The cost of cyber crimes across the world have now hit $455billion annually, Chairman, Information Security Society of Africa- Nigeria, ISSAN, David Isiavwe, who revealed this on Tuesday, November 8, added that the era of Internet of Things (IoTs) posed even greater dangers to the cyberspace.
Isiavwe, who spoke in Lagos during the seventh Annual Payment Systems and e-Fraud Conference organised by the Electronic Payment Providers Association of Nigeria (E-PPAN) at the Civic Centre, he said systems must meet the three criteria of availability, integrity and confidentiality to be able to weather the storm of emerging challenges of the cyberspace. The forum was tagged’Managing Fraud: People, Process and Technology as its theme.’
He said the assumption that cybercrimes could be eradicated was like living in a fool’s paradise because the gains of cybercrimes now far outweighed that of illicit narcotics.
According to him, the situation has become terrible as Distributed Denial of Service (DDoS)attack kit could now be bought for as low as $5.
He expressed worries over the dangers the era of IoTs will unleash on the society because original equipment manufacturers (OEMs) excited about the era and designing devices that will align with the era are not taking security of the devices into consideration.
The ISSAN Boss said with the massive uptake of mobile devices, a single malware connected to interconnected devices and activated would do maximum damage to subscribers.
