The best and most effective defense against cybersecurity attacks is user awareness. It is against this background that we publish the annual cybersecurity project frontlines report since 2019.
During 2019, we undertook 451 assignments spread over 204 clients. Many of these assignments (40%) are outsourced to us, while others are directly handled, and some reported by our associates and affiliates spread regionally. We are aware of our responsibility to keep client information confidential at all times, something we guard jealously, and this report does not in any way disclose any specific client information.
Cybersecurity awareness is the best defensive strategy against all kinds of hacks. Many times, cybercriminals take advantage of known vulnerabilities by re-using attack vectors like phishing after a better understanding of the context. The recent case which has been in the news about the loss of over Ugx. 9 billion in Uganda where cybercriminals compromised the security at one of the aggregators and sent instructions to banks and loaded with money over 2000 sim cards, which fraudsters used to visit different mobile money outlets and received cash is an eye-opener. The same fraud scheme had been used at one of the financial institutions in Uganda in 2016! The difference is that at the time, sim card registration was not yet mandatory. However, UCC implemented mandatory SIM card registration and one would assume that investigators can quickly trace the owners of the SIM cards that were used to withdraw money swiftly. But that is cybercrime for you.
The summit Project Frontline 2020 report brings you unique insights into the cyber threat landscape in various industries and organizations from a national, regional, and global perspective. Of the total cases, we handled, only 55 (12%) were digital forensics assignments to determine who did what, where when, how, and why. The combined value of these cases regionally totaled to Ugx. 171,142,500,000 (the US $46,888,356), say Uganda Shillings one hundred seventy-one billion one hundred forty-two million five hundred thousand only. That is an average of Ugx. 379 million direct loss per case. Other indirect costs like incident response, investigations, reputational damage, etc are not included in the estimates.
The cost of cybercrime proves one point: it pays to be proactive. The average cost per case was Ugx. 362.1m in 2017, and Ugx. 435.7m in 2018. Many institutions report cybercrime losses under operating expenses which explains the ever-increasing operational costs giving a negative jaws ratio.
To attend the report launch, click here https://www.summitcl.com/launch-of-project-frontline-report-2020/. You will learn about the top 5 cyberattack vectors, the top 5 vulnerabilities exploited, and how to keep yourself safe online. You are your best cybersecurity professionals. Attend the launch and learn about the developments in the cybersecurity landscape. We shall also discuss blockchain uptake and cyber intelligence as some of the modern tools for offensive and defensive cybersecurity.
Copyright Mustapha Bernabas Mugisa, Mr. Strategy 2020. All rights reserved.
