‘Cyberattacks Against Blockchain Systems Exceed $1bn In 8 Years’

Stakeholders in the ICT sector have reported losses exceeding $1 billion, due to cyberattacks against blockchain systems globally, during the past eight years, retired director, Nigeria Deposit Insurance Corporation (NDIC), Dr. Jacob Afolabi disclosed, while calling on telecom operators leveraging Blockchain technology, to minimise the likelihood of being abused by making risk management the central of their operation.

Afolabi, who made the call at the NCC’s Telecom Industry Risk Management Conference, in Lagos, said telecom operators and Internet Service Providers (ISPs) can use blockchain to secure their networks, manage network traffic, and reduce the amount of data they need to store.

“Telcos cannot afford not to leverage the opportunities of streamlining their operations with blockchain technology. The technology can help in fraud detection, roaming and settlements, 5G enablement, loT connectivity, cut costs by removing processing overheads related to loT gateways and provide an additional layer of security as it allows businesses to benefit from a robust level of encryption,” Afolabi affirmed.

With these benefits come challenges, as the publicly reported losses by cyberattacks against blockchain systems during the past eight years exceed $1 billion globally, Afolabi disclosed while calling on telecom operators leveraging Blockchain technology, to minimise the likelihood of being abused by making risk management the central of their operation.

In his remarks, the executive vice chairman/CEO, NCC, Dr. Aminu Maida, averred that the telecommunications sector is at the vanguard of innovation in a time of fast technological growth, influencing how people connect, communicate, and do business globally.

RELATED

We’re Making Abia Farmers Globally Visible – Agric Firm

2 hours ago

Oil Prices Plunge 6% As Middle East Ceasefire Eases Supply Fears

6 hours ago

“As we navigate this dynamic environment, the need for effective risk management becomes increasingly paramount. Today, we stand at the crossroads of tradition and transformation, where emerging technologies and trends present both unprecedented opportunities and challenges,” he stated.

Maida, who was represented by the executive commissioner, Technical Services, NCC, Engr Ubale Maska at the conference, stated that the current landscape of 5G networks, for instance, boast of wider attack surface due to the increased number of connected devices and denser network infrastructure, adding that, “We are witnessing the dawn of 6G technology, the next frontier in wireless communication. With promises of even faster speeds, lower latency, and groundbreaking applications, 6G has the potential to revolutionise the way we experience connectivity.

However, with this advancement comes the responsibility to address new risks, from cybersecurity threats to ethical considerations, ensuring that we pave the way for a secure and inclusive digital future.”

Anticipating and managing risks associated with latest technologies and innovations, will require collaboration, innovation, and a proactive approach to ensure the seamless integration of this technology into the present interconnected world, Maida said, while advising operations to consider the implications of emerging technologies such as quantum technologies (computing, sensing, and communications), advanced artificial intelligence, and Blockchain (distributed ledger) technologies.

“As we navigate through 5G and the uncharted territory of the next generations of wireless technologies, collaborative efforts among regulators, industry players, and other stakeholders become even more crucial for sharing best practices, threat intelligence, resources and implementing robust risk management strategies. We should therefore move beyond mere compliance and reactive measures, and instead, harness the power of these new technologies and trends to build a resilient and future-proof industry,” he added.

He assured that the commission remained committed to fostering an environment that encourages innovation while prioritising the security and stability of telecom infrastructure.

The head, Corporate Planning, Strategy and Risk Management at NCC, Kelechi Nwankwo, explained that the fast-disruptive world of the telecoms industry has witnessed convergence of diverse technological advancements with the potential of reshaping the future. “From 5G networks, the Internet of Things (IoT), and Artificial Intelligence (AI), to Cloud Computing and beyond, the possibilities are limitless. However, with great opportunities comes great risks, and it is our collective responsibility to address these risks and possibly safeguard the industry’s growth and sustainability”, he said.

He pointed out the conference is a testament to the collective commitment towards recognizing the evolving risks and challenges experience by stakeholders, while embracing the immense opportunities emerging technologies and trends bring, adding that “The telecoms industry has gone through remarkable transformations, and it is our responsibility to stay informed, prepared, and proactive in managing the potential risks ahead.”