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How firms can tackle cybersecurity: Experts

Organisations should implement prevention, detection and responsive measures against cyber attacks and fraud, experts have warned.

The experts believe that if organisations implement the right cybersecurity measures, they would function with confidence.

The experts spoke at a webinar by Leadway Assurance Company Limited to x-ray the rising cyber-risks in businesses, as well as the various ways to mitigate the threats and attacks.

The event, moderated by Liz Booth of Commercial Risk Africa,  featured the Director-General, National Information Technology Development Agency (NITDA), Inuwa Kashifu Abdullahi; Partner, Technology Advisory Services, KPMG Nigeria, John Anyanwu; IT-security expert, Africa and the Middle East, Munich Re, Tariq Fadai; Head, Cyber Risks and Technical lines, Chubb Eurasia and Africa, Gilbert Flepp; and Executive Director, General Insurance, Leadway Assurance Company Limited, Adetola Adegbayi.

Anyawu said: “Since the start of the pandemic, there have been increased dependency on the internet and mobile apps, and more reliance on digital channels.

“This has brought about a noticeable increase in cyber-attacks globally, and it has posed potential risks to businesses.”

Fadai gave insight into how cyber attackers operated, recommending defence mechanisms organisations could adopt.

He further said organisations with poor security hygiene need to change, noting that with the pandemic forcing corporates to deploy remote-work conditions and routines, systems have moved to cloud services with an increasing reliance on third party services.

“There is a risk of unavailability of services due to overcrowding, just as several organisations might experience data loss as well. Every business owner should understand and make good use of important cyber-attack controls,” he added.

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Corroborating Fadai emphasised the need for organisations to institute maintenance of cyber-security protocol, endpoint detection and response tactics like implementing robust anti-Malware control and learning how to administer a disaster recovery plan.

Abdullahi expressed concerns over the increase in cyber-attacks on businesses and individuals.

“Never before has cyber threats been the way it is today. As the world is recovering, cyber-criminals are taking advantage of the pandemic to mask their activities.

It is important that we learn how to keep information safe, how to back up, how to secure email getaway regularly and to make sure everyone is vigilant, web-responsible and aware of emerging threats and use technology to prevent them from causing havoc,” he noted.

Adegbayi urged organisations to prioritise cyber-risk insurance as part of risk mitigation system against a cyber-attack, especially when business operations are hinged on remote accesses.

“The shrewdness of the company’s management over the years has informed several innovations that would soothe any impending crisis in businesses and individual lives.

Cyber-risk insurance policies have been robustly re-engineered for organisations and individuals in the face of rising cyber-attacks and fraud on businesses,” she said.

Adegbayi said the Leadway cyber-risks insurance policy was being optimised to provide first-party coverage and third-party liability risk covers on cyber-perils for organisations, while the individual policy coverage would soon be introduced into the market once approved by the National Insurance Commission.

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