13 September 2017

Nigeria: Cyber Attacks Soar in 2017 As Ransomware Hits 48%

Only one per cent of organisations implement proactive solutions

2017 may well turn out to be a lucrative year for cybercrime, as prominent malware and attack methods continue to evolve, creatively by-passing existing security solutions.

According to CheckPoint Software Technologies, in 2016, the world witnessed sophisticated new malware emerging on a regular basis, exposing new capabilities, distribution methods, and attack services offered for sale through multiple platforms.

CheckPoint disclosed that 2017 is shedding light on a new trend - simple, yet highly effective malware families are causing rapid destruction globally.

Comparing the first half (H1) of 2016 to H1 2017, the percentage of attacks out of the top three ransomware in all three regions (Americas, APAC and EMEA) almost doubled, increasing from an average of 26 per cent to an average of 48 per cent.

Nigeria's Minister of Communications, Adebayo Shittu, while calling for strategic efforts to curb the menace in the country, said Nigeria loses on a yearly basis N127 billion.

The President, Information Security Society of Africa-Nigeria (ISSAN), David Isiavwe, has cautioned Nigerians not to pay for any Ransomeware attacks. Payment, according to Isiavwe could be more deadly, as the attackers can unleash more grievous attacks.

According to CheckPoint, despite the severity and rise in the attacks, especially Ransomware, only one per cent of organizations have implemented the necessary solutions to proactively prevent these types of attacks.

While some organisations are taking a preventative approach, many organisations still implement point solutions, each only able to address individual problems.

The Software firm said so far, in 2017, cyber-attacks are occurring at a higher frequency than previous years, stressing that recent infiltrations have demonstrated the agility, scale and persistence of an attack that criminals are capable of executing.

CheckPoint mid-year report revealed that all regions have suffered from these large-scale attacks, reinforcing the need for proactive solutions. It noted that massive attack campaigns such as WannaCry, NotPetya and Fireball showcase the nature of today's threat landscape.

As the year progressed, CheckPoint witnessed the reoccurring global trends including Nation-state cyber weapons been in the hands of criminals.

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