E-Business
Cyber Security: Aligning Nigeria With Rest Of The World
Top cyber threats listed by the United State’s Federal Bureau of Investigation (FBI) are hacktivism, crime, insider, espionage, terrorism and warfare. The world is no longer witnessing an era of changes; it is actually the change of an era, as security becomes cyber security.
Internet of things has become the Internet of bad things, the Internet of threat, and the Internet of everything.
What was seen as emerging threats on Windows are now targeting Android devices, turning mobile security into a high priority.
All infrastructures that are widely used are inherently vulnerable.
Cyberspace has been declared as the fifth territory of war, as the next 9/11 will most likely not happen physically but it will only involve a keyboard on the other side of the world.
There is a lot of work to do but not enough people: there are 1 million unfilled jobs worldwide in the cyber security industry.
What is the state of Nigeria’s preparedness for cyber threats? Is the country putting in place right policies and required infrastructure to align itself with the rest of the world?
These and other questions were analyzed at the ISACA 7th Annual International Conference hosted by its Abuja chapter recently.
While welcoming the attendees to the event, Chimenka Ezeribe, chairman of the conference announced that the theme of the conference, “Cyber security: Aligning Nigeria with the rest of the world”, was adopted with a view to considering the pros and cons of cyber security situation in Nigeria, and other parts of the world, and to provide a way for compliance to international standards and best practices.
Opeyemi Onifade, president and board chairman, ISACA Abuja, explained that Nigeria as a member of the global society is insulated from the opportunities and threats of globalization.
“As the use of IT becomes pervasive and more and more organizations in Nigeria leverage on the Internet to transact and interact with citizens, residents, customers, employees, suppliers and partners, it has become imperative to address our collective capacity to respond to the inevitability of cyber threats, especially Advanced Persistent Threats, APT,” he said.
He admonished the country, saying, “We need to understand that we cannot succeed by accident. The cyberspace is now recognized as the fifth domain of warfare in addition to land, air, sea and space. Unfortunately in Nigeria, our cyberspace domain is still a neglected and unprotected territory whereas we have come to depend so much on mobile telecommunications, electronic banking and e-commerce for our socio-economic for survival.”
Basil Udotai, managing partner, Technology Advisors and a foremost ICT lawyer, spoke on the duties of financial institutions in combating cybercrime.
According to him, Section 19 of the new cyber law prohibits financial institutions to give posting and authorizing access to any single employee while section 20 punishes fraudulent issuance of e-instructions.
He said Section 30 says that any person who manipulates an ATM machine or POS with the intention of defrauding commits an offence.
Also, section 35 deals with sales and purchase of another person’s card; under section 36 any person who with intent to defraud uses any device or attachment email or obtain information of a cardholder commits an offence.
Udotai also revealed that the new law frowns at not disclosure of cyber threat.
According to him, reporting cases of cyber threat is mandatory.
Section 21 of the new law says any person or institution, which operates a computer system or a network, whether public or private, must immediately inform the National Computer Emergency Response Team (CERT) Coordination Center of any attacks, intrusions and other disruptions liable to hinder the functioning of another computer system or network, so that the National CERT can take the necessary measures to tackle the issues.
“Any person or institution, who fails to report any such incident to the National CERT within 7 days of its occurrence, commits an offence and shall be liable to denial of internet services. Such persons or institution shall in addition, pay a mandatory fine of N2,000,000.00 into the National Cyber Security Fund”.
He said that the Cybercrime Act, though long in coming and beset with certain challenging components, may be applied to effective tackle Nigeria’s cybercrime and cyber security challenges.
However, the key players; ONSA and the OAGF, working with stakeholders, should make deliberate effort to make this a reality
Taiye Lambo, chief information security officer, Office of Information Security City of Atlanta, United State of America, spoke about the critical success factors in aligning Nigeria with global best practices. He argued that there must be visible support and commitment from top management; which he termed a top down approach.
He said institution’s information security policies, objectives and activities must reflect business objectives and there is an approach to implementing information security that is consistent with organizational culture must be put in place.
He said a good understanding of the security requirements, risk assessment and risk management and distribution of guidance on information security policy and standards to all employees and contractors are very critical.
Besides, he recommended a comprehensive and balanced system of measurement, which is used to evaluate performance in information security management and feedback suggestions for improvement.
In his contribution, Iyke Ezeugo, a business intelligence expert revealed that businesses in the country are under pressure to cope with new business trends, challenges and opportunities.
According to him, they need to deal effectively with the emerging big data – transforming the raw data into meaningful and useful information.
They require capacity for interpreting large amounts of unstructured data to help identify, develop and otherwise create new strategic business opportunities.
Osioke Ojior, NIBSS’s chief risk officer, said risk management is a comprehensive process that requires NIBSS to frame risk (that is establish the context for risk-based decisions), assess risk, respond to risk once determined, and monitor risk on an ongoing basis using effective organizational communications and a feedback loop for continuous improvement in the risk-related activities of organizations.
