GRBusiness
Sophos Global Survey hints Software exploits as initial cause of 23% IT security incidents
BY: Sandra Ani
- used in 35 percent of cyberattacks
Sophos, a global leader in network and endpoint security, today announced the findings of its global survey, The Impossible Puzzle of Cybersecurity, which reveals IT managers are inundated with cyberattacks coming from all directions and are struggling to keep up due to a lack of security expertise, budget and up to date technology. The survey polled 3,100 IT decision makers from mid-sized businesses in the US, Canada, Mexico, Colombia, Brazil, UK, France, Germany, Australia, Japan, India, and South Africa.
Cybercriminals Use Multiple Attack Methods and Payloads for Maximum Impact
The Sophos survey shows how attack techniques are varied and often multi-staged, increasing the difficulty to defend networks. One in five IT managers surveyed didn’t know how they were breached, and the diversity of attack methods means no one defensive strategy is a silver bullet.
“Cybercriminals are evolving their attack methods and often use multiple payloads to maximize profits. Software exploits were the initial point of entry in 23 percent of incidents, but they were also used in some fashion in 35 percent of all attacks, demonstrating how exploits are used at multiple stages of the attack chain,” said Chester Wisniewski, principal research scientist, Sophos. “Organizations that are only patching externally facing high-risk servers are left vulnerable internally and cybercriminals are taking advantage of this and other security lapses.”
The wide range, multiple stages and scale of today’s attacks are proving effective. For example, 53 percent of those who fell victim to a cyberattack were hit by a phishing email, and 30 percent by ransomware. Forty-one percent said they suffered a data breach.
Weak Links in Security Increasingly Lead to Supply Chain Compromises
Based on the responses, it’s not surprising that 75 percent of IT managers consider software exploits, unpatched vulnerabilities and/or zero-day threats as a top security risk. Fifty percent consider phishing a top security risk. Alarmingly, only 16 percent of IT managers consider supply chain a top security risk, exposing an additional weak spot that cybercriminals will likely add to their repertoire of attack vectors.
“Cybercriminals are always looking for a way into an organization, and supply chain attacks are ranking higher now on their list of methods. IT managers should prioritize supply chain as a security risk, but don’t because they consider these attacks perpetrated by nation states on high profile targets. While it is true that nation states may have created the blueprints for these attacks, once these techniques are publicized, other cybercriminals often adopt them for their ingenuity and high success rate,” said Wisniewski. “Supply chain attacks are also an effective way for cybercriminals to carry out automated, active attacks, where they select a victim from a larger pool of prospects and then actively hack into that specific organization using hand-to-keyboard techniques and lateral movements to evade detection and reach their destination.”
Lack of Security Expertise, Budget and Up to Date Technology
According to the Sophos survey, IT managers reported that 26 percent of their team’s time is spent managing security, on average. Yet, 86 percent agree security expertise could be improved and 80 percent want a stronger team in place to detect, investigate and respond to security incidents. Recruiting talent is also an issue, with 79 percent saying that recruiting people with the cybersecurity skills they need is challenge.
Key Survey Findings:
- Cybercriminal tactics have evolved into using multiple attack methods and often multiple payloads to maximize profits
- Software exploits were the initial cause of 23 percent of incidents and used in 35 percent of cyberattacks, demonstrating how exploits are used at multiple stages of the attack chain
- Phishing emails impacted 53 percent of those hit by a cyberattack
- Ransomware impacted 30 percent of attack victims
- 41 percent of attack victims suffered a data breach
- Only 16 percent consider supply chain a top security risk, exposing an additional weak spot
- Nation state adversaries have proven how successful supply chain attacks are, which means common cybercriminals are likely to adopt the attack method
- Supply chain attacks are a launch pad to emerging automated, active-adversary attacks
- IT teams spend 26 percent of their time managing security, yet still struggle with a lack of expertise, budget and up to date technology
- 79 percent said recruiting people with the cybersecurity skills they need is challenge
- 66 percent said their organization’s cybersecurity budget is below what it needs to be
- 75 percent believe that staying up to date with cybersecurity technology is a challenge
Regarding budget, 66 percent said their organization’s cybersecurity budget (including people and technology) is below what it needs to be. Having current technology in place is another problem, with 75 percent agreeing that staying up to date with cybersecurity technology is a challenge for their organization. This lack of security expertise, budget and up to date technology indicates IT managers are struggling to respond to cyberattacks instead of proactively planning and handling what’s coming next.
