The ramifications of a potential security breach are Nigerian Chief Information Officers’ (CIOs) top worry as they attempt to negotiate an increasingly complicated regulatory and threat environment.
According to the Enterprise Security Trends in Nigeria survey, which was carried out by the International Data Corporation (IDC) on Microsoft’s behalf. It showcased the most recent advancements in cloud security in Nigeria.
Along with cloud adoption services, corporations are spending more on security solutions. The IDC estimates that over the past five years, 72% of organizations in Nigeria have increased their security budgets by 10% or more.
This is the outcome of growing security knowledge among senior management executives, higher cloud usage rates, and emerging new risks.
The study found that as business executives strive to assure flexibility, agility, and business continuity throughout their everyday operations, the rate of enterprise-wide cloud adoption is fast accelerating.
In just two years, 41% of organizations said they will be utilizing both on-premises and cloud solutions. Currently, 6% of businesses prefer to use the cloud. In the following two years, it is anticipated that this percentage would increase to 8%.
This accelerated adoption demonstrates the faith businesses have in cloud solutions as they get ready to function in a post-COVID-19 future.
The study stressed that while the threat environment is constantly shifting, bad actors have noted that more data is being processed on the cloud and that there have been an obvious rise in cyberattacks.
Nigeria was ranked 16th by the FBI among the nations most impacted by cybercrime in 2020. 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.
According to the study, 61% of businesses in Nigeria prioritize endpoint security solutions as endpoints progressively stray from the organizational core. Security is still a top priority for these businesses.
To secure remote workers, another 41% are deploying VPNs and virtual desktop technology.
The research found that half of firms are using identity and access management (IAM) solutions in response to the increased threat of phishing and ransomware.
It claims that businesses are also under pressure from government regulations to maintain the security of customer, employee, and company data.
Remember that the Nigerian Data Protection Regulation (NDPR) went into effect in October 2019 to establish rules governing who has access to and control over personal data and to aid in reducing the threat of cybercrime. Even still, only 12% of businesses believe they are fully complying with Nigeria’s data protection laws.
Ola Williams the Country Manager for Microsoft Nigeria, said: “There’s no doubt the risk landscape has become more complex, and while cybersecurity solutions have matured a great deal, threat actors are not idling. As organisations continue to pursue their digital transformation journey, security must be considered every step of the way to ensure a safer digital environment for all.”