Accra, July 20, 2017//-A latest cybersecurity report conducted by 3T Solutions Consulting, a leading global cybersecurity and technology organization with offices in the United States, Ghana, Nigeria and India, has revealed that banks and financial institutions operating in West Africa face a new threat of cybersecurity.
According to the report titled- ‘ 2017 West Africa Cybersecurity Indexing and Readiness Assessment’, “Although some industries, such as Banking and Finance have made some progress in addressing cybersecurity on their infrastructure, our findings indicate most of the institutions are still very susceptible to client-side vulnerabilities”.
The report which is an aggregated index combining several indicators, with a view of creating a standard comparison of the countries involved in the report looks at the scope, level of readiness and preparedness of Ghana, Nigeria, Gambia and Liberia, in their effort to combat cyber threats and intrusions into their economic, social and political structures.
The report examines:
The types of cybersecurity commitments by Ghana, Nigeria, Gambia and Liberia; success in cybersecurity policy implementation; the top cybersecurity threats in West Africa; emerging trends with a direct impact on cybersecurity in West Africa; and the imminent types of vulnerabilities these countries are susceptible to and how it affects growth and development.
Key Findings
- Technology alone cannot address the efforts to combat cyberthreats and attacks
- Risk management is a crucial component to addressing cybersecurity without impacting the overall operations of the organization
III. Although some industries, such as Banking and Finance have made some progress in addressing security on their infrastructure, our findings indicate most of the institutions are still very susceptible to client-side vulnerabilities
- Most laws in the countries involved in the study lack meaningful implementation to deter cybercriminals
- Cybercriminals are using the path of least resistance, thus bypassing security investments that organizations have made in their infrastructure
- Lack of functional public emergency response team poses serious economic and national security issues.
The biggest discerning factor in the report is the alacrity with which cyber criminals are able to innovate rapidly and enhance their capacity to compromise systems and evade detection. According to a 2015 Midyear report conducted by Cisco Systems, in the first half of 2015, the hallmark of online attackers was their willingness to evolve new tools and strategies—or recycle old ones—to evade security defenses. Through tactics such as obfuscation, they can not only slip past network defenses but also carry out their exploits long before they are detected—if ever.
Researchers of the report led by Kojo Degraft, Joel Amao and Dayo Abiodun observed: “Over the course of the last 12 months, representatives from over 20 government agencies in Ghana, Nigeria, Liberia and Gambia, including business and professional associations, private companies, academic institutions and 350 individuals were consulted as part of a research around the readiness of public and private sectors in the West Africa sub-region to combat the growing cybersecurity risks, threats and vulnerabilities”.
Cyber attacks have continuously evolved over the years with an escalated growth in 2017. It is against this backdrop of escalating cyber threats, that 3T Solutions Consulting launched the: ‘2017 West Africa Cybersecurity Indexing & Readiness Assessment’: A regional report on Cybersecurity ranking, readiness, vulnerabilities and mitigating measures to improve awareness.
Technology continues to be the catalyst for growth in all aspects of individuals, communities and national development. Nations have amassed military equipment as a form of protecting their territorial integrity from known enemies.
Companies have invested heavily in new services and infrastructure to gain competitive advantage over other trading partners.
However, the 21st Century enemy of a country or business competitor goes beyond the traditional norm. This enemy can be an organized individual or group of individuals creating havoc to a country’s social, economic and political structures through nefarious activities in cyber space.
Not too long ago, cyber breaches was a means through which computer recreationists displayed their talents and depth of knowledge at the expense of businesses and organizations. This has escalated into a big business that is now funded by organized criminal institutions and in some instances countries, according to the report.
African Eye Report
