| Across the globe, now mainly targeting African | | | | soared and will continue to skyrocket unless |
| countries with evolving technology capacity like | | | | companies do more to prevent them in the first |
| Ghana and other West African countries, online | | | | place. Experts say breach costs are far reaching |
| cyber criminals are focusing dedicated funds, time | | | | and could lead businesses, banks and merchants |
| and resources to perpetrate fraud - and they are | | | | to find alternative payment methods which are |
| very adept at this process penetrating financial | | | | ever flourishing in Africa (Grey/Black Market). |
| institutions, banks, businesses, governments critical | | | | Corporate information loss can mostly be credited |
| mission infrastructures moving from towns to | | | | to a company's internal organization, or lack |
| countries. The result has been a dramatic increase | | | | thereof. |
| in online fraud that specifically targets consumers, | | | | African firms are not doing enough preventing |
| enterprises and citizens. Every data breach or | | | | data breaches. This is because many countries |
| costly identity-theft case going on unabated and | | | | lack proper data policy management systems, no |
| unreported erodes the public's confidence in the | | | | consumer watchdog unit and no government |
| security of online POS and other financial | | | | legislation regulating and protecting data handling |
| transactions. This loss of confidence jeopardizes | | | | and misuse. |
| the ability of organizations to conduct transactions | | | | It's impossible to create an environment where |
| online effectively with wider patronage and | | | | you cannot have a data breach. Data breaches will |
| profitability especially in Africa. Lack of knowledge | | | | continue even for the best of companies and |
| and effective manpower resources in ICT | | | | government bureaucracy, but its how you detect |
| security continues to make the situation more | | | | it, how you respond to it and how you manage |
| vulnerable with inadequate response. | | | | the risk that matters most. Companies, |
| A myriad of security vendors have stepped to | | | | organisations and governments should be fearful |
| the forefront in attempts to ease these concerns. | | | | of malicious insiders getting access to sensitive |
| While this has inspired an explosion of innovation | | | | and confidential data. The rising tide of layoffs as |
| around both strong authentication and fraud | | | | a result of the poor economy has put a focus on |
| detection, there have been challenges introduced | | | | the insider threat. But insider negligence continued |
| as well. Some of these vendors are trusted | | | | to play a major role in causing a data breach. |
| providers of online security expertise, but many | | | | More than 88% of all cases involved incidents of |
| newer players in the African continent lack the | | | | insiders mishandling data and compromising job |
| experience and know-how that growing and larger | | | | discreption because of the low wage paid to |
| organizations and businesses requires. | | | | system analyst and administrators. Far fewer |
| Protecting the corporate brand, safeguarding | | | | breaches were influence from white collar |
| customers and meeting the appropriate | | | | malicious insiders. |
| regulations are now primary security concerns for | | | | Companies must respond to rising tide of insider |
| governments, private and the public sector | | | | threats with security training and awareness |
| institutions using data, biometrics and other | | | | programs. Training programs were started by just |
| modern technologies. To properly implement a | | | | few companies. And other firms said they are |
| strong, layered security strategy that fulfils those | | | | also creating additional manual procedures and |
| goals, organizations need to thoroughly review | | | | controls which is not mentained or consistent. |
| their overall business security and online activities | | | | Fewer firms are investing in additional technologies |
| and conduct risk assessments to determine the | | | | like CCTV and Time Attendance Systems. |
| level of authentication and fraud detection | | | | Encryption was the first technology implemented |
| required. There are many available security | | | | after a breach. Of the technology options, |
| options that can help thwart fraud today and into | | | | companies have expanded their use of encryption. |
| the future, including multifactor authentication and | | | | Technology should be implemented with education |
| fraud detection solutions. With a clear | | | | and diligence; African businesses too often get |
| understanding of the tools available and ways to | | | | lulled into a false sense of security. One of the |
| effectively begin and evolve, organizations can | | | | mistakes companies and individuals including IT |
| take the essential steps toward protecting | | | | administrators is relying only on encryption solution |
| consumers, enterprises and citizens today ... and | | | | to network servers, desktops and laptops forget |
| tomorrow. | | | | about thumb drives, email or FTP servers. Some |
| Corporate and business information loss can | | | | are trying addressing some issues but not |
| mostly be credited to a company's internal | | | | addressing the entire problem. Some companies |
| organization, or lack thereof. In other words, in | | | | turn to the use of third-party services to handle |
| order to prevent data leakage, corporations must | | | | personal information such as payment |
| not only eliminate external threats, but also | | | | transactions and customer loyalty programs. But |
| internal processes that could enable data leakage. | | | | they do not realise that those services may |
| In many cases emanate from lacking in security | | | | increase the risk of data leakage and also increase |
| plan, internal risks as well as bad storage | | | | the cost of a breach. |
| procedures. Costs associated with a data breach | | | | Breaches by outsourcers, contractors, consultants |
| are rising leading to financial consequences and | | | | and business partners were up in 2009 in many |
| image damage that will see many firms struggling | | | | African countries especially in Ghana. Third-party |
| to lock down information and prevent leakage of | | | | vendors often take more time to investigate and |
| sensitive data. | | | | conduct forensic analysis. Services sometimes |
| The total average costs of a data breach grew | | | | lose information due to poor processes or |
| to record high. Depending on the size of the | | | | inadequate data protection technologies. Not all |
| breach, costs could become astronomically | | | | data breaches are the result of high tech glitches |
| expensive. But in Africa, many in the financial and | | | | or cybercrimes, Sometimes they're pretty low |
| privacy level have a view that people over time | | | | tech. The financial impact goes so much deeper |
| will become indifferent to a data breach | | | | than simply costing victims, but also ripples |
| notification. But the breach found the costs | | | | throughout the network of organizations involved. |
| associated with lost business continue to climb | | | | "I'm always glad to see when other organizations |
| drastically. Lost business now accounts for data | | | | produce evidence to corroborate what we've |
| breach which costs is gradually climbing at an | | | | been saying for years: 'failure to maintain proper |
| alarming rate. | | | | data security is a high risk gamble that companies |
| 2009 - Data breach costs soar: A trend indicates | | | | simply can't afford in this time of global economic |
| the costs associated with data breaches have | | | | recession'". |