How Businesses Can Identify and Manage Cybersecurity Risks

Nigeria is currently experiencing a significant shortage of cybersecurity professionals, with only 8,352 experts available as of 2023 (See Reference). This shortage has left many businesses vulnerable to cyber incidents and breaches.

To address this issue, the National Information Technology Development Agency (NITDA) established the Cybersecurity Department. This proactive measure aims to combat the numerous cyber threats that have caused substantial financial losses and damaged the reputations of both multinationals and local businesses. However, despite NITDA’s efforts, the challenges persist.

Understanding and managing cybersecurity risks is crucial for businesses in Nigeria. This article will guide you through identifying these risks and implementing effective strategies to safeguard your business.

IDENTIFYING THE RISKS

Conduct Risk Assessments

To handle cybersecurity risks effectively, businesses must first identify these risks. Regular evaluation of networks, systems, and data helps to spot vulnerabilities. For instance, in Nigeria’s business environment, a company can use vulnerability scanners to check for weak spots in their network. Penetration testing also simulates attacks to identify how a real-world hacker might exploit weaknesses. By doing this regularly, businesses can stay ahead of potential threats and protect their sensitive information.

For example, a business like a micro finance bank can conduct a monthly risk assessment. They use a vulnerability scanner to check their online banking system. The scanner identifies outdated software that could be exploited. The bank then updates the software to prevent potential cyberattacks. This proactive approach helps to safeguard customer data and maintain trust.

Monitor Network Activity

Monitoring network activity is crucial for identifying cybersecurity risks. Implementing intrusion detection systems (IDS) helps in detecting suspicious activities. By analyzing logs and network traffic, businesses can identify anomalies that may indicate potential threats.

For instance, an e-commerce company like Jumia can installs an IDS to monitor their online store. The IDS alerts them to unusual login attempts from foreign IP addresses. By analyzing the logs and traffic, the company discovers a brute-force attack. They then take steps to block the IP addresses and enhance their login security. This vigilance helps protect customer data and ensures the integrity of their online platform.

Monitoring network activity not only helps in identifying immediate threats but also in understanding patterns of potential attacks, allowing businesses to strengthen their overall cybersecurity measures.

Encourage Employee Education on Cybersecurity

Employee awareness is crucial for identifying cybersecurity risks. Conducting regular training sessions on phishing, social engineering, and other common threats helps employees recognize potential dangers. In these sessions, explain how phishing emails often look legitimate but can contain malicious links or attachments. For instance, in Nigeria’s business environment, employees might receive emails that appear to be from well-known banks but are actually fraudulent.

Encouraging employees to report suspicious emails or activities is also important. When employees are vigilant and proactive, they can help prevent security breaches. For example, if an employee receives an email asking for confidential company information, they should report it immediately to the IT department. This action allows the team to investigate and take necessary precautions to protect the business.

By prioritizing employee awareness and training, companies in Nigeria can better defend against cybersecurity threats. Regular education and open communication create a more secure workplace, reducing the risk of data breaches and financial loss.

Keep an Inventory of Softwares and Hardwares

Maintaining an up-to-date software and hardware inventory is essential for identifying cybersecurity risks. Start by keeping a detailed list of all software and hardware used in your business. This inventory helps you track what is installed and ensures that no unauthorized devices or programs are in use.

Next, ensure that all devices receive regular updates with the latest security patches. For example, in Nigeria’s business environment, companies might use a mix of local and international software. Keeping these programs updated is vital to protect against vulnerabilities. If an accounting software used in your business releases a security patch, apply it immediately to prevent potential breaches.

Regularly reviewing your software and hardware inventory helps identify outdated or unsupported systems that could pose a risk. For instance, if an old plug-in on WordPress no longer receives updates, consider replacing it with a newer, more secure plug-in. This proactive approach helps protect sensitive business data from cyber threats.

By diligently maintaining and updating your software and hardware inventory, Nigerian businesses can significantly reduce cybersecurity risks. This practice ensures that all systems are secure and up-to-date, providing a safer working environment and protecting valuable information.

Review Third-Party Risks:

Businesses in Nigeria must thoroughly review third-party risks to enhance cybersecurity. First, assess the security practices of your vendors and partners. Then, ensure they adhere to your security policies. This step is crucial because any weak link in their security can compromise your business.

For example, if a Nigerian retail company partners with a payment processing firm, it should verify that the firm follows stringent security protocols. This includes using encryption for transactions and regularly updating their security software. By doing so, the retail company reduces the risk of cyberattacks through this third-party vendor.

Regularly monitoring and auditing third-party vendors ensures that they maintain high security standards. Consequently, this practice helps in protecting sensitive business data and customer information from potential breaches.

MANAGING THE RISK

“Good management consists in showing average people how to do the work of superior people.” – John D. Rockefeller.

This quote by John D. Rockefeller can be applied to managing cybersecurity risk. In managing cybersecurity risk, it’s important to teach all employees, regardless of their initial knowledge, how to follow strong cybersecurity practices.

This includes providing clear training, setting up specific guidelines, and fostering a culture where everyone understands cybersecurity. By giving ordinary employees the tools and knowledge to recognize and address cybersecurity threats, organizations can greatly improve their overall cybersecurity. This approach ensures that everyone in the company actively participates in protecting against cyberattacks, rather than relying solely on a few experts.

Implementing Security Policies

Developing and enforcing comprehensive security policies is one way manage cybersecurity risks. These policies should include guidelines on password management, data handling, and access controls.

In Nigeria today, the threat of cybersecurity breaches is significant due to increasing digitalization. Organizations, especially those handling sensitive information like banks and government agencies, face constant risks of data breaches and cyber attacks. By implementing robust security policies, these organizations can mitigate such risks.

For instance, the National Identity Management Commission (NIMC) recently experienced a data breach in which citizens data were being sold for 100 Naira by a third-party website. This incident highlighted the importance of stringent password management guidelines in preventing unauthorized access.

Use Advanced Security Tools

Using advanced security tools like firewalls, antivirus software, and encryption technologies is essential for managing cybersecurity risks effectively in Nigeria today. Firewalls, antivirus software, and encryption technologies are some of the key tools that help achieve this goal. These tools help protect networks, systems, and data from various cyber threats, ensuring that sensitive information remains safe and secure.

Implement Multi-factor Authentication (MFA)

Implementing MFA enhances security by reducing the risk of credential theft and unauthorized account access. Even if a password is compromised, the additional verification step adds a critical barrier that malicious actors must overcome, significantly reducing successful breaches. This proactive measure is particularly vital for Nigerian businesses handling sensitive information, including financial data and customer records.

The MFA aligns with global cybersecurity best practices, offering a scalable solution that can be tailored to fit businesses of all sizes and sectors across Nigeria, bolstering overall resilience against evolving cyber threats.

Ensue Regular Backups of Critical Data

Ensuring regular backups of critical data is essential for managing cybersecurity risks in Nigeria. Cyberattacks, such as ransomware, can lock access to important information. By having backups, businesses can restore their data without paying a ransom.