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47% of Companies in the META Region Plan to Outsource Cybersecurity

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Company bosses are boosting their cybersecurity following an alarming increase in cyberattacks, a new study commissioned by Kaspersky has found.

The data shows that 78% of companies in the Middle East, Turkiye and Africa region suffered at least one cyber incident over the last two years. One of the main reasons cited was the shortage of qualified IT security staff (23%).

Among measures to strengthen cybersecurity, overall up to 47% of respondents claimed that their companies plan to invest in different forms of outsourcing cybersecurity in the next 12 to 18 months.

Kaspersky conducted a study to learn the opinions of IT security professionals working for SMEs and corporations worldwide regarding the impact people have on cybersecurity in a company.

The survey gathered information about various groups of people who influence cybersecurity, looking at both internal staff, and external actors. It also analysed levels and types of online safety company bosses believed warranted investment.

In the META region, more than three quarters (78%) of respondents reported that their company had experienced cybersecurity incidents within the last two years, with 83% of these judged as ‘serious’. Some said the main reasons for cyber incidents occurring in their company were a lack of necessary tools for threat detection (31%) and a shortage of internal IT security staff (23%).

The respondents indicated that a variety of measures would be appropriate to address the gaps in cybersecurity. Specifically, 24% said they would like to see more external specialists brought in.

One quarter of organisations (25%) plan to invest in third-party professional services, and as many as 32% of respondents are aiming to outsource their cybersecurity to MSP/MSSP (Managed Service Providers/Managed Security Service Provider).

The most likely industries to invest in third-party services in the near future are critical infrastructure, energy and oil & gas companies.

At the same time, many organisations plan to invest in automating their cybersecurity processes. In the next 12 months almost half of businesses in the META region (51%) have concrete plans to implement software that automatically manages their cybersecurity, while 19% are discussing the subject.

“The automation and outsourcing of cybersecurity tasks are major areas that organisations are struggling with because of a lack of experts and alert fatigue. Turning to external experts, — whether it’s outsourcing, to manage the whole cybersecurity system, or adopting expert-level services to assist the IT Security department — is the optimal solution for many.

“Cybersecurity vendors, Managed Service Providers, Managed Security Service Providers are the companies that have relevant expertise, all the necessary tools, and can manage cybersecurity effectively for customers of any size.

“Additionally, they can provide the customer with various options, such as Managed Detection and Response services, where SOC experts continuously carry out monitoring, or assistance in case of emergency like investigating a particular incident. Automation tools provided by cybersecurity vendors is another way an organisation can strengthen its cybersecurity.

“For example, our XDR and MDR has out-of-the-box automation through investigation and response playbooks and embedded AI, enabling clients and partners to significantly automate their information security processes.

“With all possible options provided by experts, each company can determine the scope of services that are needed, based on cybersecurity gaps or desired development trajectory,” comments Ivan Vassunov, VP, Corporate Products at Kaspersky.


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E-Business

FG Unveils Roadmap for Africa’s Digital Trade Revolution Under AfCFTA

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The Federal Government on Friday unveiled a comprehensive strategy to lead Africa’s digital trade revolution within the framework of the African Continental Free Trade Agreement (AfCFTA).

The strategy is part of the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration to harness trade as a catalyst for economic growth and continental cohesion in line with AfCFTA objectives.

To this effect, Vice President Kashim Shettima said Nigeria is in a unique position to spearhead the continent’s technological transformation.

He made the observation while delivering the keynote address during a Stakeholders Summit with the theme, “Digital Trade in Africa: The Renewed Hope Strategy,” held at the Banquet Hall of the Presidential Villa, Abuja.

“We are in a vantage position because we are the continent’s largest ICT hub, and as such, we must lead the way to the future of this peculiar wave of the Industrial Revolution.

“Our collaboration must prioritize comparisons of our policy initiatives to those of developed economies and fine-tune them to sustain our place and fast-track our growth,” the Vice President stated.

Senator Shettima outlined key components of the roadmap to include implementation of AfCFTA’s Digital Trade Protocol and the development of expansive technical talent hubs.

The plan, according to him, also focuses “on enhancing digital infrastructure investments, promoting disruptive innovation and entrepreneurship, and ensuring the alignment of multiple government agencies to support digital trade initiatives.”

The VP stressed the need for strong synergy between the public and private sectors in implementing the AfCFTA’s Digital Trade Protocol, just as he assured that the federal government remains committed to investing in digital infrastructure and human capital development to drive the process.

He continued: “Our collaboration must prioritize comparisons of our policy initiatives to those of developed economies and fine-tune them to sustain our place and fast-track our growth. For a sector upon which all others rely to survive, digital technologies hold the nation together, and we cannot afford to slow down.

“Our programmes, from the Investment in Digital and Creative Enterprises (iDICE) to the ongoing intervention to train 3 million technical talents by the Ministry of Communications, Innovation and Digital Economy, to the Outsource to Nigeria Initiative (OTNI), are lifelines in our digital economy.