“Staying on top of where threats are coming from takes dedicated expertise, but IT managers often have a hard time finding the right talent or don’t have a proper security system in place that allows them to respond quickly and efficiently to attacks,” said Wisniewski. “If organizations can adopt a security system with products that work together to share intelligence and automatically react to threats, then IT security teams can avoid the trap of perpetually catching up after yesterday’s attack and better defend against what’s going to happen tomorrow. Having a security ‘system’ in place helps alleviate the security skills gap IT managers are facing. It’s much more time and cost effective for businesses to grow their security maturity with simple to use tools that coordinate with each other across an entire estate.”
Synchronized Security Solves the Impossible Puzzle of Cybersecurity
With cyberthreats coming from supply chain attacks, phishing emails, software exploits, vulnerabilities, insecure wireless networks, and much more, businesses need a security solution that helps them eliminate gaps and better identify previously unseen threats.
Sophos Synchronized Security, a single integrated system, provides this much needed visibility to threats by integrating Sophos endpoint, network, mobile, Wi-Fi, and encryption products to share information in real-time and automatically respond to incidents. More information about Synchronized Security is available at Sophos.com.
The Impossible Puzzle of Cybersecurity survey was conducted by Vanson Bourne, an independent specialist in market research, in December 2018 and January 2019.
This survey interviewed 3,100 IT decision makers in 12 countries and across six continents in the US, Canada, Mexico, Colombia, Brazil, UK, France, Germany, Australia, Japan, India, and South Africa. All respondents were from organizations with between 100 and 5,000 employees.
Micro, Small and Medium-sized Enterprises(SMBs) are the backbone of most economies accounting for 90% of businesses, over 70% of employment, and 50% of global GDP, according to the United Nations. They drive growth, innovation, and job creation worldwide.
In Nigeria, they play a crucial role in stimulating local economies and contributing to the country’s GDP.
Recognising their impact, WhatsApp is committed to empowering SMBs with the tools to succeed through the WhatsApp Business App, by reaching their customers where they already are.
WhatsApp continues to be the best way for people and businesses to get business done in Nigeria. With its efficient features, the WhatsApp Business App has become an indispensable tool for small businesses, helping them streamline communication, enhance customer engagement and drive sales. And we know customers love communicating with businesses over WhatsApp too, as nearly 80% of people globally message with a business at least once a week.
Whether you’re just starting out or looking to optimise your business operations, here are five essential WhatsApp Business features that can elevate your efficiency and customer interactions.
1. Catalog – Showcase Your Products and Services
Gone are the days of sending multiple images and descriptions individually to customers. With the Catalog feature, you can create a digital storefront where customers can browse your offerings within WhatsApp. This is just like a mini-website which makes it easier to showcase your products, prices and descriptions in an organised way.
How to Use It: Go to Business Tools > Catalog. Add product images, videos, names, descriptions and pricing.
2. Quick Replies – Save Time on Repetitive Questions
Answering the same customer questions repeatedly? Quick Replies let you create preset responses for frequently asked questions, saving you time and ensuring fast customer service.
How to Use It:Go to Settings > Business Tools > Quick Replies. Create and save responses such as a greeting message or order confirmation. Use the shortcut “/” to insert a quick reply in any chat
3. Labels – Stay Organised and Track Conversations
Managing multiple customer interactions can be overwhelming, but the Labels feature helps by categorising chats in different ways, such as order status or customer type. You can create labels with different colors or names and add the conversations to an entire chat. This keeps your inbox organised and ensures no customer is left waiting.
How to Use It: Open a chat, tap on the three-dot menu > Label Chat. Assign relevant labels like New Customer, Order Placed, Pending Payment.
4. Away Messages – Engage Customers Even When You’re Away
Never miss a customer inquiry again. Away Messages allow you to set up a greeting or away message, ensuring customers receive timely responses even outside business hours.
How to Use It: Go to Business Tools > Away Message / Greeting Message. Set up a custom message and schedule when it should be sent.
