Ark Alert – Cyber World

Advisory alert No. 01-2020: January, 2020

As the world wrestle with cyber technology, ark is not an exception in the path that traditional ways of working are changing at an incredible rate- driven by the fast pace of technological changes- making cyber security a priority for the governments and businesses.

According to cyber security ventures there is an indication that cybercrime will cost the global economy USD 6 Trillion annually by 2021, this makes cybercrime more lucrative than the total estimated global trade in all major illegal drugs combined. Clearly for government and businesses cybercrime represent a significant and potentially costly threat.

The aim of this alert is to create awareness on:

(i) Cyber security as a significant business risk;
(ii) Potential costs of cybercrime; and
(iii) Practical guidance.

We believe cyber security is the significant business risk for any organization since the level of threat evolves and changes as technology changes. In the current working ecosystems, organizations are however increasingly connected and this too transform the risk profile. This is more than a virus infecting an application, attackers have recently taken more sophisticated cycle of reconnaissance, scanning, access and escalate, exfiltration,sustainment, assault, obfuscation, post-exploitation and persistence.

The costs of cybercrime include disruption of data, monetary loss, lost production, theft of personal and financial data, cost of recovery after an attack and reputational damage.

In view of guidance, Cyber security needs to be managed appropriately as attackers target many areas of the organization but the dangers are ultimately measured in financial terms. We strongly recommend having the right policies and procedures-and our team can support on these. For starters, we advise our clients to observe key principle of governing, protecting, detecting and responding –These could include the below:

(i) Back up your data
(ii) Regular update your Anti-Virus for Malware protection
(iii) Protect smartphones and tablets (avoid apps from unauthorized
sources)
(iv) Use strong passwords
(v) Prepare for phishing attacks
(vi) Secure your network
(vii) Limit employee access to data and information
(viii) Limit authority to install software
(ix) Control physical access to servers and network equipment

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ARK CONTACTS

Senorina Michael, IT Advisor
Mobile: +255 754 710 970
Email: senorina.godfrey@ark.co.tz

John Shimbala, Director
Mobile: +255 766 798 508
Email: jshimbala@ark.co.tz

Godfrey Temba, Director
Phone: +255 767 810 970
Email: gtemba@ark.co.tz

Ark Associates Limited
369, Toure Drive
Oysterbay P O Box 23197
Dar es salaam, Tanzania
Tel +255 2222 96800

Email: info@ark.co.tz

This publication is intended to provide you with a general compliance guide and does not constitute a professional tax advice. Do contact us in case of any questions requiring a formal advice or position of the law.

© 2020 ark. All Rights Reserved. Ark Associates Limited is an independent entity incorporated and resident in Tanzania since 17 May 2016. The company is licensed to provide Professional Taxation and Accountancy Services.

For more information please visit us at www.ark.co.tz