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Insider cybersecurity threats cost organizations $11.45 million annually, report

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Proofpoint, Inc. , a cybersecurity and compliance company, has released its Cost of Insider Threats 2020 Global Report to identify the costs and trends associated with negligent, compromised, and malicious insiders.

Notably, on average, impacted organizations spent $11.45 million annually on overall insider threat remediation and took 77 days to contain each incident.

The report, commissioned with The Ponemon Institute and co-sponsored by IBM, surveyed nearly 1,000 IT and IT security practitioners across North America, Europe, Middle East, Africa, and Asia-Pacific. Each organization included in the study experienced one or more material events caused by an insider.

Over the last two years, the frequency and costs associated with insider threats increased dramatically across all three insider threat categories, including: careless or negligent employees/contractors, criminal or malicious insiders, and cybercriminal credential theft.

“With an average cost of more than $600K per incident, insider threats must be a leading concern for companies worldwide,” said Mike McKee, executive vice president and general manager of Insider Threat Management for Proofpoint. “Organizational insiders, including employees, contractors, and third-party vendors, are an attractive attack vector for cybercriminals due to their far-reaching access to critical systems, data, and infrastructure.

Given that users regularly work across a wide range of applications and systems, we recommend layered defenses, including a dedicated insider threat management solution and strong security awareness training, to provide the best protection against these types of attacks.”

This year’s Cost of Insider Threats 2020 Global Report key findings include:

Organizations impacted by insider threats spent an average of $11.45 million annually—that’s up 31 percent from $8.76 million in 2018.

More than 60 percent of reported insider threat incidents were the result of a careless employee or contractor and 23 percent were caused by malicious insiders. A total of 14 percent of all insider threat incidents involved cybercriminals stealing credentials.

The number of incidents has also increased by a staggering 47 percent in just two years, from 3,200 in 2018 (Ponemon) to 4,700 in 2020.

The longer an insider threat incident lingers, the costlier it gets. Incidents that took more than 90 days to contain cost organizations $13.71 million on an annualized basis, while incidents that lasted less than 30 days cost roughly half, at $7.12 million. It takes an average of more than two months (77 days) to contain an insider incident.

The larger the organization the more insider incidents. Large organizations with a headcount of more than 75,000 spent an average of $17.92 million over the past year. To contrast, smaller organizations with a headcount below 500 spent an average of $7.68 million. 

The financial services industry spent more to contain insider threats per incident than other sectors. Over the past two years the average financial services industry spend was $14.3 million to contain an incident verses $11.54 million for energy and utilities companies and $10.24 million for the retail industry (a 38 percent increase in 2 years).

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Refurbished tech: Making a smart choice for a greener future

By Qrent Managing Executive Kwirirai Rukowo

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Kwirirai Rukowo + Refurbished Tech
Kwirirai Rukowo

Consumers and businesses are constantly striving for the latest and greatest technology. However, behind the pursuit of cutting-edge devices lies a significant environmental toll – one that often goes unnoticed. The production of new technology requires vast amounts of natural resources, energy, and labour, contributing to both environmental degradation and significant carbon emissions.

With concerns about sustainability at an all-time high, companies are now looking for ways to reduce their environmental impact without compromising on performance or innovation. Refurbished tech, such as the solutions offered by Qrent, presents an effective, affordable, and eco-friendly alternative.

The refurbished computers and laptops market is set for remarkable expansion, driven by both cost-effectiveness and a growing commitment to sustainability. According to Credence Research, the market is projected to surge from USD 17,856.6 million in 2024 to USD 39,405 million by 2032, achieving a compound annual growth rate (CAGR) of 10.4% during the forecast period.

This growth underlines the increasing adoption of refurbished IT equipment by businesses, educational institutions, and individual consumers as they seek to balance performance with environmental responsibility. The rising trend not only helps organisations reduce capital expenditures but also supports circular economy initiatives by extending the lifecycle of electronic products

As businesses face increasing pressure to meet environmental, social, and governance (ESG) goals, refurbished tech is fast becoming a preferred choice for companies looking to cut costs while reducing their carbon footprints.

At Qrent, businesses can access high-quality, refurbished IT equipment that meets the demands of modern enterprises while simultaneously supporting sustainability initiatives. The company provides a range of refurbished devices including computers, laptops, and servers, ensuring that businesses can operate efficiently while minimising their environmental impact.