5. Meta Verified – For Enhanced Protection and Account Support
A paid subscription that helps your business build credibility with new audiences, Meta Verified can help drive more engagement and grow your brand. With Meta Verified, you’ll receive enhanced account support, can use WhatsApp across multiple devices and easily create a professional WhatsApp web page that’s tailored to you.
How to Use It: Go to Settings or Business Tools > tap Meta Verified.
WhatsApp Business is packed with features designed to help small businesses grow, stay organised, and engage with customers effortlessly. By leveraging these features, you can enhance your customer experience, increase efficiency and ultimately drive more sales. Start your own journey with the WhatsApp Business app here.
Bolt, the leading ride-hailing platform, on Thursday, 19th of March hosted an Iftar gathering in Kano to bring together Muslim drivers during the holy month of Ramadan.
The event was not only an opportunity to share a meal but also served as a platform for open dialogue, feedback exchange, and community building within the Bolt driver network.
The Iftar event, held in recognition of the significance of Ramadan, reinforced Bolt’s commitment to supporting its driver-partners and fostering inclusivity across all communities. The gathering provided an environment for drivers to voice their concerns, share their experiences, and engage directly with the Bolt team in a collaborative discussion about improving their experience on the platform.
Speaking during the event, Osi Oguah, the general manager for Bolt Nigeria said: “At Bolt, we recognize the importance of creating a supportive and inclusive environment for our driver-partners.
This Iftar event was more than just a meal, it was a chance to connect, listen, and understand the challenges and needs of our drivers in Kano. We appreciate their dedication, especially during this sacred period of Ramadan.”
Drivers in attendance expressed their appreciation for the initiative, highlighting the sense of belonging and recognition the event fostered. Many also welcomed the opportunity to discuss ways to improve their overall experience on the Bolt platform, making it a productive and meaningful engagement for all participants.
Nura Muhammed, a driver-partner said: “We want to say thank you to Bolt for this initiative, if my knowledge serves me right, this is the first time a ride-hailing company will organize such an event in Kano. This event has also made it possible for us to share some feedback to them physically and we drivers mostly get to connect through our online platform but today, we’re able to meet physically, mingle and exchange pleasantries”
Bolt remains committed to strengthening driver engagement and well-being, and this Iftar gathering is part of a broader effort to continuously support and empower driver-partners across Nigeria.
Finance
Flutterwave Powers Local Businesses in Ghana Through Pay With Bank Transfer
Reporter: Ikenna Ugwu
Flutterwave, a leading payments technology company in Africa, has broadened its reach in Ghana through the integration of Pay With Bank Transfer, done in partnership with Affinity Bank.
With over 115 million bank transfer payments recorded in Ghana in 2023, this move will ensure that Flutterwave businesses in Ghana can now receive payments seamlessly and securely through a rapidly growing payment method. While Mobile Money leads as the preferred payment type for everyday transactions in Ghana, the recent growth in transactions for Pay With Bank Transfer symbolizes the expanding payment options available for Ghanaian businesses.
Flutterwave has a track record of driving innovation in the African finance ecosystem, and this new development promises versatility, thereby expanding the pool of customers available to businesses. As a preferred payment method, it also promises faster payments while providing access to a more secure process of transacting which benefits both the sender and the receiver (business).
“We are excited to extend our services to the Ghanaian market” says Olugbenga Agboola, Flutterwave Founder & CEO“At Flutterwave, we are driven by the vision of building Africa’s economy. By making payment options like Pay With Bank Transfer available for everyday use, we are expanding access to payments and enabling local businesses to thrive in the economy”
By establishing this strategic partnership, Flutterwave aims to drive the adoption of the Pay With Bank Transfer option in Ghana, using virtual accounts to allow for secure and transparent payments. This will provide enterprises and small businesses with a simpler way to receive payments and give their customers a seamless process of making payments.
Geoffrey Fiador, Manager, Country Operations and Partnerships, at Flutterwave stated: “By delivering essential payment options like Pay With Bank Transfer for businesses in Ghana, we’re providing an easy way for them to increase their revenue opportunities to grow their businesses. ”
This announcement comes at the heels of Flutterwave’s recent approval by the Bank of Ghana to provide inward remittance services. With a track record of success across Africa, Flutterwave continues to be a trusted partner for businesses in over 34 countries, providing the tools and expertise necessary for success in the dynamic African market.
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