SummitCybersecurity frontline report 2020 highlights

The launch of the summit Cybersecurity frontline project report 2020 on 27th October 2020 was a great success thanks to our staff, associates, clients, all survey respondents, and our partners, Institute of Certified Public Accountants of Uganda, Uganda Institute of Banking and Financial Services. In total, we had over 131 participants.

The state of cybersecurity is based on a) the online survey we administered and b) our frontline experience doing penetration testing and digital forensics, as summarized below.

The report highlights:

  1. Online survey: From the 502 participants in our summit cybersecurity survey, we sorted the respondents by IP address and identified regional respondents separately from global respondents. Regional respondents comprised 76% (371 respondents) while global respondents were 26% (131 respondents). Our analysis of the responses by the global participants provides an overview of the global success rates of cyber breaches, the growth rate, and industry-wise cyber breach occurrences.
  2. Frontline experience: 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.
  3. Of the total cases, we handled, 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. Many institutions report cybercrime losses under operating expenses which explains the ever-increasing operational costs giving a negative jaws ratio.
  4. The Uganda Police annual cybercrime report 2019 shows that a total of Ugx. 11.4bn was reported as lost, and only 51m was recovered representing just a 0.4% recovery rate.
  5. The top 5 user practices that expose personal data are clicking on attachments via social media including WhatsApp, Skype, among others. many of these emails are phishing emails. Connecting to public wifi is another popular user behaviour that could expose one to the risks of being hacked. It is like expecting privacy while at someone’s home. You may never know which place has a camera! Next time you land at an international airport, go slow connecting on the public wifi. Keep in mind at some airports you are required to put your passport ID and name, which reveals your nationality. A man-in-the-middle attack could expose all your online activities to the airport authorities thereby collecting critical espionage data about user habits of different nationals while at their airport!

To access the complete report, comment below, or visit contact us on this site.

Copyright Mustapha Bernabas Mugisa, Mr Strategy 2020. All rights reserved.

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