E-Business
Ransomware Attack: Only 26 Percent of Retail Organizations Were Able to Halt Cybercriminals from Encrypting Their Data- Sophos
Sophos, a global leader in innovating and delivering cybersecurity as a service, on Thursday shared findings from its sector survey report, “The State of Ransomware in Retail 2023,” which found that only 26% of retail organizations this past year were able to disrupt a ransomware attack before their data was encrypted.
This is a three-year low for the sector—a decline from 34% in 2021 and 28% in 2022—suggesting the sector is increasingly unable to halt ransomware attacks already in progress.
“Retailers are losing ground in the battle against ransomware. Ransomware criminals have been encrypting increasingly greater percentages of their retail victims in the last three years, as evidenced by the steadily declining rate of retailers stopping cybercriminal attacks in progress. Retailers must up their defensive game by setting up security that detects and responds to intrusions earlier in the attack chain,” said Chester Wisniewski, director, global field CTO, Sophos.
In addition, the report found that, for those retail organizations that paid the ransom, their median recovery costs (not including the ransom payment) were four times the recovery costs of those that used backups to recover their data ($3,000,000 versus $750,000).
“Forty-three percent of retail victims paid the ransom according to our survey respondents, yet the median recovery cost to victims who paid the ransom was four times the cost to those who used backups and other recovery methods. There are no shortcuts in these situations and rebuilding systems is almost always required. It’s better to deprive the criminals of their spoils and build back better,” said Wisniewski.
Additional key findings from the report include:
· In line with a broader, cross-sector trend, the retail sector experienced its highest rate of encryption over the past three years, with 71% of those organizations targeted by ransomware stating that attackers successfully encrypted their data
· The percentage of retail organizations attacked by ransomware declined from 77% last year to 69% this year
· The percentage of retail organizations that recovered in less than a day decreased from 15% to 9% this year, while the percentage of retail organizations that took more than a month to recover increased from 17% to 21%
Sophos recommends the following best practices to help defend against ransomware and other cyberattacks:
· Strengthen defensive shields with:
o Security tools that defend against the most common attack vectors, including including endpoint protection with strong anti-ransomware and anti-exploit capabilities
o Zero Trust Network Access (ZTNA) to thwart the abuse of compromised credentials.
o Adaptive technologies that respond automatically to attacks, disrupting adversaries and buying defenders time to respond.
o 24/7 threat detection, investigation and response, whether deliveredin-house or by a specialized Managed Detection and Response (MDR) provider
· Optimize attack preparation, including regularly backing up, practicing recovering data from backups and maintaining an up-to-date incident response plan
· Maintain security hygiene, including timely patching and regularly reviewing security tool configurations
To learn more about the State of Ransomware in Retail 2023, download the full report from Sophos.com.
The State of Ransomware 2023 survey polled 3,000 IT/cybersecurity leaders in organizations with between 100 and 5,000 employees, including 355 from the retail sector, across 14 countries in the Americas, EMEA and Asia Pacific.
Nigeria recently launched a new joint case team to step up its response to cybercrimes that affect people and businesses at home and abroad.
The ‘Joint Case Team on Cybercrime’ brings together Nigeria’s key justice and security agencies to work as one, making it easier to detect, investigate, and prosecute digital offences.
It is supported by the UK National Crime Agency, the UK Foreign, Commonwealth and Development Office, and the Commonwealth Secretariat, as part of a wider effort to promote international cooperation on cybercrime.
Speaking at the launch in Abuja, Prince Lateef Fagbemi SAN, minister of justice and attorney general of the federation described the initiative as “a bold and transformative stride in Nigeria’s justice system.”
He said that although Nigeria has a national legal framework to address cyber offences, laws alone are not enough.
Nigeria is among the countries most affected by cybercrime around the world, with increasing financial losses.
Independent National Electoral Commission (INEC) has announced the establishment of an Artificial Intelligence (AI) Division within its ICT Department.
This marks a significant stride toward enhancing electoral integrity, efficiency, and innovation in Nigeria’s democratic process.
This decision was reached at the Commission’s regular weekly meeting held in Abuja, following a series of consultations and engagements on the global and continental impact of AI on elections.
In a statement issued by Sam Olumekun, national commissioner and chairman of the Information and Voter Education Committee, INEC underscored that the growing relevance of AI in electoral matters necessitated a proactive institutional framework to manage both the risks and opportunities it presents.
“Our interactions with electoral bodies across Africa highlighted both the risks of AI—such as fake news and content manipulation—and the vast potential it holds for data-driven decision-making, risk mitigation, automated voter services, and geo-spatial intelligence for logistics,” Olumekun noted.
According to him, the newly created division will centralise the Commission’s AI efforts, ensuring a harmonized approach to deploying intelligent systems that enhance decision-making, improve voter engagement, and boost the credibility of the electoral process.
“The creation of this division puts the Commission at the forefront of institutionalizing AI capabilities in electoral management.
It is also part of our ongoing reforms in areas where administrative action is sufficient to drive change,” he said.
He added that the AI Division will help INEC better coordinate its existing technological investments while providing safeguards against the misuse of AI technologies.
“We are positioning ourselves to maximise the positive impact of AI while mitigating its negative implications. This step strengthens the credibility and transparency of elections in Nigeria,” Olumekun concluded.
The initiative, INEC emphasised, reflects its commitment to embracing innovation in safeguarding democracy and improving electoral services nationwide.
Corporate Affairs Commission (CAC) in partnership with the Nigeria Inter-Bank Settlement System (NIBSS) has unveiled a new Application Programming Interface (API) integration system to allow private firms access company data from the Commission’s database.
Hussaini Ishaq Magaji (SAN), registrar general of CAC, who spoke in Abuja at the unveiling said the system would give selected private organizations access to CAC services through technology-based companies, called “super agents.”
“This is a practical step to show that the Commission is committed to meeting the expectations of our customers,” he said.
Magaji explained that the integration allows the agents to retrieve data from the CAC database for use in specific client requests, outside the standard services provided by the Commission.
“Before now, only a few government agencies had this integration, especially those involved in investigations, anti-money laundering, and terrorism financing. Now, private companies that meet the criteria can also access it,” he said.
He said the system complies with the Nigerian Data Protection Act 2023, and information such as residential addresses, phone numbers, and dates of birth may be restricted.
“This is a call to law firms and companies with the right technology. We’ve started with NIPS because of their credibility. Embassies and banks can now authenticate company records directly through them.”
“There are prescribed fees. We already collect them on our portal, and now customers can also pay through these agents,” he explained.
He named NIPS, MoneyPoint, and OPE as some of the companies involved.
“OPE and MoneyPoint handle only registrations. But NIPS has moved further into validation and verification,” he said.
Ngover Ihyembe-Nwankwo, executive director at NIBSS, who represented Premier Oiwoh, managing director, said the service allows secure and efficient data verification.
“This is the result of years of effort to connect our systems with CAC. It will help users verify data within the limits of data protection laws,” she said.
She said the move is a way to lower costs and promote interoperability across the financial sector.
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