A global information technology and networking company, Cisco, has warned organisations that cybercriminals have developed a more sophisticated approach to cyberattacks through the use of encryption.
The company therefore called on businesses to adopt security measures and take a comprehensive approach to protect their systems from hackers and cybercriminals.
Cisco made this call while unveiling its 2018 Annual Cybersecurity Report in Lagos.
The report, which identified the evolution of ransomware as one of the most significant threat developments over the past year, noted that malware had become more vicious and harder to combat.
It added that attackers were developing more skills in creating malware that could evade traditional sandboxing.
According to the report, adversaries are increasingly embracing encryption – meant to enhance security – to conceal command and control activity and that nearly half of the security risks that organisations face stem from having multiple security vendors and products.
Speaking at the event, the General Manager of Cisco Nigeria, Olakunle Oloruntimilehin, explained the need for businesses to adopt advanced methods of cyber security.
He said, “Security is getting more complex and the scope of breaches is expanding. Several companies are hit by cyber breaches and attacks every year causing losses in millions of naira and stealing highly classified information.
It is therefore imperative that any organisation that desires to stay safe and minimise risk or loss must address cybersecurity at the top, with executive leadership setting the tone and engendering a ‘security-first-always-and-everywhere’ culture that flows throughout the organisation.”
The Cisco 2018 Security Capabilities Benchmark Study revealed that 94 per cent of companies in the Middle East and Africa suffered a breach in the past year and that 34 per cent of breaches resulted in more than half of the systems being impacted.
The study also indicated that nearly a quarter of organisations in the region managed more than 21 vendors and cited lack of security personnel as one of the biggest obstacles to security.
Speaking on the importance of robust cybersecurity practices, the Systems Engineer at Cisco, Tomi Amao, said, “Cisco researchers observed a two-fold increase in malicious web traffic volume in roughly over 12months. This alone demonstrates that cyber adversaries continue to learn and evolve.
“The time to raise the bar in cybersecurity is now. That is why at Cisco, we take pride in being able to educate and provide businesses with the solutions and best practices required for effective cybersecurity.
“Our threat researchers have a reputation for timely, accurate and innovative work; and our network of talented teams is devoted to driving impactful outcomes for our customers.”
The report also offered security industry data, analysis and insights about attacker behaviour over the past year.
Findings from threat intelligence and cybersecurity trends observed over the past 12 months to 18 months provided recommendations designed to protect organisations and users against attacks.