“They offer us an avenue to not only maximize our potential but also commit to the adoption of the Digital Trade Protocol within AfCFTA,” VP Shettima further explained.

Earlier in his remarks, Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijjani, said the Tinubu administration is investing significantly in every aspect of the digital trade protocol, with a view to harnessing opportunities in the country and continent at large.

He explained that through innovative policies and programmes such as the 3 Million Technical Talent (3MTT) programme, data protection policy and improved investments in digital infrastructure, the administration is equipping the country’s young population for the opportunities of the present and future.

Underscoring the significance of technology in trading across the continent, Dr Tijjani said opportunities that exist within the single market area are unprecedented and could best be harnessed through effective collaboration and networking facilitated by digital technology.

In his welcome address, the Special Assistant to the President on ICT Policy, Dr. Salihu Dasuki Nakande, thanked President Tinubu and Vice President Shettima for their commitment and dedication to the Renewed Hope Agenda, which he said has laid a solid foundation for the digital transformation journey in the country.

He said their continuous support has led to the discourse on digital transformation which will equally lead to a prosperous Nigeria.

Quoting the Vice President in his address at the World Economic Forum in Davos earlier this year, Dr. Nakande said, “Looking ahead, there is a need for speed and cohesion among African countries, the idea of AfCFTA must be revived and there is no hope in keeping waiting in this world, we must act swiftly and together ensure that the AfCFTA succeeds.


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Cybersecurity Firm Uncovers Scams Targeting Olympic Games Fans

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The first in-person Summer Olympics since the lifting of pandemic restrictions is set to begin on July 26, attracting millions of sports enthusiasts.

Kaspersky experts have noted a surge in scamming activity surrounding the event, with fraudsters targeting users’ money and data.

To understand how scammers are exploiting viewers’ interest, Kaspersky experts analysed Olympic-related phishing websites and identified the main schemes currently in use.

Fake Tickets

With the Olympic Committee warning of fake ticket offers and news of a UK swimmer’s family being scammed out of £2,500 while attempting to purchase tickets for the Paris Olympics, Kaspersky’s telemetry confirms that fraudsters are actively crafting phishing websites.

These sites offer tickets for Olympic competitions at exclusive prices or claim to have seats for sold-out events. This well-tested yet effective fraudulent scheme has resurfaced during many Olympic seasons, and Kaspersky’s experts expect such websites to proliferate during Paris 2024 events.

In this scenario, users fill out a data form and transfer both their personal information and money to scammers. As a result, they may receive invalid tickets or, more likely, nothing at all, leading to financial loss and their data being sold on Dark Web forums.

Fake Corporate Giveaways

Many organisations host giveaways for their employees, partners, and customers during major events. Recently, Kaspersky experts uncovered a fraudulent page impersonating a French bank, falsely promising a chance to win event tickets.

Employees are enticed to fill out a form with personal details, including their Internet account login credentials and passwords. This allows fraudsters to infiltrate victims’ corporate resources and potentially spread malicious content further.

Fake Merch Stores

Kaspersky experts have also discovered fraudulent online stores selling merchandise such as shirts, uniforms, accessories, and more. Needless to say, those who were enticed by these offers never received the items they ordered.

Special Cell Phone Plans

Fraudsters have set up phishing websites offering a free 48 GB data package for all networks. These sites entice users to provide personal information, such as phone numbers and payment details, under the guise of activating the data package.

Once submitted, this information is harvested for malicious purposes, leading to potential financial loss and privacy breaches.

“During major events like the Olympics, the sheer volume of offers can be overwhelming and deceptive,” says Anton Yatsenko, security expert at Kaspersky. “Scammers prey on the excitement and urgency people feel, making it crucial to approach every offer with a healthy dose of scepticism.

Remember, if something seems too good to be true, it probably is. Take the time to verify the authenticity of offers and protect your personal information. Your vigilance can be the difference between enjoying the event and falling victim to a scam.”


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Nigeria inflation rate hits 34.19%

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Nigeria’s annual inflation rate increased for the fifth consecutive month to 34.19 per cent as Nigerians battle with high living crisis.

According to the National Bureau of Statistics (NBS), released on Monday, the June figure is 0.24 per cent higher than the 33.95 per cent recorded in May. The lowest figure in 2024 was 29.90 per cent, recorded in January.

On a year-on-year basis, the headline inflation rate was 11.40 per cent points higher compared to the rate recorded in June 2023, which was 22.79 per cent.

“This shows that the headline inflation rate (year-on-year basis) increased in the month of June 2024 when compared to the same month in the preceding year (i.e. June 2023),” the NBS said.

NBS said on a month-on-month basis, the headline inflation rate in June 2024 was 2.31 per cent, which was 0.17 per cent higher than the rate recorded in May 2024 (2.14 per cent) meaning that in the month of June 2024, the rate of increase in the average price level is higher than the rate of increase in the average price level in May 2024.

According to the NBS, the food inflation rate in June 2024 rose 40.87 per cent on a year-on-year basis, which was 15.62 per cent points higher compared to the rate recorded in June 2023 (25.25 per cent).


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