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Five Ways to “Secure Our World” for Cyber Security Awareness Month

Five Ways to “Secure Our World” for Cyber Security Awareness Month

 

October is Cyber Security Awareness Month – a time dedicated to promoting awareness about the importance of cyber security. In an era where our lives are increasingly intertwined with the digital world, the significance of cyber security cannot be overstated. The evolving nature of threats in today’s digital landscape makes them all the more impactful and challenging for organizations to combat. From data breaches to reputational damage, organizations can suffer severe consequences from such threats.

 

That’s why this month, we’re highlighting five urgent cyber trends and ways to mitigate them.

 

Trend 1: 90% of phishing websites are live for just one day

This statistic highlights a concerning aspect of cybercrime—the rapid turnover of such malicious sites complicates detection and mitigation efforts. Attackers create and dismantle phishing sites quickly, often targeting high-traffic events, like holidays or significant product launches, maximizing their chances of success in a short window. The ephemeral strategy makes traditional security measures less effective, as many detection systems rely on historical data and established patterns to identify threats. The short lifespan of these websites means they can often evade blocklist systems and other defenses before organizations even become aware of their existence. As a result, cyber security professionals face an uphill battle, requiring them to adopt more agile and proactive strategies to identify and counteract these transient threats, which can strike at any moment and vanish just as quickly.

 

Here are some tips from Rob Falzon, Office of the CTO at Check Point:

  • In today’s digital landscape, it’s not enough to hope you’ll avoid a cyber attack—you must be prepared for when it happens. Implement regular phishing exercises to help employees recognize threats and build a rapid response plan to act swiftly during an attack.

  • Assume a breach will occur and ensure your team knows their role in mitigating damage. A well-prepared organization will have a clear action plan: alert the security team, disable compromised accounts, and notify users immediately.

  • Being proactive and ready can significantly reduce the impact of a cyber attack.

 

Trend 2: 70% of malicious files are delivered via email

Despite technological advancements and communication methods, email is a persistent communication vector for cyber-attacks. Its widespread use and the inherent trust users place in their inboxes make it a favorite for cybercriminals. Email’s adaptability enables attackers to customize their messages for individual targets, significantly raising the chances that recipients will engage with the attachments. For example, they often employ social engineering tactics, creating a sense of urgency or familiarity to prompt users to act impulsively. This approach not only manipulates human behavior but also takes advantage of the fact that numerous organizations continue to use email as a critical method for exchanging files and information.

 

Here are some tips from Jeremy Fuchs, Office of the CTO at Check Point:

  • Emphasize security that scans files and blocks malicious content, like Content Disarm & Reconstruction (CDR). This goes beyond pure malware analysis and actually takes action to make the file safe. CDR instantly removes any executable content, before delivery, whether it is detected as malicious or not. This way, the end-user knows they are working on a safe file.

  • Practice good cyber hygiene. When dealing with files or email, it’s important to always undertake good cyber security practices. This includes hovering over the sender address to make sure it matches, hovering over any links in the email, and checking for any major spelling or grammar mistakes.

  • Take a second and think, “Am I expecting a file from this person?” Think about a PDF that needs a signature. “Am I a signatory? Do I receive documents to sign often?” Taking a few moments to think through the context of the email can often help sort through what’s good and what’s bad.

 

Trend 3: On average, each organisation has suffered over 1620 weekly cyber-attacks since the start of this year, a 40% increase from 2023

The increase in cyber-attacks illustrates the heightened sophistication of cyber threats, as attackers utilize advanced methods and automation to exploit vulnerabilities. Several factors contribute to the significant rise in attack frequency, such as the widespread adoption of remote work, and the increasing use of partners which has expanded the potential attack surface for organizations. Cybercriminals exploit emerging security weaknesses as employees access sensitive systems from diverse locations. Furthermore, the ongoing prevalence of ransomware and other profit-driven attacks fuels this growth, with attackers eager to exploit any available opportunity for financial gain.

 

Here are some tips from Pete Nicoletti, Global CISO at Check Point:

 

  • It’s not just the increased volume of attacks we are seeing, but the dwell time is dramatically shrinking from initial exploitation to data exfiltration, from weeks to seconds. Human reaction time is not fast enough any longer and AI-driven prevention and automated response is the only way to reduce this trend.

