Cybersecurity Crime To Surge 15% In 2025

Cybersecurity Crime To Surge 15% In 2025

The annual cost of cybersecurity crimes is projected to rise from $3 trillion in 2015 to $10.5 trillion by 2025, an increase of 15 percent.

Abdul-Hakeem Ajijola, chair of the Nigerian Data Protection Bureau, stated at the CSCS Cybersecurity conference in Abuja that there are 40,000 attacks worldwide every second, 200,000 every minute, and 54-57 million every day.

At the conference, Ajijola said, “our data should be encrypted and also mitigating access to our websites” to reduce cybercrime.

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Aliyu Aziz, CEO of the National Identity Management Commission, has said that the government can help mitigate cyberattacks by providing guidance to the various agencies tasked with doing so.

With 85 percent of data breaches involving human interaction, he said, “the most important data has to do with people and that makes it the most critical data.”

Cybersecurity Crime To Surge 15% In 2025

Nigeria faces significant barriers to information dissemination due to inadequate infrastructure, scarce human resources, and low levels of public awareness.

When asked what businesses can do to lessen the likelihood of cyberattacks, Lieutenant Colonel Abubakar Adamu of the Nigerian Army cyber warfare division said that the country’s lack of rules makes it difficult to assess the benefits and drawbacks of the current technological climate.

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He explained that the company was using “identity technology” to create a “cyber resilience team.”

According to Temi Popoola, CEO of the Nigeria Stock Exchange (NGX), an organization can get a better idea of its return on investment in cyber security by looking at how much it has spent on security.

Aziz echoed this sentiment, stating that it is impossible to put a price tag, either in Naira or US dollars, on the resources devoted to cybersecurity because as new threats appear, so do new solutions.

While no company is completely safe from ransomware, the average cost of a retail attack rose from $50,000 in 2020 to $200,000 in 2021.

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During the panel, Jason Kearney, CFO of PG tech solution, said that in order for a company to fend off ransomware attacks, it needs to have a strong human impact and increase its proactive monitoring of the cyber environment.

Cybersecurity Crime To Surge 15% In 2025

Haruna Jolo-Waziri, MD/CEO of CSCS Plc, has said that getting information sharing and information dissemination can help curb the infuriating attackers on new innovations, which is an important step toward striking a balance between cybersecurity and innovation.

Furthermore, CSCS is interested in working with the telcos to jointly address issues pertaining to Simcard fraud.