Issue #25   •   Quarter 3/4 Edition   •   December 2018


Expenses incurred by businesses across the globe as a result of various cyber-attack fallouts in 2015 have been estimated to worth over $400 billion. This is even as it has been disclosed that about one million new malwares have been created and unleashed on the global business landscape in the last eight months. According to the Business Software Alliance (BSA) in its Global Software Survey, May 2016, titled: ‘Seizing Opportunity through License Compliance’ a copy obtained by The Guardian, while it noted that software provides the essential launch pad for creativity across numerous industries and human endeavors, through transformational innovations such as apps and cloud computing, it supplies the mechanism through which innovative thinkers are delivering sweeping benefits that touch billions of lives every day. BSA, a trade group established by Microsoft Corporation in 1988, representing a number of the world’s largest software makers and headquartered in Washington D.C, observed that an important corollary associated with the growth and ubiquity of software is that cyber security is a top concern for businesses and organizations around the globe, and for good reasons, about 430 million new pieces of malware were discovered in 2015, up 36 per cent from 2014. The survey noted that Cyber-security threats are growing, as evidenced by the findings of Symantec in its most recent Internet Security Threat Report, which disclosed that more than one million new threats were created each day in 2015. It added that ransomware grew by 35 per cent in the same period.