 

  • Your tools must work together and reduce the MTTR (Mean Time to Resolve). Look into Check Point Playblocks for out of the box automation and orchestration of all your tools, no matter the vendor.

 

  • Automate preventative responses to threats found with EASM. It is no longer good enough to wait for threats to arrive and knock on your door. With EASM, you will be aware of external threats and have defenses proactively prepared.

 

Trend 4: Cybercriminals have published details of over 3,500 successful ransomware attacks on businesses so far this year

Cybercriminals continue to use data exposure as a means of extortion. One explanation for the trend is the emergence of ransomware-as-a-service (RaaS), which has made it easier for less skilled criminals to launch attacks and has expanded the pool of potential offenders. Cybercriminals now will use advanced techniques like double extortion, where they not only encrypt the data but also threaten to leak sensitive information if the ransom isn’t paid, hence the increase in exposed data. 

 

Here are some tips from Micki Boland, Office of the CTO at Check Point:

 

  • Deploy strong endpoint security for all endpoints, mobile devices and tablets, laptops, and servers and ensure zero-phishing, anti-malware, anti-ransomware and full disk encryption.

 

  • Ensure all mission critical and highly restricted and protected data is segmented with access control and data protection. It should be encrypted and regularly backed up, and backups tested.. This includes but is not limited to PII, PHI, financial, corporate strategy, intellectual property including software, AI and training and test data (encrypted or tokenized, masked and anonymized), employees, competitive information, customers, stakeholders, and partners, no matter where it is located: on premise, cloud or partner.

 

  • Deploy strong email security to protect against business email compromise (BEC), which is still the number one attack vector according to IC3, and is used by cybercriminals to further ransomware and malware attacks as well as conduct cybercriminal financial fraud. 

 

Trend 5: On average, the education sector suffers the highest rate of cyber attacks, followed by the government and healthcare sectors.

Educational institutions, especially universities, often focus on accessibility, resulting in expansive networks that cybercriminals can easily exploit. Many users and devices can lead to weaker security practices, making them attractive targets for phishing and data breaches. Similarly, government entities are prime targets due to the sensitive information they manage, which can be exploited for financial or political gain.

 

Healthcare organizations encounter unique challenges as they handle vast amounts of personal data, often needing more cyber security measures. The urgency surrounding medical services can sometimes compromise security measures, increasing their susceptibility to ransomware and other attacks. The recent shift toward digital operations, accelerated by the COVID-19 pandemic, has expanded the attack surface across all sectors, providing new opportunities for cybercriminals. The prevalence of attacks in education, government, and healthcare underscores the critical need for improved cyber security strategies, comprehensive employee training, and effective incident response plans to protect vital data and ensure operational stability.

 

Here are some tips from Aaron Rose, Office of the CTO at Check Point

  • Assess your current cyber security posture through a Security Workshop, which evaluates existing security measures to identify weaknesses and vulnerabilities within systems and processes. By thoroughly examining the network infrastructure, software applications, hardware devices, security operations and organizational policies, you can pinpoint areas that require improvement. 

  • Secure your network infrastructure by segmenting networks to limit the spread of potential breaches and adopt a prevention-first mentality (once the bad actors are inside, it’s already too late). Strong access controls must be in place, adopting a zero-trust architecture will help ensure that only authorized personnel can access sensitive information. 

  • Employee education plays a critical role in cyber security. Establish training programs to increase awareness about phishing, malware, and ransomware. Regular workshops, continuous learning initiatives, and simulated phishing exercises can prepare staff and students to recognize and respond appropriately to potential attacks. 

  • Regular vulnerability scanning, External Attack Surface Management (EASM) solutions, and prompt patch management can address security flaws before cyber criminals exploit them. In addition, implementing multi-factor authentication is no longer a “nice to have,” it’s an absolute must in this age of cyber warfare.

  • Develop and regularly update incident response plans is to minimize the impact of any cyber attacks that do occur. These plans should outline specific steps for detection, containment, and recovery, and ensure clear communication channels among all stakeholders. Regular backups of critical data and ensuring quick restore and access to these backups can significantly reduce downtime in the event of an attack. 

