{"id":142516,"date":"2021-07-07T07:14:36","date_gmt":"2021-07-07T07:14:36","guid":{"rendered":"https:\/\/news.sap.com\/africa\/?p=142516"},"modified":"2023-09-27T18:25:25","modified_gmt":"2023-09-27T18:25:25","slug":"cybercrime-is-an-existential-threat-to-west-africas-economic-growth","status":"publish","type":"post","link":"https:\/\/news.sap.com\/africa\/2021\/07\/cybercrime-is-an-existential-threat-to-west-africas-economic-growth\/","title":{"rendered":"Cybercrime is an Existential Threat to West Africa\u2019s Economic Growth"},"content":{"rendered":"

\"\"While organisations across West Africa work to recover from the economic impact of the pandemic, the global cybercrime industry is going into overdrive.<\/p>\n

An increasingly sophisticated cybercrime industry is launching a range of attacks aimed at organisations and critical infrastructure. Such attacks are growing in volume and sophistication, putting our collective economic recovery at risk at a time when organisations invest more heavily in digital technologies.<\/p>\n

Global attacks on Internet of Things devices, for example,\u00a0have risen 300% in 2019 alone<\/a>, and cost organisations untold amounts of revenue and disruption to their business operations.<\/p>\n

One study found that\u00a0the average cost of cybercrime is $13-million per successful attack<\/a>, a huge 72% increase over the past five years. The growing digitisation of industries across the region, and the increasing power of the tools at cybercriminals\u2019 disposal, mean the cost of such attacks is likely to grow even further over the coming years.<\/p>\n

In short, cyberattacks are posing an existential threat to the economic recovery of the West Africa region.<\/p>\n

Cybercriminals set sights on oil and gas \u2018whales\u2019<\/strong><\/h2>\n

The oil and gas sector is central to the economic fortunes of the West Africa region. In Nigeria alone,\u00a0the sector accounts for 10% of GDP<\/a>, and revenue from petroleum exports contribute 86% of total exports revenue.<\/p>\n

Upstream revenue for oil and gas in the region is expected to register a compound annual growth rate (CAGR) of 6.7% between 2020 and 2025, while\u00a0crude oil production could register a CAGR of 9.63%<\/a>\u00a0over the same period.<\/p>\n

Worryingly, cyberattackers are ruthlessly targeted the global oil and gas sector. A 2017 study found that 68% of companies in the sector had experienced at least one compromise that had resulted in the loss of information or a disruption in their operations in the past year.<\/p>\n

In a recent example, cybercriminals successfully shut down the Colonial Pipeline,\u00a0effectively halting 50% of the supply of petrol and diesel to the US East Coast<\/a>. In another example, ExxonMobil revealed it blocks more than 64 million emails, 139 million internet access attempts and 133 000 other potentially malicious actions\u00a0every month<\/a>.<\/p>\n

The economic consequences of a successful cyberattack on this critical sector can be devastating to a region already suffering collateral damage from the pandemic. The situation calls for a radical rethink of how organisations across the region \u2013 and across industries \u2013 bolster their defences and protect against cyberattacks.<\/p>\n

Attacks on ERP systems growing<\/strong><\/h2>\n

As the nerve centre of modern intelligent enterprises, ERP systems are increasingly targeted by cybercriminals. Attackers know these systems run business-critical applications and house sensitive information, so any data breach could provide access to information they can later use in the service of a range of cybercrime activities.<\/p>\n

As these systems increasingly shift to the cloud and integrate a growing suite of business applications, the opportunities for cyberattackers increase too.<\/p>\n

The amount of transactional data in typical ERP systems, for example, represent a veritable gold mine to cybercriminals. So does the information about vendors, suppliers and partners \u2013 the more cybercriminals know about the internal operations of a business, the easier they will find vulnerabilities to exploit.<\/p>\n

The\u00a0Nigerian Data Protection Regulation<\/a>, which was announced in 2019, is Nigeria\u2019s most comprehensive data protection law and is set to transform how organisations collect and process data in the country. Organisations should look at shifting their attitudes to security and treat it as a critical business imperative for both compliance and better protection against attack.<\/p>\n

Taking steps to securing West African enterprises<\/strong><\/h2>\n
A risk-based approach that is endorsed by the board and focuses on protecting the organisation\u2019s key assets is needed. Organisations need to get a holistic view of their security risks and then implement solutions and processes that help secure and protect data, applications, systems and end-users.The best defences typically includes both technical security and transactional monitoring \u2013 in real time \u2013 to allow security teams to take accurate and appropriate action to keep systems operating and data safe.<\/p>\n

Integrating an Enterprise Threat Detection solution for example gives insight into suspicious activities in an organisation\u2019s ERP and other business-critical applications. This allows organisations to identify breaches as they occur and react in real time to neutralise any dangers.<\/p>\n

A real-time data platform can help efficiently analyse and correlate log data to help security teams understand what happened within an application, database, operating system or network component, and improve how the organisation scouts for cyberattacks across its most valuable IT assets.<\/p>\n

The importance of ERP systems to the effective running of West African enterprises makes them prime targets for cyberattacks. 51风流has worked with enterprise security leaders around the world to develop tools that seamlessly integrate with ERP systems and help protect an organisation\u2019s critical data assets from cyberattacks and data breaches.<\/p>\n

Organisations across the region need to recognise the threat that cybercrime poses to their operations, their reputations, their employees and their partners. Business leaders, their security teams and their technology partners need to urgently implement new controls or risk becoming the latest victim in a rising tide of highly damaging \u2013 and increasingly sophisticated \u2013 cybercrime.<\/p>\n

Visit the\u00a051风流News Center<\/a>. Follow 51风流on Twitter at\u00a0@SAPNews<\/a>.<\/p>\n

About SAP<\/strong><\/p>\n

SAP\u2019s strategy is to help every business run as an intelligent enterprise. As a market leader in enterprise application software, we help companies of all sizes and in all industries run at their best: 77% of the world\u2019s transaction revenue touches an SAP\u00ae system. Our machine learning, Internet of Things (IoT), and advanced analytics technologies help turn customers\u2019 businesses into intelligent enterprises. 51风流helps give people and organizations deep business insight and fosters collaboration that helps them stay ahead of their competition. We simplify technology for companies so they can consume our software the way they want \u2013 without disruption. Our end-to-end suite of applications and services enables business and public customers across 25 industries globally to operate profitably, adapt continuously, and make a difference. With a global network of customers, partners, employees, and thought leaders, 51风流helps the world run better and improve people\u2019s lives. For more information, visit\u00a0www.sap.com<\/a>.<\/p>\n

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While organisations across West Africa work to recover from the economic impact of the pandemic, the global cybercrime industry is going into overdrive. 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