As part of efforts to help organisations build a more resilient cyber ecosystem, which will tackle cyber risks, KPMG organized the 2017 Pan Africa Cyber Security Conference.
The conference was aimed at discussing about cyber security as it affects organisations due to failure of technology systems, adding that cyber risks arises from financial losses which was on the Increase and it should be taken seriously.
Bharat Soni, the chief information security officer GT Bank said the purpose of the conference was aimed at discussing cyber security and resilience as it affects financial institutions, government,private bodies and individuals.
Nancy Mosa, KPMG partner said that in a digital age, where online communication has become the norm, internet users and governments face increased risks of becoming the targets of cyber attacks. As cyber criminals continue to develop and advance their techniques, they are also shifting their targets — focusing less on theft of ûnancial information and more on business espionage and accessing government information. To ûght fast-spreading cyber crime, governments must collaborate globally to develop an effective model that will control the threat.
Security teams are bombarded with information that could indicate a potential threat to the organization – but identifying the real dangers within the sea of digital noise is a constant challenge.
The ability to reduce noise and attain true visibility into actual threats facing your organization is often referred to as ‘security intelligence’. By achieving security intelligence, teams can reduce the time taken to detect and respond to cyber-attacks and properly assess risk says Peter Hunter.
Leveraging your security intelligence is a complex but incredibly valuable process. It’s worthwhile though proper insight into the data traversing your network could be the difference between stopping a breach and falling victim to the next headline-grabbing attack said Andrew Akoto.
Although three-quarters of firms carried out training to improve awareness of cybercrime, many attacks succeeded because they exploited human mistakes, such as keeping passwords on pieces of paper right by the computer.
“And even if firms do discover an attack, 45% of respondents had no idea how to react. That’s like having a fire and not knowing how to call the fire department,” said KPMG partner Nancy Mosa.