These devices are thoroughly tested and restored to like-new condition, offering the same reliability and performance as their brand-new counterparts but with a fraction of the carbon footprint.

Refurbished tech and the circular economy

The transition to a circular economy – a system that emphasises reusing, recycling, and remanufacturing – has become a critical strategy in tackling the world’s waste crisis. The electronics industry is one of the largest contributors to this crisis, with e-waste being the fastest-growing waste stream globally.

By choosing refurbished technology from Qrent, businesses contribute directly to the circular economy. When companies choose to refurbish and extend the lifecycle of their IT devices, they prevent valuable resources from ending up in landfills and reduce the demand for new products, thereby conserving raw materials and decreasing pollution.

Qrent’s refurbishment process includes the responsible recycling of old components and ensures that all equipment is brought back to life in an eco-friendly manner. This not only helps in reducing waste but also plays a significant role in limiting the environmental impact of tech manufacturing.

Embracing circular economy strategies not only prolongs the lifespan of IT assets but also significantly cuts down the need for new manufacturing – thereby reducing carbon emissions. The 2024 Forrester Report on The Circular Economy & Sustainable Manufacturing reveals that a substantial share of firms are already reaping sustainability benefits: 38% have adopted innovative delivery and fulfilment options that minimise waste, 32% are improving waste management practices, and 28% are focusing on more efficient material sourcing.

By opting for refurbished technology, companies can leverage these practices to lower reliance on virgin materials and the high emissions associated with producing new devices, marking a crucial step toward a greener, more sustainable IT procurement model.

Attaining your sustainability goals

Qrent provides businesses with sustainable IT solutions. The company not only supplies refurbished technology but also offers a comprehensive range of services that include equipment leasing, IT asset management, and secure data destruction. Businesses can now gain access to a scalable solution that meets their IT needs while simultaneously supporting their ESG initiatives.

The company’s commitment to reducing e-waste is evident in its emphasis on responsible recycling and disposal practices. When companies dispose their old IT equipment with Qrent through their IT Asset Disposal Solution, they can be confident that their devices will be decommissioned properly and reused, ensuring that valuable materials like metals, plastics, and glass are recovered and re-entered into the manufacturing cycle.

This process prevents toxic substances from polluting the environment and ensures that e-waste is managed in a safe, responsible manner.

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Anambra State Government Launches SolutionLens to Drive Transparency and Citizen Engagement

Reporter: SANDRA ANI

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SolutionLens launch
Officials at the SolutionLens launch

In a bold step towards deepening transparency, accountability, and citizen participation in governance, the Anambra State Government has officially launched SolutionLens, a tech-driven platform designed to track government projects and strengthen engagement between citizens and the state.

The launch event, which was held on Thursday 15th May, 2025 at the SID  Building in Awka, brought together key stakeholders, including government officials, civil society groups, community representatives, development partners, and the media.

The platform was developed through a collaborative effort by the Ministry of Budget and Economic Planning, the Ministry of Information, and the Anambra State ICT Agency.

Representing the Governor, Mrs. Chiamaka Nnake, the commissioner for Budget and Economic Planning, described SolutionLens as “OGP made easy and a democratic tool.” She emphasized its value in planning, budgeting, and fostering investor confidence, thanks to its community-based feedback mechanisms.

In her welcome remarks, Mrs. Ogochukwu Orji, the State Coordinator of the Open Government Partnership (OGP), noted that SolutionLens is “built to shine a light on public projects and empower citizens to ask questions, hold government accountable, and ensure our shared resources are used for the common good.”

Key features of the platform include:

  • A centralized digital hub for government projects
  • Interactive maps and a user-friendly interface
  • A live chat feature to connect citizens directly with MDAs

Speaking during the event, Dr. Law Mefor affirmed that the platform will help Ndi Anambra “access real-time information on what government is doing,” while CFA highlighted its ability to “capture and preserve moments,” underscoring the value of technology in governance.

SolutionLens launch
Government officials present at the SolutionLens launch

One of the key highlights of the launch was a live demonstration of the SolutionLens platform, followed by the formal inauguration of MDA focal persons who will serve as key liaison officers in ensuring the platform remains updated and responsive.

Participants at the launch commended Governor Charles Chukwuma Soludo, for this forward-thinking initiative, describing SolutionLens as a game-changer in how government connects with its people.