Staying Protected in a New Digital Age

This October, let’s all commit to working together to prevent cyber attacks. These five trends  emphasize the critical need for organizations to enhance their cyber security protocols and cultivate a culture of awareness. Cybercriminals are adopting increasingly sophisticated methods, from swift phishing schemes to elaborate ransomware attacks, raising the stakes significantly. 

 

Organizations should take proactive steps to significantly reduce the risk of breaches, protect sensitive data, and ensure the continuity of essential services. Proactive (vs. reactive) cyber security efforts not only safeguard sensitive data but also maintain the trust of those they serve. By staying informed about these trends and adopting proactive measures, organizations can fortify their defenses against potential threats, while building cyber resilience. 

Ministry of Art, Culture, and the Creative Economy Endorses LIFANIMA 2024, Boosting Nigeria’s Animation Industry

Ministry of Art, Culture, and the Creative Economy Endorses LIFANIMA 2024, Boosting Nigeria’s Animation Industry

 

The Federal Ministry of Art, Culture, and the Creative Economy has officially endorsed the 2024 edition of the Lagos International Festival of Animation (LIFANIMA), marking a significant endorsement for Nigeria’s rapidly growing animation sector. As one of Africa’s most prominent animation festivals, LIFANIMA has become a key driver in advancing the country’s creative industry on the global stage.

Now in its seventh edition, LIFANIMA has been instrumental in strengthening Nigeria’s animation landscape by promoting local talent and integrating animated content into the mainstream film industry. Organized by Mr. Muyiwa Kayode of USP Brand Management, the festival showcases the best in Nigerian storytelling through animation while offering animators the chance to enhance their skills in workshops that explore cutting-edge animation technologies. LIFANIMA’s dynamic programming not only boosts local talent but also draws international attention, positioning Nigeria as a growing hub for animation and promoting cultural tourism.

The Ministry’s collaboration with LIFANIMA began in early 2024, following key discussions at the Omniverse Summit and joint initiatives at the Annecy Animation Festival in France. These engagements led to the festival’s integration into the Ministry’s Creative Leap Acceleration Programme (CLAP), aimed at boosting the animation sector’s capacity and preparing Nigerian creatives for the expanding global animation market, which is expected to reach nearly $600 billion by 2030.

By endorsing LIFANIMA 2024, the Ministry reinforces its commitment to empowering young Nigerian creatives with the skills and exposure needed to compete globally. This partnership not only amplifies local animation talent but also aligns with the Ministry’s broader vision of leveraging the creative economy for national development and cultural preservation.

As LIFANIMA continues to grow, the Ministry anticipates that the 2024 festival will further spotlight Nigeria’s creative excellence, foster new international partnerships, and catalyze the next phase of growth for the country’s vibrant animation industry

Tinubu Congratulates Dr. Zainab Shinkafi-Bagudu on Historic UICC Presidency

Tinubu Congratulates Dr. Zainab Shinkafi-Bagudu on Historic UICC Presidency

 

President Bola Ahmed Tinubu has congratulated Dr. Zainab Shinkafi-Bagudu on her election as President of the Union for International Cancer Control (UICC), marking a historic achievement as the first African and fifth woman to lead the global cancer organization. Dr. Shinkafi-Bagudu, a renowned paediatrician and former First Lady of Kebbi State, was elected to the prestigious role on October 8, 2024.

In a statement, President Tinubu highlighted the significance of her appointment, noting that it underscores her competence, character, and dedication to global health. He praised Dr. Shinkafi-Bagudu for her contributions to cancer control, both in Nigeria and internationally, and lauded her leadership as a reflection of the immense talent that Nigeria continues to offer to the world.

The President also commended Dr. Shinkafi-Bagudu for her service as Chairperson of the First Ladies Cancer Initiative, where she played a pivotal role in the creation of the Kebbi State Strategic Plan for Cancer Control during her tenure as First Lady. Her work in founding the Medicaid Cancer Foundation, and her advisory role to the Coordinating Minister of Health and Social Welfare, were also highlighted.

As Vice Chair of Nigeria’s National Taskforce on Cervical Cancer Elimination, Dr. Shinkafi-Bagudu has overseen the vaccination of 12 million Nigerian girls against the Human Papillomavirus (HPV), a leading cause of cervical cancer, through both domestic and international partnerships.