He explained that risk framing produces a risk management strategy that addresses how NIBSS intends to assess, respond and monitor risk – making explicit and transparent the risk perceptions that organizations routinely use to make investment and operational decisions.
According to him, risk assessment identifies threats to operations, assets, individuals or threats directed through the organization or industry against other organizations or the nation.
He averred that risk could also be internal and external vulnerabilities to the payment system, the harm (i.e., consequences and impact) to the payment system that may occur given the potential for threats exploiting vulnerabilities; and the likelihood that harm will occur.
The result is a determination of risk (i.e., the degree of harm and likelihood of harm occurring).
He explained that risk response provides a consistent, organization-wide, response to risk in accordance with the organizational risk frame by developing alternative courses of action for responding to risk; evaluating the alternative courses of action; determining appropriate courses of action consistent with organizational risk tolerance and implementing risk responses based on selected courses of action.
Professor Daniel Okunbor, University of Abuja, in his paper disclosed that the rising usage of social media in Africa has serious security implications.
He argued thatthat Africa caught on social media much quickly than she has been with so many other modem technologies is clearly not a surprise.
Social media penetration in Africa could attributed be largely to the relative cost of the technologies, easy of operations and availability of relevant applications.
He explained that social media platforms are increasingly being used by enterprises to engage with customers, build their brands and communicate information to the rest of the world.
However, social media for enterprises is not all about \’liking,\’ \’friending,\’ \’up-voting\’ or \’digging.\’ For organizations, there are real risks to using social media, ranging from damaging the brand to exposing proprietary information to inviting lawsuits.
By Reuben Kalu.
In the vast expanse of the digital realm, Google looms large, an omnipresent force shaping the way we navigate, search, and conduct business online.
From its humble beginnings as a search engine to its current status as a multifaceted tech behemoth, Google has entrenched itself deeply into the fabric of the internet.
Its influence is undeniable, its reach unparalleled, and its ubiquity seemingly inescapable. But can you truly run an online business without Google?
The answer, in today’s digital landscape, is a resounding no. You have no choice.
Google’s dominance extends across multiple facets of the online world, making it virtually impossible for businesses to thrive without engaging with its ecosystem.
From search engine optimization (SEO) to online advertising, email services to analytics, Google’s suite of products and services permeates every aspect of the online business landscape.
Attempting to operate without Google is akin to swimming against a relentless tide, fighting an uphill battle fraught with obstacles and limitations.
At the heart of Google’s influence lies its search engine, the gateway through which billions of internet users navigate the vast expanse of online content. .
Google’s search algorithms wield immense power, determining which websites rank prominently in search results and which languish in obscurity.
For businesses seeking to attract organic traffic and expand their online presence, optimizing for Google’s search algorithms is not merely advisable—it’s imperative.
But Google’s influence extends far beyond search. Consider Google Ads, the company’s advertising platform that enables businesses to reach targeted audiences through paid search, display, and video advertising.
With billions of searches conducted on Google each day, Google Ads provides unparalleled reach and visibility, allowing businesses to target potential customers with pinpoint accuracy.
Attempting to compete in the online advertising arena without leveraging Google Ads is akin to entering a battle unarmed—a futile endeavor destined for failure.
Moreover, Google’s suite of productivity tools, including Gmail, Google Drive, and Google Workspace, has become indispensable for businesses seeking to streamline their operations and enhance collaboration.
With seamless integration across devices and platforms, Google’s productivity tools offer unparalleled convenience and efficiency, empowering businesses to work smarter, not harder.
Attempting to eschew Google’s productivity suite in favor of alternative solutions is not only impractical but also unwise, depriving businesses of the tools they need to succeed in today’s fast-paced digital landscape.
Furthermore, Google Analytics stands as the gold standard for web analytics, providing businesses with invaluable insights into their online performance and audience behavior.
From tracking website traffic and user engagement to analyzing conversion metrics and customer demographics, Google Analytics offers a comprehensive toolkit for optimizing online marketing strategies and driving business growth.
Attempting to gauge online performance without leveraging Google Analytics is akin to flying blind, devoid of the critical data needed to make informed decisions and drive meaningful results.
But perhaps the most formidable aspect of Google’s influence lies in its role as a gatekeeper of information and access.
With billions of users relying on Google’s platforms and services each day, the company wields immense control over the flow of online traffic and the dissemination of information.
For businesses seeking to connect with customers and expand their reach, Google’s dominance presents both a tremendous opportunity and a formidable challenge.
Attempting to circumvent Google’s influence and establish an online presence independent of its ecosystem is a Herculean task, fraught with uncertainty and risk.
In essence, attempting to run an online business without engaging with Google is akin to swimming against a relentless tide, fighting an uphill battle fraught with obstacles and limitations.
While alternative platforms and solutions exist, none possess the ubiquity, reach, and influence of Google’s ecosystem.
To thrive in today’s digital landscape, businesses must embrace Google’s dominance and leverage its suite of products and services to their advantage. You have no choice.
In conclusion, Google’s pervasive influence permeates every aspect of the online business landscape, making it virtually impossible to escape its grasp.
