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71% of Nigerian Organizations Hit by Ransomware – Sophos’ Annual “State of Ransomware 2022”

Sophos report shows 44% of Nigerian Organizations that had Data Encrypted in a Ransomware Attack Paid the Ransom

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State of Ransomware 2022

Sophos, a global leader in next-generation cybersecurity, has released its annual international survey and review of real-world ransomware experiences in the State of Ransomware 2022.

The report shows that 71% of Nigerian organizations surveyed were hit with ransomware in 2021, up from 22% in 2020. Forty-four percent of the organizations that had data encrypted paid the ransom to get their data back, even if they had other means of data recovery, such as backups.

The report summarizes the impact of ransomware on 5,600 mid-sized organizations in 31 countries across Europe, the Americas, Asia-Pacific and Central Asia, the Middle East, and Africa.

Chester Wisniewski, principal research scientist at Sophos
Chester Wisniewski, principal research scientist at Sophos

“The survey shows that, globally, the proportion of victims paying the ransom continues to increase, even when they may have other options available,” said Chester Wisniewski, principal research scientist at Sophos. “There could be several reasons for this, including incomplete backups or the desire to prevent stolen data from appearing on a public leak site. In the aftermath of a ransomware attack there is often intense pressure to get back up and running as soon as possible”.

Continuing, Wisniewski said, “Restoring encrypted data using backups can be a difficult and time-consuming process, so it can be tempting to think that paying a ransom for a decryption key is a faster option. It’s also an option fraught with risk. Organizations don’t know what the attackers might have done, such as adding backdoors, copying passwords and more. If organizations don’t thoroughly clean up the recovered data, they’ll end up with all that potentially toxic material in their network and potentially exposed to a repeat attack.”

Key Findings

The main findings of the State of Ransomware 2022 global survey from the Nigerian respondents, which covers ransomware incidents experienced during 2021, as well as related cyber insurance issues, include:

  • More victims are paying the ransom – In 2021, 44% of organizations that had data encrypted in a ransomware attack paid the ransom
  • The impact of a ransomware attack can be immense –The average cost to recover from the most recent ransomware attack in 2021 was US$3.43 million. It took on average one month to recover from the damage and disruption. Ninety-seven percent of organizations said the attack had impacted their ability to operate, and 96% of the victims said they had lost business and/or revenue because of the attack
  • Many organizations rely on cyber insurance to help them recover from a ransomware attack – 81% of mid-sized organizations had cyber insurance that covers them in the event of a ransomware attack – and, in 97% of incidents, the insurer paid some or all the costs incurred
  • Ninety-one percent of those with cyber insurance said that their experience of getting it has changed over the last 12 months, with higher demands for cybersecurity measures, more complex or expensive policies and fewer organizations offering insurance protection

“The findings suggest we may have reached a peak in the evolutionary journey of ransomware, where attackers’ greed for ever higher ransom payments is colliding head on with a hardening of the cyber insurance market as insurers increasingly seek to reduce their ransomware risk and exposure,” said Wisniewski. “In recent years, it has become increasingly easy for cybercriminals to deploy ransomware, with almost everything available as-a-service. Second, many cyber insurance providers have covered a wide range of ransomware recovery costs, including the ransom, likely contributing to ever higher ransom demands. However, the results indicate that cyber insurance is getting tougher and in the future ransomware victims may become less willing or less able to pay sky high ransoms. Sadly, this is unlikely to reduce the overall risk of a ransomware attack. Ransomware attacks are not as resource intensive as some other, more hand-crafted cyberattacks, so any return is a return worth grabbing and cybercriminals will continue to go after the low hanging fruit.”

Sophos recommends the following best practices to help defend against ransomware and related cyberattacks

  1. Install and maintain high-quality defenses across all points in the organization’s environment. Review security controls regularly and make sure they continue to meet the organization’s needs
  2. Proactively hunt for threats to identify and stop adversaries before they can execute their attack – if the team lacks the time or skills to do this in house, outsource to a Managed Detection and Response (MDR) specialist
  3. Harden the IT environment by searching for and closing key security gaps: unpatched devices, unprotected machines, open RDP ports, etc. Extended Detection and Response (XDR) solutions are ideal for this purpose
  4. Prepare for the worst. Know what to do if a cyber incident occurs and keep the plan updated
  5. Make backups, and practice restoring from them so that the organization can get back up and running as soon as possible, with minimum disruption

Read The State of Ransomware 2022 report for the full global findings and data by sector. 