In his statement, President Tinubu reaffirmed the government’s commitment to cancer care, referencing the administration’s allocation of N37.4 billion to the Federal Ministry of Health’s Oncology Initiative. This initiative includes the establishment of six cancer centers in teaching hospitals across the country, in cities such as Benin, Zaria, Katsina, Enugu, Jos, and Lagos, over the next two years.

Dr. Shinkafi-Bagudu’s appointment is seen as a major win for Nigeria in the global health arena. President Tinubu expressed confidence that her new role as UICC President will enable her to advance cancer control efforts and make significant contributions to global health improvement.

Founded in 1933 and headquartered in Geneva, Switzerland, the UICC is a global organization with over 1,100 member organizations across more than 170 countries and territories, dedicated to cancer control and prevention worldwide.

Moppet CEO Roberta Edu Advocates for Equal Parenting in the Modern Era

Moppet CEO Roberta Edu Advocates for Equal Parenting in the Modern Era

 

Roberta Edu, CEO of Moppet, has called for a shift in how society views gender roles, particularly in marriage and parenting. In a recent statement, Edu emphasized the importance of shared responsibilities between men and women in raising children, challenging traditional perceptions that women should bear the primary burden of childcare while juggling their careers.

“I no longer celebrate women who are expected to manage both their careers and the entire responsibility of raising children,” Edu stated. “Images of women backing a child while holding another and delivering a speech no longer resonate with me.”

Edu expressed concern over the sidelining of fathers in parenting, arguing that both parents have an equal role in nurturing their children. “It takes two people to create a child, and it should take both to raise them. If a mother has a major presentation or event, the father should step up and care for the children—just as women are expected to do when men have important engagements,” she added.

She went on to highlight that women’s careers should not be treated as secondary to their domestic roles. “We can no longer normalize scenarios where men are excused from childcare during significant moments in their careers, while women are expected to balance both. Men’s ability to raise children is often underestimated, but they are just as capable,” Edu said, urging society to allow fathers to take an active role in bonding with and caring for their children.

Edu concluded by stating that the era of women overburdening themselves to prove their worth is over. “Both men and women bring children into the world, and both must be at the forefront of raising them.”

Her remarks challenge the conventional narratives around parenting, calling for a more balanced and equitable approach that recognizes the essential roles of both parents in the upbringing of children.

Anthony Emeka Nwosu

REVLINKS ENERGIES: Pioneering Sustainable Energy Solutions for Homes and Businesses

REVLINKS ENERGIES: Pioneering Sustainable Energy Solutions for Homes and Businesses

In today’s world, where the demand for sustainable energy solutions has never been more pressing, REVLINKS ENERGIES, an indigenous energy solutions provider based in Ikeja GRA, is making waves by introducing customized energy solutions for a wide range of clients, from small and medium-sized enterprises (SMEs) to large corporations.

At a recent media conference, Lanre Ogunkunle, the Managing Director of REVLINKS ENERGIES, passionately conveyed the company’s mission: “We are Innovation, Solutions, Simplifying Lifestyle.” With this mantra, REVLINKS positions itself as a catalyst for innovation, dedicated to enhancing the quality of life for its customers through efficient energy solutions. Lanre emphasized the company’s approach of harnessing the strengths of various independent brands under its umbrella, allowing each to elevate the living experience of its clients uniquely.

The structure of REVLINKS is particularly noteworthy. Each brand operates independently but is united by a shared vision and mission. This model allows the company to be agile and responsive to the specific energy needs of different sectors, ensuring that clients receive highly personalized services that resonate with their unique circumstances.No photo description available.

Among the standout brands is Revocube Energies, which is at the forefront of delivering sustainable power solutions. They have introduced an appealing offer: customers can enjoy uninterrupted power supply without making a hefty upfront payment. Instead, they can opt for a reasonable monthly fee, making reliable energy accessible to more people. “We build personalized solutions tailored for both remote and on-the-go operations that improve efficiency and drive success for your business,” Lanre explained, underscoring the brand’s commitment to flexibility and innovation.

At the heart of REVLINKS ENERGIES’ mission is a commitment to crafting a brighter future through energy solutions as a service. Their clean and sustainable energy options provide clients with a reliable source of power, allowing them to focus on what matters most—growing their businesses and enriching their lives.

