‘Cybercrooks Attempt to Steal $3.9m from Maritime Sector’

  • ‘Cybercrooks Attempt to Steal $3.9m from Maritime Sector’

Cybercrooks attempted to steal $3.9 million in the maritime sector between last June and January.

During the period under review, the maritime sector became a target of a cyber gang code-named ‘Gold Galleon’, targeting the industry via Business Email Compromise (BEC) and Business Email Spoofing (BES) fraud.

Speaking yesterday in Abuja, the President, Cyber Security Experts Association of Nigeria (CSEAN), Remi Afon, lamented that about 85 per cent of corporate organisations in the country lack cybersecurity plans and strategy, thus vulnerable to cyber attacks.

However, he stated that some of the cyber threats were being evaded through increased cybersecurity campaign while others were under-reported.

He said: “Recently, Secureworks Counter Threat Unit researchers released a report on a group of Nigerian cybercriminals code named “Gold Galleon” targeting maritime industry via BEC and BES fraud to dupe their unsuspecting victims into parting with millions of dollars. It is estimated that between June 2017 and January 2018, the cybercriminals attempted to steal upwards of $3.9 million, and on average, fraud attempts theft level may reach $6.7 million per year.

“Global cybercrime damages, which were about $3 trillion in 2015, will reach about $6 trillion by the end of 2021, a 100 per cent increase in just five years according to Cybersecurity Ventures. Unfortunately, over 85 per cent of organisations and government agencies in Nigeria lack cybersecurity plan and strategy while majority are unsure whether or not they’ve been a victim of cybercrime.”

He disclosed plan to further sensitise the public in its fourth cyber security conference, tagged ‘’Mitigating Cyber Threats in the Digital Age’’ scheduled to hold in Lagos.

CSEAN is a non-profit organisation composed of Information Security Professionals in Nigeria and Diaspora, recognising the need for unified effort and framework across board to tackle cyber crimes. CSEAN was established as an advocacy group to galvanise the movement and development of information security in Nigeria.

The conference provides unparalleled gathering of cyber security industry giants, government, academia, information security professionals from Nigeria and the international community.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya

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