GrassRoots.ng is on a critical mission; to objectively and honestly represent the voice of ‘grassrooters’ in International, Federal, State and Local Government fora; heralding the achievements of political and other leaders and investors alike, without discrimination. This daily, digital news publication platform serves as the leading source of up-to-date information on how people and events reflect on the global community. The pragmatic articles reflect on the life of the community people, covering news/current affairs, business, technology, culture and fashion, entertainment, sports, State, National and International issues that directly impact the locals.

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NCC, Zoho, Digital Encode, Galaxy Backbone, other Sponsors, Partners announced for AfriTECH 2.0

Commenting on the importance of AfriTECH 2.0, Peter Oluka, the Editor of TechEconomy, says: “AfriTECH2.0 will delve into the nitty-gritty of ‘Sustainability and The Company Of The Future’.

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AfriTECH 2.0 Speakers

Stakeholders will gather in Lagos, Nigeria, on 09 November 2022 for another edition of Africa Tech Alliance Forum (AfriTECH 2.0) sponsored by Zoho Corporation, Digital Encode, Galaxy Backbone Limited, ESET, Layer3Cloud; including partners drawn from the Nigerian Communications Commission (NCC), National Information Technology Development Agency (NITDA), Nigeria Computer Society (NCS), and InnovationBed.Africa.

Taking place both virtually and (physically) at Oriental Hotel, Lekki Road, this year’s theme is: ‘Sustainability and the Company of the Future’ and will convene an array of industry leaders, and tech-entrepreneurs, decision-makers, and tech ecosystem players from across the continent.

Delegates can expect two days of expert panel discussions, keynote addresses, case studies, live-demo experiences, and networking with leaders in the private sector, government, civil society, investors, and academia – all with their unique insights around ‘Harnessing Digital Identity for Digital Economy Agenda’; ‘Creating Sustainable Future through Connectivity’; ‘Blockchain & Cryptocurrency – The Future of Money’; and ‘Cloud Computing in 5G Era – Everything-As-A-Service’.

Chike Onwuegbuchi, Co-Founder of TechCastle Foundation says: “Africa Tech Alliance Forum, now in its second year, is an annual event that brings together stakeholders from different sectors of Nigeria’s economy to share ideas, trends, opportunities around technology, innovation and entrepreneurship development in Nigeria and Africa at large.

“The Forum promotes the need for Africa to become more innovative and apply technology to drive her economic growth and sustainable development using emerging technologies and trends, research, development, entrepreneurship, commercialization and investments as key drivers. AfriTECH also creates awareness and encourages innovation in the private and public sectors”.

He expressed excitement about the Forum, adding that it will culminate in an awards ceremony which aims to celebrate and reward companies and individuals on the African continent that have demonstrated excellence in the areas of innovative product/service development, policy/regulations, amongst other areas.

He said that attendees can look forward to a robust presentation by the Professor Umar Danbatta, the Executive Vice Chairman of the Nigerian Communications Commission (NCC) and a keynote address by Mr. James Agada, the Immediate Past CEO of CWG PLC and Founder of IxzdoreLab, as well as an in-depth discussions by Malam Kashifu Inuwa, Director General, National Information Technology Agency (NITDA); Professor Muhammad Abubakar, MD/CEO, Galaxy Backbone Limited; Kehinde Ogundare, Country Manager for Zoho Technologies Nigeria; Dr. Adewale Peter Obadare, Co-Founder/Chief Visionary Officer of Digital Encode Limited; Dr. Oluseyi Akindeinde, Co-Founder/CTO of Digital Encode Limited; Professor Adesina Sodiya, President, Nigeria Computer Society (NCS).

The keynote speaker, James Agada, is notable for solving technical challenges. Helping customers use technology to solve their problems and grow is the ultimate icing on the cake for him. Agada inspires youth and others to do a lot better than they think possible.