Beyond just providing energy, REVLINKS ENERGIES prioritizes quality. Their products are sourced from reputable Original Equipment Manufacturers (OEMs), ensuring durability and low maintenance costs. This approach not only translates into significant annual energy savings for customers but also empowers them to invest in their futures confidently.

Understanding the diverse needs of their clientele, REVLINKS offers flexible savings options. This adaptability ensures that businesses and individuals can choose plans that fit their financial needs, providing a sense of security in their energy investments. With warranties ranging from 10 to 20 years, customers can trust that their choices will stand the test of time.

Installation processes for REVLINKS solutions are designed with convenience in mind, allowing clients to transition smoothly to sustainable energy without significant disruption to their daily lives. Their smart, scalable solutions can grow alongside their users, accommodating increasing energy demands as businesses expand. Additionally, the inclusion of a remote monitoring system gives clients real-time insights into their energy usage, enabling them to make informed decisions about their consumption.

REVLINKS ENERGIES is not just about providing solutions; it’s about creating lasting relationships with customers. Their commitment to exceptional after-sales support ensures that clients can rely on ongoing assistance to maximize the benefits of their energy solutions.

As REVLINKS ENERGIES leads the charge in the renewable energy revolution, the company invites individuals and businesses to explore how their tailored solutions can transform energy consumption. Choosing REVLINKS is not merely a decision for today; it is an investment in a sustainable and prosperous future. For more information about REVLINKS ENERGIES and its innovative offerings

 

Anthony Emeka Nwosu

 

Beyond just providing energy, REVLINKS ENERGIES prioritizes quality. Their products are sourced from reputable Original Equipment Manufacturers (OEMs), ensuring durability and low maintenance costs. This approach not only translates into significant annual energy savings for customers but also empowers them to invest in their futures confidently.

Public Fury Grows After Young Mother’s Death in Delta State, Highlighting the Dangers of Female Genital Mutilation

Public Fury Grows After Young Mother’s Death in Delta State, Highlighting the Dangers of Female Genital Mutilation

The Pamela Iweze Kingdom Children Foundation (PIKCF), a leading advocate for children’s rights and female reproductive health, has expressed deep sorrow and outrage over the tragic death of Emeterhire, a young woman from Ogwashi-Uku, in Aniocha Local Government Area of Delta State, allegedly forced to undergo Female Genital Mutilation (FGM) following childbirth complications.

Emeterhire, who had previously escaped her community to avoid the harmful practice, returned to her village under familial pressure only to be subjected to FGM against her will. She tragically succumbed to the combined trauma of childbirth and the mutilation, leaving behind a newborn child.

A Heartbreaking Ordeal: The Tragic Loss of Emeterhire, who had built a peaceful life in Asaba, was coerced back to her village in Aniocha South Local Government Area by her mother, who feared cultural repercussions and believed her grandchild would be cursed without traditional blessings. Upon her return, Emeterhire, weakened after giving birth, was forced to undergo the painful FGM ritual. The procedure, conducted by village elders without her consent, led to her death by dawn, igniting public outrage across the nation.About – Pamela Iweze

An Urgent Call to End FGM Pamela Iweze, founder of the Pamela Iweze Kingdom Children Foundation and a staunch advocate for child rights, has condemned this barbaric act, noting that Emeterhire’s death is a devastating reminder of the dangers of Female Genital Mutilation. “It is inconceivable that in this day and age, young women are still subjected to this deadly practice under the guise of culture. The community of Ogwashi-Uku must not allow the lives of women to be dictated by archaic and harmful traditions,” Iweze remarked.

The foundation is mobilizing efforts to work with local authorities, advocacy groups, and national health services to end FGM in Delta State, starting with immediate outreach programs, support for survivors and at-risk women and girls and educational campaigns aimed at educating women, girls, and community elders on the dangers of FGM.

Key Facts and Details:

  • Victim: Emeterhire, a young woman from Ogwashi-Uku, Delta State, died following complications from childbirth and a forced FGM procedure.
  • Cultural Context: FGM is upheld as a “sacred rite of passage” in certain communities, believed to purify women and prepare them for marriage.
  • Family Tragedy: Emeterhire’s mother, Erhuvwun, who herself underwent FGM as a young woman, has vowed to fight against the practice to protect her granddaughter and other girls in the community.
  • Public Outcry: Human rights activists have condemned the continued practice of FGM and are calling for justice and protection for women and girls in Ogwashi-Uku.

