins ago
Palestinian militant group Hamas released on Wednesday a video of an Israeli-American man held hostage in Gaza and seen alive in the footage. Israeli media identified him as Hersh Goldberg-Polin, who was abducted from the Nova music festival in southern Israel during the Hamas attack on October 7. "I went to hang out with my…
57 mins ago
The Joint Admission and Matriculation Board (JAMB), has said that a father has been arrested alongside his son who is a candidate by the Police for impersonating his son during the ongoing Unified Tertiary Matriculation Examination (UTME). The JAMB Registrar, Prof. Ishaq Oloyede disclosed this while on an inspection tour of the UTME centres in…
1 hour ago
The Enugu State Government has banned all forms of illegal tolls and extortion of motorists by touts, warning that violators would face the full wrath of the law. The government also announced the cancellation of all existing produce and haulage revenue collection contracts by various Ministries, Departments, and Agencies (MDAs), saying those responsibilities would now…
1 hour ago
Austrian manager Ralf Rangnick confirmed he was in talks with Bayern Munich to become the club's head coach in the summer. The former Manchester United boss said "there has been contact" between himself and Bayern but would not be drawn on whether he would take the offer. "I've also informed the Austrian FA (OeFB) about…
1 hour ago
President Bola Tinubu has approved the take-off of the first phase of the Consumer Credit Scheme (CCS) starting with members of the civil service. This is contained in a statement by Chief Ajuri Ngelale, Special Adviser to the President on Media and Publicity, on Wednesday in Abuja. The News Agency of Nigeria (NAN) reports that…
1 hour ago
Three people were injured in an apparent stabbing at a secondary school in Wales on Wednesday, police said. The attack occurred at the Amman Valley School, about 60 miles (100 miles) northwest of Cardiff. Two air ambulances were seen at the school, along with a number of police vehicles. "Three people have been injured and…
1 hour ago
Multichoice Nigeria on Wednesday announced another price increase on the DStv and GOtv packages. The company in a statement said that the new prices will take effect from Wednesday, May 1, 2024. In the new price list for DStv, Premium bouquet, the price moved from N29,500 to N37,000; Compact+ from N19,800 to N25,000; Compact from…
1 hour ago
A recent study conducted by UCLA Health has discovered a significant link between feelings of loneliness and cravings for high-calorie, sugary foods. The study found that lonely women show heightened brain activity in areas linked to cravings for food. Specifically, when viewing images of high-calorie foods like sugary treats, these women displayed increased brain activity…
×
Get the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.
0 Comments
We will review and take appropriate action.