1 INFORMATION SECURITY SOCIETY OF AFRICA, NIGERIA (ISSAN) GLOBAL CYBER SECURITY DEVELOPMENTS David Isiavwe (Ph.D.) January 31, 2017

2 INTRODUCTION Ladies and Gentlemen, (All protocols duly observed).I am indeed pleased to welcome all of you to the first meeting of ISSAN for the year 2017. Last year (2016) was a fairly exciting year for business, banking, regulatory (and other) agencies as well as individuals especially in relation to cyber related activities. We do not expect this year to be any different. Indeed, given what we have seen in January alone, one can easily conclude that we should have very high expectations this year and that there is a lot of work that needs to be done.

3 World Economic Forum The World Economic Forum – 2017 listed cyber security as part of the top 5 global risks in the world today.

4 World Economic Forum - 2017 The Risks-Trends Interconnections Map 2017How are global trends connected to global risks?

5 World Economic Forum

6 World Economic Forum

7 In Nigeria, we lose approx. N127bn annually to cybercrime. LOSSES DUE TO CYBERCRIME In Nigeria, we lose approx. N127bn annually to cybercrime. South Africa loses R5.7 billion annually The UK cybercrime fraud hit a record £1.1bn in 2016 The United States of America loses circa $30 billion annually.

8 CYBERSPACE DEVELOPMENTS AND ATTACKS – JAN 2017

9 CYBERSPACE EVENTS/ATTACKS – JAN 2017Donald Trump appointed Rudy Giuliani as head of his cyber security team. Security experts however visited the website of Rudy Giuliani's cybersecurity company, giulianisecurity.com, and found it woefully lacking. It had vulnerabilities that were worrisome.

10 CYBERSPACE EVENTS/ATTACKS – JAN 2017Satan ransomware-as-a-service was launched in January It gives malware customising tools to hackers on the dark web and allows cybercriminals to make subscription payments to use third-party created ransomware. Satan RaaS comes with several features, including fee payment records, transaction tracking, ransomware version releases and moreiStock The Securities and Exchange Commission in Nigeria, warned members of the public to exercise extreme caution with regard to digital (crypto currencies) as a vehicle of investments. They made reference to radio advertisements and other modes of solicitations of the public to invest in crypto currencies such as Swisscoin, OneCoin, Bitcoin and such other virtual or digital currencies.

11 CYBERSPACE EVENTS/ATTACKS – JAN 2017MongoDB Attack: 27,000 MongoDB servers have had their data wiped and ransom demands sent for their safe return. Tens of thousands of unprotected MongoDB databases were taken hostage by hackers. Typical victims include hospitals, small businesses and educational institutions. There are security measures built into MongoDB, however many users do not bother to use them. For instance, some MongoDB administrators left their systems accessible to the open internet, without having so much as an admin password in place.

12 THE INTERNET OF THINGS (IoTs)Forbes reported that there are currently 6.1 billion interconnected devices; which will grow to 50 billion by 2020. According to Forbes, IoT could add another 29$bn to the cost of cybercrime by 2020.

13 APC SERVER CRASH In Nigeria, we started the year with the news of the crash of the APC Server on January 03, The names of the All Progressives Congress members in the South-East geopolitical zone were missing from the records of the party due to a computer virus attack.

14 Ransomware Attacks to RiseMajor Attacks Expected in 2017 Data Breaches Significant data breaches will be seen. Also, vast data that had been stolen in the past and traded on the deep web will be thrown into the open market for sale. There will also be more state sponsored data breaches. Terabit DDoS Attacks Terabit DDoS Attacks will become more common in Indeed, we saw in the last year some of largest DDoS attacks in the world. In 2017, we should expect to see more DDoS attacks using large volumes of IoT devices. Ransomware Attacks to Rise We should expect to see a major spike in ransomware attacks in This will be fuelled by the use of crypto currencies like Bitcoin etc.

15 On a Lighter Note: A Nigerian, Christine Izuakor became the youngest and first ever African American at the  University of Colorado, Colorado Springs to bag a Ph.D. in Security Engineering.

16 CONCLUSION We must all get ready for the task ahead of us. We must not, and should not be caught napping. Also, every effort must be made to continuously monitor our systems and take proactive measures to ward off any form of attack to minimize the impact on our organizations. Collaboration at all levels must be encouraged and actively implemented to achieve total industry safety. On this note, it is my pleasure to welcome you all to the first meeting for the year Thanks for listening. David Isiavwe President, ISSAN

17 References/Bibliography