About Pamela Iweze Kingdom Children Foundation: The Pamela Iweze Kingdom Children Foundation (PIKCF) is a non-profit organization based in Lagos, Nigeria, committed to child advocacy, early childhood education, female reproductive health, and the promotion of family welfare. Founded in 2018, the foundation provides vital interventions aimed at helping children grow into responsible and empowered citizens. PIKCF is dedicated to eliminating harmful cultural practices such as Female Genital Mutilation through awareness, education, and community engagement.

 

 

The Tragic Loss of Emeterhire, who had built a peaceful life in Asaba, was coerced back to her village in Aniocha South Local Government Area by her mother, who feared cultural repercussions and believed her grandchild would be cursed without traditional blessings. Upon her return, Emeterhire, weakened after giving birth, was forced to undergo the painful FGM ritual. The procedure, conducted by village elders without her consent, led to her death by dawn, igniting public outrage across the nation.

NDPC CEO, Dr. Vincent Olatunji, Hosts Data Bridge Institute Executives to Discuss Collaboration Opportunities

NDPC CEO, Dr. Vincent Olatunji, Hosts Data Bridge Institute Executives to Discuss Collaboration Opportunities

 

The National Commissioner and CEO of the Nigeria Data Protection Commission (NDPC), Dr. Vincent Olatunji, recently received executives from the Data Bridge Institute (DBI) at the Commission’s office. The DBI team, led by its President and CEO, Mr. Daser David, shared their vision of upskilling Nigerians for various tech roles within the telecommunications sector.

During the meeting, Mr. David provided an overview of DBI’s mandate, highlighting its efforts to serve as a bridge between training and the digital job market. He emphasized that DBI is repurposing its objectives to better meet the evolving demands of the digital economy. With established facilities across Nigeria’s geopolitical zones, DBI offers a wide range of courses and certifications aimed at boosting Nigeria’s digital workforce. Mr. David also expressed his desire to collaborate with the NDPC to advance their shared goals, particularly in human capital development.

In response, Dr. Olatunji commended Mr. David for his valuable contributions to Nigeria’s digital ecosystem and his active role as a member of the General Application and Implementation Directive committee. He also praised DBI’s commitment to fostering partnerships with various government agencies, recognizing that collaborative efforts are essential to achieving national digital transformation.

Dr. Olatunji further noted that the visit aligns with the NDPC’s strategic roadmap, particularly in the areas of human capital development, ecosystem and technology growth, and institutional collaboration. He briefly discussed the Commission’s data protection certification process, stressing its aim to develop globally competitive experts within Nigeria’s growing tech space.

The meeting concluded with an agreement to explore potential areas of partnership between NDPC and DBI, marking a promising step towards enhancing digital skills and advancing Nigeria’s position in the global tech market.

New data privacy trends help drive growth in frequency and severity of large cyber claims: Allianz

New data privacy trends help drive growth in frequency and severity of large cyber claims: Allianz

 

  • Frequency and value of large cyber insurance claims up 14% and 17% year-on-year in the first half of 2024, with data and privacy breach-related elements present in two thirds of these losses
  • Growing trend in the US for class action litigation against large US and international corporations related to privacy violations leads to surging costs
  • Number of cyber claims overall expected to stabilize in 2024 after 30% increase in 2023

 Cyber claims have continued their upwards trend over the past year, driven in large part by a rise in data and privacy breach incidents, Allianz Commercial warns in its annual cyber risk outlook. The frequency of large cyber claims (>€1mn) in the first six months of 2024 was up 14% while severity increased by 17%, according to the insurer’s claims analysis, following just a 1% increase in severity during 2023. Data and privacy breach-related elements are present in two thirds of these large losses. Overall, the total number of cyber claims in 2024 is expected to stabilize, following a 30% increase in frequency during 2023, which resulted in 700+ claims.