From search engine optimization to online advertising, productivity tools to web analytics, Google’s ecosystem encompasses a vast array of products and services that have become indispensable for businesses seeking to succeed in the digital age.
While alternative solutions may exist, none possess the ubiquity, reach, and influence of Google’s ecosystem.
To thrive in today’s digital landscape, businesses must embrace Google’s dominance and leverage its suite of products and services to their advantage.
You have no choice.
E-Business
Hydrogen Hosts Catalyst Workshop, Highlights Resilient Business Models for Fintech Startups
As part of its mission to empower African businesses with tools needed to thrive, garner admiration, and foster global acclaim, leading payment solution company, Hydrogen Payment Services Company Limited (Hydrogen), recently partnered with the Co Creation Hub (CcHub), to host the latest edition of the Catalyst workshop in Lagos.
The discourse addressed the potential risks and opportunities for startups and saw experts advise participants on the need to develop resilient business models that would scale across different economic climes.
Moderated by Miracle Ezechi, Digital Marketing Manager, Hydrogen, the panel session addressed dominant issues about the theme: ‘Adapting Fintech Business Models to Economic Climes: Flexibility, Agility and Customer-centricity’.
Mr. Emeka Awagu, Chief Technology Officer, Hydrogen, who spoke as a panellist, addressed the issue of customer-centricity, which according to him, is key to Fintech growth.
He advised startups to listen to customer demands and understand their needs in order to develop the right solutions that will lead to long term market viability.
“Innovation is key for startup growth. However, understanding customers’ needs and change in behaviour will help any startup to innovate better.
“Startups must be flexible and agile to develop solutions with high interoperability and processing speed, and they must be ready to learn from startups that have failed,” Awagu said.
With an estimated 61.07 percent of startups failing, the participants stressed the need for prudence.
“Statistically, a staggering number of startups fail, often due to financial mismanagement. Hence, founders must prioritise understanding and maintaining a healthy the Cost-to-Earnings ratio.
“It is not just a number, but a pivotal indicator of a company’s financial health as well as being a key attractiveness determinant for investors,” Awagu added.
On his part, Ina Alogwu, the Group Director, Digital Transformation, ARM HOLDCO, who also spoke as a panellist at the session, stressed the need for startups to develop sustainable products and solutions that will help them remain competitive in an environment that is faced with harsh economic realities.
“Many startup businesses fail within their first five years, however upcoming startups should not be discouraged, rather develop a culture that will encourage them to understand the reasons for failure and learn from mistakes.
“Startups should not be too rigid with their solutions and should be ready to accept changes that will drive innovation,” Alogwu stated.
Hydrogen will be deepening its economic impact series with a webinar planned for Thursday, April 25, even as businesses across Africa continue to face an array of challenges, ranging from inflation and currency fluctuations to rising operating costs.
Themed ‘Navigating Economic Challenges: Strategies for Sustainable Growth,’ the webinar will delve into key areas critical for businesses to not only survive but thrive in the face of economic adversity. Register using this link – https://bit.ly/Hydrogenwebinar.
Esteemed panellists for this event include Taofik Odukoya, CEO, Vanguard Pharmacy, and Okechukwu Odimgbe, Chief Financial Officer, Hydrogen. The session will be moderated by Nnenna Sam-Obioha, Ecosystem Orchestrator, Hydrogen.
Dexude, a leading edtech platform with operations in Nigeria, has announced that it has been awarded the prestigious Business Finland TEMPO funding.
Charles Emembolu, founder of Dexude,
This significant funding injection marks a pivotal moment in Dexude’s journey towards transforming education through its AI-powered, live-first, expert-led, and community-driven platform.
The Business Finland TEMPO funding is specifically designed to support startups and SMEs aiming for international growth by building their expertise and solutions into international success stories in innovative ways.
Dexude’s commitment to innovation, coupled with its vision to enable a billion learners worldwide, aligns perfectly with the objectives of the TEMPO funding.
Commenting on this milestone achievement, Charles Emembolu, founder of Dexude, remarked, “We are incredibly honored and excited to receive the Business Finland TEMPO funding. This funding is not only a validation of Dexude’s mission to reinvent education but also a testament to the hard work and dedication of our team. With this support, we are poised to accelerate our efforts in democratizing access to quality education and empowering learners across Nigeria and beyond.”
L-r; Kelvin Chikezie, co-founder of Dexude; Kashifu Inuwa Abdullahi, Director-General/CEO of the National Information Technology Development Agency (NITDA); and Charles Emembolu, founder of Dexude
Kelvin Chikezie, co-founder of Dexude, added, “Securing the Business Finland TEMPO funding is a significant milestone for Dexude. It underscores our commitment to leveraging technology and innovation to revolutionize the way people learn and grow. We are grateful to Business Finland for believing in our vision, and we are excited to embark on this next chapter of Dexude’s journey.”
Dexude is on a mission to redefine education by providing learners with access to influential experts and thought leaders, live interactions, and a vibrant community-driven learning experience.
Through its platform, Dexude aims to break down barriers to learning and empower individuals to pursue their passions and unlock their full potential.
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