43% cyberattacks target SMEs in Nigeria

Sidmach Technologies, a cybersecurity firm, says about 43 per cent of cyberattacks are targeted at small and medium enterprises in Nigeria.

This is as 60 per cent of business organisations in the country suffer cyberattacks, Sidmach disclosed this at a Lunch and Learn event held in Lagos

Experts in the company noted that cybercrime had become the greatest threat to every company and country in the world, as estimated 54 per cent of companies globally experience at least one cyberattack every year.

The Country Manager, Sophos (Nigeria), Mr Jimi Falaiye, said shockingly, only 38 per cent of global organisations claimed they had the infrastructure to handle a sophisticated cyberattack.

According to Falaiye, businesses are often concerned about security of data; unfortunately, 95 per cent of security breaches are due to human error.

“Cybercriminals and hackers will infiltrate your company through your weakest link, which is almost never in the Information Technology department,” he said,

He added that such data breaches were often detected after 191 days by most organisations.

Falaiye added that 92.4 per cent of malware were delivered via email, even as total cost for cybercrime committed globally added up to over $1tn dollars in 2018.

Sharing more facts about cybercrimes, particularly as ransomware affects Small and Medium businesses, the Market Intelligence and Research Analyst at Sidmach Technologies Nigeria Limited, Nathaniel Odofin, said that 22 per cent of organisations had to stop business operations immediately as a result of ransomware.

“Reports reveal that 81 per cent businesses have experienced ransomware; 66 per cent have suffered a data breach; while 35 per cent were victims of ransomware

However, he said that antivirus was not enough to counter them because most of them were reactive in nature.

culled from the Punch

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