“The growing significance of data breach losses among cyber insurance claims is driven by a number of notable trends,” explains Michael Daum, Global Head of Cyber Claims, Allianz Commercial. “A rise in ransomware attacks including data exfiltration is a consequence of changing attacker tactics and the growing interdependencies between organizations sharing ever more volumes of personal records. At the same time, the evolving regulatory and legal environment has brought an uptick in so-called ‘non-attack’ data privacy-related class action litigation, resulting from incidents such as wrongful collection and processing of personal data – the share of these claims has tripled in value in two years alone.”

‘Non-attack’ claims increase as privacy litigation ramps up

The rise in ‘non-attack’ data privacy claims is the consequence of developments in technology, the growing commercial value of personal data, and a developing regulatory and legal landscape. For example, unlike the EU’s General Data Protection Regulation (GDPR), privacy regulations in the US are less prescriptive and open to interpretation, while plaintiff lawyers are hungry for potential sources of revenue. This is creating a grey area that is ripe for class action litigation, the report notes.

“We are seeing more data privacy breach claims in the US where there is a growing trend for class action litigation against large US and international corporations related to privacy violations, such as around consent and data usage,” says Daum. The cost of some of these claims can be even larger than a ransomware incident, in the hundreds of millions of dollars.” Over the last year in particular, data breaches have emerged as one of the fastest growing areas of US class action litigation. Over 1,300 were filed across a wide range of data privacy regulations in 2023, more than double the number filed in 2022 and four times that filed in 2021, according to law firm Duane Morris.

Multiple class action lawsuits have been launched against organizations across a wide range of industries, including healthcare, social media, and gaming, for using tracking tools such as Meta Pixel to monitor consumer behavior, while entertainment streaming platforms have also been targeted, alleging that they may have violated privacy protection rights. Large data breach events can also evolve into hyper litigation, with one event triggering a slew of class actions. More than 240 lawsuits related to the 2023 MOVEit data breach were consolidated into a single Multidistrict Litigation in October 2023. And with large numbers of claimants, there are incentives for parties on both sides to settle. The top 10 data breach class action settlements last year totaled $516mn, a significant increase over the $350mn recorded in 2022.

The risk of data breach litigation is also growing in Europe. Heightened awareness of data protection rights, a rise in the availability of third-party litigation funding, and a more consumer friendly litigation environment could make mass data privacy claims a reality, albeit not on the same scale as the US, the report notes.

AI to power and prevent future data privacy breaches

The fact that almost every industry is now using AI will have a significant impact on the cyber and privacy risk landscape in future. AI relies on the collection and processing of vast amounts of data, including personal, health and biometric information, for training AI models and making predictions or recommendations. But AI tools such as chatbots can create potential privacy, misinformation, and security risks if not properly managed. With so much data being collected and processed, there is a risk that it could fall into the wrong hands, either through hacking or other security breaches. There are also concerns around potential breaches of privacy laws, such as whether organizations have proper consent to process data through AI.

From data exfiltration to data protection

Despite a general trend for increased investment in cyber security in recent years, many data breaches, including some of the largest mass data exfiltration cyber-attacks over the past 18 months, are the result of weak cyber security within organizations and/or their supply chains. Such incidents can lead to a large claim involving regulatory fines, notification costs and third-party litigation, in addition to extortion demands, first party costs and business interruption.

“The insurance industry must also step up its focus on the data privacy side of cyber risk and has a key role to play in offering loss prevention and mitigation advice to businesses about this increasingly important area of exposure,” says Vanessa Maxwell, Global Head of Cyber and Financial Lines, Allianz Commercial. “The value of cyber insurance goes well beyond the payment of claims. Insurance helps companies make the business case for cyber security investment and to direct their resources towards the most effective measures.”

Data breach risks are best mitigated through good cyber hygiene, including strong access controls, database segregation, backups, patching and training. Having better oversight of any cyber weaknesses in their supply chains is an area where many companies need to improve.

“Early detection and response capabilities are also key. Around two thirds of breaches are typically reported by a third party or by the attackers themselves,” says Rishi Baviskar, Global Head of Cyber Risk Consulting, Allianz Commercial. “Cyber breaches that are not detected and contained early can end up being 1,000 times more expensive than those that are, the difference between a €20,000 loss turning into a €20mn one.

“AI is also becoming an essential tool in the fight against cyber-attacks, as it can quickly identify a security breach and automatically isolate systems and databases, as well as having the potential to significantly reduce the cost and life cycle of a data breach claim by automating tasks, such as forensics and notifications, potentially saving companies millions of dollars.”

