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Enterprise Security Magazine | Friday, February 10, 2023
Local efforts in Nigeria to increase the pace of digitalisation and ensure regulatory compliance are being ramped up across several industry verticals.
FREMONT, CA:Across all industry sectors, local efforts are accelerating in Nigeria to quicken the pace of digitalisation and assure regulatory compliance. The majority of digital transformation activities continue to be fueled by the cloud, which is already being used for IT operations by 85 per cent of Nigerian firms. In the next 12 to 18 months, the majority of enterprises in Nigeria want to considerably expand their spending in public and private/hybrid clouds by more than 10 per cent. It's intriguing to note that only 14 per cent of Nigerian organisations had begun digital transformation journeys before the COVID-19 pandemic, but after the pandemic, almost half of the country's organisations intend to expand their resiliency initiatives to get ready for future disruptions. Initiatives for the digital transformation of Nigeria are accelerating due to CIO goals such as ensuring business continuity and cost optimisation.
Corporate executives in Nigeria are adopting the cloud at an accelerated rate as they try to maintain business continuity, flexibility, and agility throughout daily operations. In just two years, almost half of the firms (41 per cent) predicted they will be utilising a mix of on-premise and cloud solutions. Six per cent of businesses already choose to use the cloud, and over the next two years, this percentage is predicted to increase to eight per cent. As businesses get ready to navigate a post-COVID-19 environment, the rising usage reflects their confidence in cloud solutions. However, as digitalisation projects advance, the risk of cyber warfare and security lapses frequently grows.
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The majority of Nigerian businesses are increasing their spending on security solutions and cloud adoption services, as is to be expected. In Nigeria, 72 per cent of firms have boosted their security costs by 10 per cent or more in recent years. This is the outcome of improved security knowledge among senior management, higher cloud usage rates, and emerging new threats. The implications of a potential security breach are the top concern for Nigerian CIOs as they attempt to navigate an environment where threats and regulations are becoming more complex.
A few interesting facts are revealed, including Nigeria and South Africa has the highest concentrations of targets. 86 per cent of the Nigerian firms polled reported experiencing a public cloud security incident. Sixty per cent of businesses in South Africa have encountered the same problem. In Nigeria, misconfiguration (64 per cent) is more likely to be to blame for an event than credential theft (36 per cent). Organisations in South Africa are more conscious of their cloud resources. Compared to only 54 per cent in Nigeria, 79 per cent of those polled are aware.
Nigeria, the most populous nation in Africa, has an alarming lack of commitment from the government to take cybersecurity seriously, and the majority of cyberattacks go undetected. Over the past ten years, there have been multiple hacking of websites owned by the government, but it appears that little has been done to strengthen security. Each of these crucial websites, including the National Assembly website, the Small and Medium Enterprises Commission website, and even the Nigerian Court of Appeal website, has been hacked in recent years without the government taking any effective action.
There is no denying that the risk landscape has grown more complex, and despite the significant advancements made in cybersecurity solutions, threat actors are still active. To create a safer digital environment for everyone, security must be considered at every stage of an organisation's digital transformation path. The processing of more data on the cloud and the evident rise in cyberattacks have caught the attention of bad actors. More individuals than ever before were pushed to learn, work, shop, bank, and interact online as a result of the COVID-19 pandemic. The threat surface has grown due to the addition of more devices, networks, and connection points, necessitating the implementation of a strong security policy.
Endpoint security solutions are being prioritised by about 61 per cent of businesses as endpoints increasingly leave the organizational core. To secure remote workers, another 41 per cent are putting VPNs and virtual desktop technology into place. IAM (identity and access management) solutions are being implemented by half of the enterprises in response to the increased threat of phishing and ransomware. Government officials have also put pressure on businesses to maintain the security of customer, employee, and company data. To manage who has access to and control personal data and to combat the growing threat of cybercrime, the Nigerian Data Protection Regulation (NDPR) went into effect in October 2019. Even still, only 12 per cent of businesses believe they are fully complying with Nigeria's data protection laws.
Security is crucial when businesses transition to hybrid settings. In increasingly complex IT settings, establishing work visibility is crucial to preventing security breaches and limiting vulnerabilities. Organisations must acknowledge that security must be implemented consistently both before and during the migration to the cloud, not just once the cloud environments are operational. Failure to take security into account during design could end up being quite expensive. The importance of security for CIOs aiming to ensure operational continuity, stay current on the latest cyber risks, and create their digital transformation road maps is therefore understandable.
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