Before establishing Ixzdore Laboratories he was the CEO, CWG PLC., where he played majors in developing the company’s growth and sustainability plan. Agada’s rise to a top chief executive followed years of hardwork, resilience and demonstration of understanding of the business climate in Nigeria, Africa and the world at large.

Meanwhile, a session will be dedicated to Innovators for the UN World Summit Awards 2022 led by the Programos Foundation. Mr. Emmanuel Amos will also enlighten the Forum participants on the World Summit on Information Society process towards 2025.

Commenting on the importance of AfriTECH 2.0, Peter Oluka, the Editor of TechEconomy, says: “AfriTECH2.0 will delve into the nitty-gritty of ‘Sustainability and The Company Of The Future’; adding that top on the list of lessons from COVID-19 pandemic is ‘build back better’, where businesses and governments must reflect on what to do differently and what to stop doing altogether’ to move the economy forward.

AfriTECH 2.0 is also supported by media partners; Nigeria CommunicationsWeek, TechTrends.Africa, TechBuild.Africa, ITPulse.com.ng, TechnologyMirror, Ravenewsonline.com, DigitalTimesng.com, ITRealms.com.ng, ITNewsNigeria.ng, DigiVation Network, TechandBiz and GrassRoots.ng. 

Participation in AfriTECH 2.0 is FREE but you need to register ahead of the date; 09 November 2022, using the link herehttps://africatechallianceforum.africa/index.html

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SHELT Inaugurates Cyber Security Operations Centre Extension in Nigeria

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SHELT in Nigeria

SHELT, a technologically advanced Managed Security Service provider (MSSP), has announced the opening of its very own SOC in Nigeria, where it will serve as a local extension to its overseas and already established 24/7 SOC operation.

This launch comes amidst the growing need of SHELT’s Nigeria branch to step into serving the local clientele through a team that is locally present and becoming closer to our customers, according to TechEconomy report.

The SOC extension will serve to raise the cybersecurity readiness of the clients through implementing cutting-edge technology to monitor cyber-attacks and address possible cybersecurity threats in real time and on a local platform.

On his visit to Nigeria to be present at the launch, SHELT’s Managing Director, Youssef Abillama commented saying: “It gives me so much pleasure to be here for this wonderful occasion and I know our SOC will play a pivotal role in the cyber security readiness of our clients to assist them in safeguarding their systems and increasing their resilience from a locally available support system.”

SHELT’s Nigeria Business Development Manager, Walid Bou Abssi, said: “The risks of cyberattacks are always on the increase in Nigeria and I am so proud we are part of the solution where we can monitor cybersecurity threats and respond in real time to address and resolve any possible threats that may target our clients.”

Mr. Abillama added “I would like to recognise our team members who led the project and completed it so successfully and I am glad that we are also contributing to the job market in Nigeria in the field of cybersecurity.”

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AfreximBank Boss, ECOWAS, Diplomats and others to Speak at GAIN Youth Summit 2022

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AfreximBank Boss, ECOWAS, Diplomats and others to Speak at GAIN Youth Summit 2022

The President and Chairman of the Board of Directors of African Export Import Bank (AfreximBank) Professor Benedict O. Oramah; High Commissioner of Namibia to Nigeria, H.E Humphrey Geiseb; Ambassador of Cote D’Ivoire to Nigeria and ECOWAS, H.E Ambassador Kalilou TRAORE; Dr Tony Luka Elumelu, Ag. Director of Private Sector Development at the ECOWAS Commission, Nigeria as well as popular Nigerian business man, Mr Obinna Tochukwu Iyiegbu (Obi Cubana), Chairman, Cubana Group, Nigeria have been named the Keynote and Guest Speakers respectively at the 2022 edition of the Grand Africa Initiative – GAIN Youth Summit holding from 28th-29th October, 2022 at 10am WAT daily with the theme The Africa We Want: Nexus between the Youth, Peace and Entrepreneurship II.

The GAIN Youth Summit is an annual gathering of policy makers, diplomats, public and private sector leaders, development institutions, civil society groups and the youths from across the continent and the diaspora, focused on developing entrepreneurship, innovation, professional and employability capacities in young Africans in a way that helps tackle the menace of youth unemployment and conflict on the continent.