NCC Initiates Pre-Enforcement Action Against Starlink Over Unauthorized Price Hike

NCC Initiates Pre-Enforcement Action Against Starlink Over Unauthorized Price Hike

 

The Nigerian Communications Commission (NCC) has taken decisive steps to initiate pre-enforcement action against satellite internet provider Starlink following the company’s unauthorized decision to increase its subscription fees. Starlink’s unilateral price adjustment, which was implemented without the required regulatory approval, is seen as a violation of both Sections 108 and 111 of the Nigerian Communications Act (NCA) 2003 and the conditions outlined in Starlink’s operational license with respect to tariff changes.

The NCC, which serves as the primary regulatory body for the telecommunications industry in Nigeria, expressed concern over Starlink’s failure to comply with established protocols that govern price reviews. The Commission emphasized that service providers are required by law to submit proposed tariff changes for regulatory assessment and approval before implementation, to protect consumer interests and ensure fair pricing in the market.

Starlink’s price hike has raised alarms, especially in a market that is highly sensitive to affordability, with millions of Nigerians relying on telecommunications services for business, education, and personal use. By bypassing the regulatory approval process, Starlink not only breached its licensing agreement but also disrupted the balance of the competitive telecom industry, leading to concerns about potential exploitation of consumers.

In response to this regulatory infraction, the NCC commenced pre-enforcement measures against the company on October 3, 2024. The pre-enforcement phase typically involves a range of regulatory actions that may include formal inquiries, notifications to the offending party, and a mandated review of the non-compliant activities. The objective is to ensure the offending party aligns with the regulatory framework and resolves any discrepancies within a stipulated period. Failure to comply could lead to full enforcement actions, including fines, suspension of operations, or revocation of licenses.

The NCC’s swift move underscores its commitment to maintaining consumer protection and industry compliance. By initiating this pre-enforcement action, the Commission aims to send a strong message to all telecom operators about the importance of adhering to Nigeria’s telecommunications laws and regulations.

This development has drawn significant attention from industry stakeholders, including consumer advocacy groups, who have praised the NCC for its prompt action in addressing what could have been an unregulated and unjustified increase in telecom costs. The NCC’s efforts reinforce the need for transparency and fairness in pricing, particularly as the Nigerian telecom landscape continues to evolve with new players like Starlink offering alternative connectivity options.

 

Anthony Emeka Nwosu

Techeconomy Launches Techeconomy Business Series (TBS)

Techeconomy Launches Techeconomy Business Series (TBS)

 

Techeconomy, a Lagos-based media startup, is excited to announce the debut of its Techeconomy Business Series (TBS). The first in this series, a webinar, will take place on Thursday, October 10, 2024, at 10:00 AM WAT.

Techeconomy is known for providing Content-as-a-Service (CaaS), offering insights into Technology, Business, and the Economy. By focusing on why these trends matter, how they work, and their benefits, Techeconomy helps brands and businesses thrive. In collaboration with ThinkingCap Consulting, TBS aims to bring innovative solutions to the forefront for businesses looking to succeed in today’s competitive landscape.

The Techeconomy Business Series kicks off with a distinguished panel of experts:

Hilary Utuke, CEO of Korlod Works and author of Digital Strategies for Online Brand Visibility, has developed the Digital Luminary Pro™ model, which helps Nigerian thought leaders connect with Millennials and Gen Z audiences.

Cynthia Alabi, a seasoned Revenue Growth Expert with over a decade of experience in driving growth for technology-driven companies, is known for creating customer-centric brands, services, and solutions.

Oluwabusuyi Fakanlu, Assoc. AIA, CIAT Affiliate, and co-founder of CAF LTD/CAF UNIVERSAL LLC, leads his firm in delivering eco-friendly, energy-efficient, and sustainable construction and real estate projects.

Abraham Great, a multi-faceted Management Consultant, Destiny Coach, and CEO of Great Dynasty Group, will share his extensive experience in organizational development, leadership, and value creation across multiple industries.

The session will be moderated by Imoh Anselem, a project management specialist.

Participation in the webinar is free, but registration is required. To join, please register via the following link: https://rebrand.ly/techeconomy-business.