Cybercrime ‘ll Generate Over $1.5 Trillion in 2018


Cybercrime ‘ll Generate Over $1.5 trillion in 2018 – Accenture

By Pelumi Olaleye

Despite the race into the digital future, adopting technology-enabled operating and business models that drive bottom- and top-line growth, most companies  are not prepared for the new cyber risks that come with the connected, data-driven future enterprise.

According to the Managing director of  Accenture, Niyi Yissuf ,citing Cybint, there is a hacker attack every 39 seconds. Since 2013 there are 3,809,448 records stolen from breaches every day while some industry conservative estimates indicate Cybercrime will generate at least $1.5 trillion in 2018 on a global level, and Nigeria is not immune.

He noted that to be cyber resilient, companies need to infuse security into everything they doand every new thing they are preparing to do.

“Future business relies upon constant, intimate digital connections with suppliers, partners, virtual workforce and customers to stay relevant and competitive. It uses intelligent technologies and big data in all facets of business operations from C-suite decision making to crafting custom offers for internet shoppers in pursuit of profitable growth”.

 He further  explained that Accenture, asked 1,400 C-suite executives, including Chief Information Security Officers (CISOs), how they prioritize security in new business initiatives, whether their security plans address future business needs, what security capabilities they have, and their level of internal and external collaboration on security.

“We found that 38 per cent of the companies bring the CISO into all discussions at the beginning stage of considering new business opportunities. Additionally, half of the CISOs admit that their responsibilities are growing faster than their ability to address them.

“Business will continue to have more intimate digital connections with suppliers, partners, virtual workforce and customers to stay relevant and competitive. This comes with additional cyber risk. All that sensitive data, connectivity and automation multiplies the opportunities for hackers by expanding the “surface area” exposed to cyber-attack. And, because digital systems are so embedded in daily operations, the potential damage from even a single security incident is magnified.

“You do not need to roll back your digital agenda as there are ways to build the cyber resilience you need to grow confidently. To do this there are three key things you need to build into your business. The first is to develop a “bend, but don’t break” approach to securing the enterprise that combines the disciplines of cybersecurity, business continuity and enterprise resilience. The second is the ability to operate while under persistent threats and sophisticated attacks. This will enable your business embrace disruption safely, strengthen customer trust and boost shareholder value. Lastly, you must elevate the role of security in your organization and this requires leaders to communicate its importance and manage its application”.