As part of its next steps, the government urged all citizens to actively engage with the platform and help spread awareness. This, they emphasized, will not only benefit Ndi Anambra today but safeguard the integrity and prosperity of the state for generations to come.

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Nigeria’s Biggest Tech Conference Opens in Enugu

Minister Bosun: I’ve never seen anything so big | Mbah: We’re driven by the knowledge that the future is technology, reports SANDRA ANI

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Enugu Tech Festival
L-R: Minister of Youth Development, Ayodele Olawande; Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tjinani; and the Governor of Enugu State, Dr. Peter Mbah, during the opening of the 2025 Enugu Tech Festival at the International Conference Centre, Enugu, Wednesday.

The 2025 Enugu Tech Festival being organised by the Enugu State Government kicked off on Wednesday with the Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, describing it as the biggest technology conference that has ever happened in Nigeria.

Tijani said the Tech Festival, which attracted thousands of youths from within and outside the state, was a major leap for Nigeria’s determination to build a robust digital economy, noting that Enugu State under Governor Peter Mbah, had moved from policy to progress to lead the tech revolution in Nigeria.

This was even as Governor Peter Mbah urged the youths to embrace technology, insisting that the future is technology.

Speaking, the Minister said that the Tech Festival, tagged Coal to Code, fitted into the agenda and activities of the Federal Ministry of Communications, Innovation and Digital Economy, having recognised that the future of digital economy in Nigeria would not only be built in Abuja, but would instead be co-created across all states.

“Enugu is showing how this should and will be done. I have never, never been to a conference on technology in Nigeria that is this big. I founded the first technology hub in Nigeria, the very first in Nigeria. So, I know a thing or two when technology people gather. I can assure you that today, you are part of history because we have never seen anything this big in Nigeria before.

“There is something powerful about your state: the energy, the ambition, the possibilities. Just two years ago, only a few people could imagine this kind of tech momentum. But today, Enugu has not just imagined, Enugu is building it. Under two years, we have seen investment in digital infrastructure, and the innovation ecosystem of the state.

“What is happening today in Enugu is part of something bigger. We are now witnessing a generational rise, not one where people complain and protest, but one where creativity is used to shape the future. Not just with passion, but with precision,” he stated.

While commending the participants for rising to “create the kind of Nigeria the world will pay attention to,” Tijani called for collaboration, commitment, and hard work by all stakeholders to make it happen.

“Progress is not automatic, but needs all of us. It needs the government to continue to be brave. It needs the private sector to invest deeper. It needs mentors, builders, teachers, and it needs leaders,” he concluded.

Speaking, Governor Mbah, while highlighting how his administration had invested in technology to dramatically revolutionise security, land administration, education, among others, noted that the Enugu Tech Festival was part of his government’s wider efforts to build the youth of the state into wealth creators and highly sought-after workforce of tomorrow’s workplace.

“The power of technology and innovation and what we can accomplish is something that I want the youths to be mindful of. If you look at the way things are being done in the world today, we are now talking about an era where people just sit down with great ideas, create platforms where they begin to essentially benefit from that platform.

“An example is the Uber that came and disrupted the city taxi without owning a key. Today, they provide by far the largest traffic just by creating a platform. You can extend that to Airbnb. Without owning a key, these guys have disrupted the business of those who own several brick and mortar houses. You can also extend that to Tesla. That is the power of technology. This shows essentially that technology is where the future is,” he emphasised.

In his remark, the Commissioner for Innovation, Science and Technology, Dr. Lawrence Ezeh, said the Enugu Tech Festival, which would now become an annual event, underscored a paradigm shift from the old Enugu known for coal to one that has become a rising force in Nigeria’s tech-driven future, a beacon of innovation, intellectual capital, digital enterprise, and endless possibilities.

“For decades, our identity was built on coal, a resource that powered Nigeria’s industrial rise. But today, we stand in a different kind of power—the power of knowledge, innovation, and technology,” he stated.

Also at the event were the Minister of Youth Development, Ayodele Olawande; Speaker, Enugu State House of Assembly, Hon. Uchenna Ugwu; former Minister of Science and Technology, Prof. Barth Nnaji; Chairman of Zinox Technical, Leo Stan Ejeh; and the Group Managing Director, Afrinvest, Dr. Ike Chioke, among a host of others.

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