The Executive Director, Grand Africa Initiative (GAIN), Ms. Chinwe Okoli stated that this year’s summit will build on and further examine the key insights around the theme The Africa We Want: Nexus between the Youth, Peace and Entrepreneurship discussed at the 2021 summit which had the Vice President of the Federal Republic of Nigeria, professor Yemi Osinbajo, SAN as the Special Guest of Honour.

According to Ms. Okoli, “We are excited at the level of growth in impact that the GAIN Youth Summit is making through the years. This year, we are glad that organisations and institutions such as ECOWAS Commission, AfreximBank, Embassy of the Republic of Guinea to Nigeria, High Commission of Namibia to Nigeria and Embassy of Cote D’Ivoire to Nigeria are partnering with GAIN. We are especially grateful to ECOWAS through the Youth and Sports Development Centre(EYSDC) for their financial support. We are also grateful to all those who will be sharing their thoughts with over 2000 youths from across the world”.

According to Ms Okoli, “other confirmed speakers include; Ehia Erhaboh, Executive Vice President, Operations and Technology, Interswitch Group, Nigeria; Caroline Njuki, Officer in Charge and Chief Technical Advisor Inclusive Jobs and Education, International Labour Organisation, Kenya; Eric Nges: Vice President, J.P Morgan, Germany; Hon. Emma Inamutila Theofelus(MP); Deputy Minister for ICT, Namibia; Sam Itodo, Executive Director, YIAGA Africa, Nigeria; Emmanuel Asika; Country Manager- HP Nigeria; Omni Channel Manager-HP ACE; Lennox Omondi, CEO and Founder, Eco-Bana Limited, Kenya and 2022 Winner Hult Prize; Chidi Nwaogu,  Co-Founder, Publiseer/ Tech Entrepreneur and Software Developer, Nigeria; Princess Adeyinka Tenekah; Founder/CEO, Happy Coffee, Nigeria; Rapitso Mosebetsi, Co-Founder & CEO Iconics Pty Ltd,  Lesotho… among others”

Over the past three years, the GAIN Youth Summit has deepened the discourse and contributed to shaping policies around strategies to unleash the economic potentials of young Africans to build sustainable prosperity on the continent. We are delighted that previous editions of the summit attracted high profile leaders such as Professor Chukwuma Charles Soludo, Governor, Anambra State and  former Governor of Central Bank of Nigeria; British High Commissioner to Nigeria, Catriona Laing; Ambassador of Angola to Nigeria, Dr Januario Eustaquio Quibato; The High Commissioner of South Africa to Nigeria, Mr Thami Mseleku; Nigeria’s Minister of Youth and sports, Hon Sunday Dare;  Her Excellency, Mrs Teneng Mba Jaiteh, The Ambassador Plenipotentiary of The Gambia to Kingdom of Belgium and the European Union; H.E S. F Houmard, The President of in Global Office of the Global Union; H.E, Mr Georges R. P. Chikoti, The Secretary General of the Organisation of African, Caribbean and Pacific States (OACPS);  Mr Tomi Davies ‘TD’, Collaborator-in-Chief, TVC Labs/President, African Business Angel Network (ABAN), Mr Modise J.Motloba, The Group CEO, Tysys Capital Group, South Africa; Professor Joseph Nnanna, Chief Economist, development bank of Nigeria; Professor Ndubuisi Ekekwe,Lead Faculty, Tekedia Institute; Mrs Fati N’zi-Hassane, Supervisor, Human Capital Division AUDA-NEPAD, African Union among others

Grand Africa Initiative (GAIN) is a youth-focused pan-African non-governmental organization which comprises young Africans between 15 and 35 years drawn from within and outside the continent, who are passionate about promoting entrepreneurship as a means to reduce conflict, promote peace and economic revival of the continent. GAIN programs include training, advocacy, mentorship, and youth events, designed to help achieve sustainable development by igniting the positive energy of the greater segment of Africa’s population – the youth.

Participation:

Register to attend the summit for free via the link: http://bit.ly/GAINYS22

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