EY commits $20m in fight against cyber-crime

cyber crime

cyber crime

TO curb the growing influence of cyber criminals in Nigeria and other part of the world, Ernst and Young (EY) is committing over $20 million in the next five years against the menace.

For greater effects, EY has also launched its Managed Security Operations Centre (SOC) services, which has been designed to meet the unique cybersecurity needs of clients by predicting advanced future cyber threats by using analytics.

The firm announced that the greater percentage of the $20 million will be spent on the SOC to strengthen its operations and increase its cybersecurity professionals’ six-fold to upwards of 1,200 by 2020.

Already, EY’s Global Information Security Survey 2014 revealed that over half (56 per cent) of organizations are unlikely to detect a sophisticated cyberattack and a similar number (53 per cent) lack the skilled resources to handle them.

As such, it pointed out that the managed SOC will offer EY clients onsite (utilizing local skilled resources) and offsite skills to help predict and prevent these cyberattacks outlined in the survey.

According to it, local and onsite, the skilled monitoring analysts will work closely with clients’ IT staff during business hours.

These resources will be regionally located at the client’s premises (located anywhere in the world) and will come from EY’s Advanced Security Center (ASC), a team that has been delivering a range of cybersecurity services to clients for the last 15 years.

The onsite resources will be complemented by a team of remote analysts that provide service 24/7 and 365 days a year from a dedicated new facility in Trivandrum, India. According to EY’s IT Advisory Leader (West Africa), Yemi Saka, “we have entered an era of targeted cyber-attacks (globally and in Nigeria). Globally and closer to home, threats and attacks have increased in number and sophistication to the point that they have heightened awareness.

It is important that organizations not only maintain traditional security controls, but continue to evolve their ability to rapidly detect and respond to threats.

“Across business and sectors in Nigeria, organizations need to evolve from being reactive to proactive; and become predictive to stay ahead of cyber-attacks.”

Through the Managed SOC, our mission is to provide organizations with a highly mature detection and response capability, tailored specifically for their businesses and designed to mitigate against threats from advanced, interactive attackers that put their critical business assets at risk,” Saka stressed.

Saka, a Cyber Security Thought Leader & Practitioner, noted that the managed SOC service would also offer, among others, a unique integration of commercial off-the-shelf tools to provide deep insight to a wide range of technologies within the clients’ networks.

Also speaking, EY Global Risk Leader, Paul van Kessel, said: “The question is not if your company will be breached, or even when.

More than likely it has already happened. The real question is: How well are you protected for the future? More often than not, our clients do not actually have the necessary skills or capacity to investigate the cyber-attack further in an efficient manner.”

According to him, the firm’s hybrid model of remote monitoring from India with onsite guidance will allow it to work closely with the client and more deeply investigate incidents; protecting and helping them anticipate attacks well into the future.

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