Facebook Twitter LinkedIn RSS
    Trending
    • Gartner recognizes Sophos as 2025 leader for endpoint protection platforms
    • TIM AKANO FOUNDATION Awards Scholarships to 100 OAU Students and 22 Undergraduates from Oluponna and Surrounding Areas
    • Sustaining Innovation in Africa’s Tech Startup Ecosystem – Bidemi Oke, CEO of FlashChange
    • Data is the new oil: Africa Data Centres Executive on digital transformation
    • Nigeria’s economy sees boost in Q1 2025, driven by surging ICT sector
    • Verve revolutionizes African payments with contactless tech
    • Palmpay is among 300 top fintech companies globally – CNBC
    • NITDA’s Hadiza honoured among Nigeria’s Top 50 PR professionals
    Facebook Twitter LinkedIn
    ITPulse.com.ngITPulse.com.ng
    • News
    • Interviews
    • Blogs
    • Analysis
    • Opinion
    • Videos
    • Press Releases
    • Pictures
    • Advertise
    ITPulse.com.ngITPulse.com.ng
    Home»News»Cyber crime: Insider threats responsible for $194M losses in Nigeria
    News 2 Mins Read

    Cyber crime: Insider threats responsible for $194M losses in Nigeria

    mmBy ITPulseNovember 6, 2018
    Facebook Twitter WhatsApp Pinterest LinkedIn Reddit Tumblr Email
    Sylvia Ntia, Demadiur
    Mrs. Sylvia Ntia, Project Manager at Demadiur Systems Limited
    Share
    Facebook Twitter LinkedIn Pinterest Email

     

    A 2017 Cyber Security Report has disclosed that Insider threat emanating from the staff and management of organisations topped the cost of cyber crime activities in Nigeria with $194 million, representing 30 percent out of the $649 million the report claimed was lost to cyber crime in 2017.

    The report, ‘Demystifying the Africa Cyber Security Poverty Line,’ which was again presented today at the organised E-payment Providers Association of Nigeria (E-PPAN) 9th Annual Payment Systems Conference, also disclosed that over 90 percent of Nigerian organizations are operating below security poverty line. This, the report finds is significantly exposing them to cyber security risks.

    In its second edition, the report is the brainchild of Kenya based Serianu Limited in partnership with the United States International University (USIU Africa) and Demadiur Systems Limited.

    Presenting the report today at the conference, which attracted mostly stakeholders from the financial industry and security agencies in Nigeria, the Project Manager at Demadiur Systems Limited, Mrs. Sylvia Ntia noted that attacks on computer systems (unathorised access malware) in Nigeria came second in terms of cost of cyber security activities with $130 million, representing 20 percent.

    Other breakdowns of the losses, according to Ntia indicate that while social engineering and identity theft cost Nigeria $97million, representing 15 percent, email spam and phishing cost the country $78million, representing 12 percent.

    Other activities include data exfitration, which is responsible for $65 million cost, representing 10 percent. Online fraud scam and ramsomeware came bottom with $52million, representing 8 percent and $33million representing 5 percent respectively.

    Meanwhile, the annual report has recommended what it called Top 10 cybersecurity priorities for 2019. They are Database security, privileged user management, patch management, unstructured data management and endpoint security.

    Others are employee security awareness, vendor/third party security, the board’s changing role, security architecture/engineering skill set and continuous monitoring.

    The report covers the countries of Nigeria, Ghana, Kenya, Tanzania, Namibia, Mauritius, Botswana, Lesotho and Uganda. It highlights the latest cyber threats, trends, insights, and other potentially harmful business risks affecting organizations operating in Nigeria and across the Africa continent. It is a comprehensive report draws from a wide range of internal and external security studies research to uncover and explain the top trends that are impacting regional organizations. The 2018 edition of the report is expected to be launched in the first quarter of 2019.

    Cyber security 2017 report Demadiur Systems Ikechukwu Nnamani Sylvia Ntia
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    mm
    ITPulse
    • Website
    • Facebook
    • Twitter
    • LinkedIn

    ITPulse is a wholly information technology communication (ICT) news website, with a special focus on the African continent. The website provides up-to-date biz-tech news, analysis and comprehensive and thorough insight into the continent's ICT terrain

    Related Posts

    Nigeria’s economy sees boost in Q1 2025, driven by surging ICT sector

    July 22, 2025

    Verve revolutionizes African payments with contactless tech

    July 22, 2025

    Palmpay is among 300 top fintech companies globally – CNBC

    July 22, 2025

    Leave A Reply Cancel Reply

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    Latest Posts

    Gartner recognizes Sophos as 2025 leader for endpoint protection platforms

    July 22, 2025

    TIM AKANO FOUNDATION Awards Scholarships to 100 OAU Students and 22 Undergraduates from Oluponna and Surrounding Areas

    July 22, 2025

    Sustaining Innovation in Africa’s Tech Startup Ecosystem – Bidemi Oke, CEO of FlashChange

    July 22, 2025
    About
    About

    Itpulse.com.ng is a wholly information technology communication (ICT) news website, with special focus on the African continent. The website provides up-to-date biz-tech news, analysis and a comprehensive and thorough insight info the continent's ICT terrain.

    Contact us: editorial@itpulse.com.ng

    Facebook Twitter LinkedIn RSS
    Latest Posts

    Gartner recognizes Sophos as 2025 leader for endpoint protection platforms

    July 22, 2025

    TIM AKANO FOUNDATION Awards Scholarships to 100 OAU Students and 22 Undergraduates from Oluponna and Surrounding Areas

    July 22, 2025

    Sustaining Innovation in Africa’s Tech Startup Ecosystem – Bidemi Oke, CEO of FlashChange

    July 22, 2025
    Popular Posts

    Data is the new oil: Africa Data Centres Executive on digital transformation

    July 22, 2025

    Dr. Omoniyi Ibietan: A PR powerhouse redefining strategic communication in Africa

    July 21, 2025

    GEFAS unveils new office to deepen digital engagement for Anambra people

    July 19, 2025
    © 2017 - 2025 Itpulse. Designed by Max Excellence.
    • Terms & Conditions
    • Privacy Policy
    • Advertise
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.