E-Business
Curbing N127bn Cybersecurity Annual Losses via Tardigrade’s ERA Roadmap

With cyber attacks on the rise, organisations across the globe are contending with loss of reputation, loss of customers, potential financial liabilities, regulatory notification requirements and sometimes, litigation. To address this menace, however, Tardigrade, a Nollysoft’s Enterprise Risk Assessment (ERA) solution, has been identified by experts as a veritable roadmap that would provide the better understanding of the cybersecurity space and a good grasp of the internal control mechanisms to organisations towards cyber threats.
The greatest war that countries in the 21st Century currently face and which they must prepare to win headlong to actively participate in the global economy largely driven by the Internet is cyber warfare.
As such, the need for organisations to deploy a security solution that helps to identify factors contributing to and determining the organisation’s overall cyber risk; assess the organisation’s cybersecurity preparedness; evaluate whether the organisation’s cybersecurity preparedness is aligned with its risks; determine risk management practices and controls that are needed or need enhancement and actions to be taken to achieve the desired state and offers informed risk management strategies to organisations cannot be under-estimated.
Indeed, local and regional authorities, professional IT associations and various reports home and abroad have raised the sentiments around the danger posed by cyber threats and the need for each organisation to get its IT infrastructure weaponised through effective internal controls and security solutions.
Rising wave of concerns
For instance, the telecoms industry regulator in Nigeria, the Nigerian Communications Commission, has noted that cybersecurity has become an essential component of the human activity. This was the position of the Executive Vice Chairman of the Commission, Prof. Umar Danbatta, at a cybersecurity forum in Lagos,where he noted that cyber attacks’ high level of complexity requires action at different levels (both virtual and physical) and by different actors, including governments, private sector, civil society, intergovernmental organisations, among others.
According to him, the current scale and growth of ICT applications transcend all spheres of social and economic boundaries worldwide. “Whether it is broadcasting (digital TV) or social networking, e-Commerce (mobile banking and financial services), e-Governance (government services management, e-education, e-health, e-taxation, e-commerce), governments, institutions and the society, in general, are increasingly embracing these technologies and at the same time becoming exposed to vulnerabilities of cyber-attacks,” he said.
He, therefore, strongly advocated that technical measures such as theNollysoft’s Enterprise Risk Assessment (ERA) solution and appropriate legal instruments must be put in place to enhance the resilience of cybersecurity infrastructure and safeguard cyber technologies users.
In the same vein, Secretary-General of the Commonwealth Telecommunications Organisation (CTO), Mr. Shola Taylor, has also raised serious concerns about the dangers of cyber attacks and the need for a synergy by stakeholders to mitigate and, if possible, prevent their potential risks on organisations IT infrastructure.
According to Taylor, “Cyberspace contributes significantly to achieving countries’ national development goals, and so international organisations, national security services, operators, intelligence and data protection agencies, as well as citizens all, have a role to play in making cyberspace safer and more resilient,” he said, while sharing the CTO’s experience in developing national cybersecurity strategies for Commonwealth member countries as well as other countries, including Senegal last year.
Potential risks, exposures and losses
In Nigeria, over N127 billion is lost annually by mostly business organisations and ministries, departments and agencies (MDAs) of government, translating to 0.08 percent loss in the `country’s annual Gross Domestic Product (GDP), according to the country’s Minister of Communications, Adebayo Shittu.
Also,62 percent of firms are being attacked weekly, according to a 2017International Data Corporation (IDC) InfoBriefsponsored by Splunk. In the report, it was noted that with malware becoming more advanced with encrypted ransomware, the security breach impacts on organisations may include loss of reputation, loss of customers, potential financial liabilities, regulatory notification requirements and sometimes litigation instigated by victim customers.
President, Cyber Secure Conference organised by the Cyber Security Experts Association of Nigeria (CSEAN), Mr. RemiAfon quoted another statistics, which puts the cost of cyber-crime globally at $700 billion per year.He said the loss is projected to rise to about $2 trillion by 2019, due to the rapid digitisation of consumer lives and company records. Breaches like these have steadily been on the rise as according to reports, the number of incidents has increased by more 38 percent annually since 2015.
According to U.S. State of Cybercrime survey, Ponemon Institute, and Juniper research, cybersecurity events and costs are increasing, data breaches are expected to reach $2.1 trillion globally by 2019.
Thus, Afon argues that there is a need for Nigeria to implement the National Cyber Security Strategy and Policy and ensure effective implementation of the Cybercrime Act 2015 as well making organisations embrace newest solution. One of such security solutions ready to tackle cyber attacks on organisations in the country is Tardigrade, a Nollysoft’s Enterprise Risk Assessment (ERA) solution.
This is instructive as industry experts have said organisations in Nigeria are in dire need of cyber experts that could help secure the cyberspace and one of the ways to boost protection is to embrace and deploy innovative solutions offered by security company/experts.
E-Business
CBN Affirms Alpha Morgan Bank’s Capitalisation

The Central Bank of Nigeria (CBN) has affirmed the capitalisation of Alpha Morgan Bank, marking an important milestone in the bank’s growth journey and reinforcing its commitment to building a strong, resilient, and future-ready financial institution.

This affirmation reflects the bank’s adherence to regulatory requirements and its strategic focus on strengthening its capital base to support sustainable growth, innovation and improved service delivery to customers.
With this milestone, Alpha Morgan Bank is well positioned to continue expanding its footprint with its 14 approved branches across different states, while deepening inclusivity and enhancing the range of banking solutions available to individuals, businesses, and institutional clients nationwide.
Commenting on the development, the Managing Director of Alpha Morgan Bank, Mr. Ade Buraimo, expressed the readiness of the bank in ensuring compliance with regulatory requirement, good governance framework while delivering satisfying banking along the long-term vision of the bank to become the best bank to work and strong financial institution to reckon with.
He said: “Capitalisation is more than a regulatory requirement; it is an opportunity to strengthen the institution for the future. The affirmation of Alpha Morgan Bank capitalisation reflects the work we have done to build a solid capital foundation that allows us to support businesses more effectively, expand financial access and continue delivering the level of service our customers expect.’’
According to him, Alpha Morgan Bank remains committed to maintaining strong corporate governance standards, sound risk management practices, and prudent financial management as it continues to support economic development and create long-term value for stakeholders.
“As Alpha Morgan Bank enters the next phase of its journey, the institution will continue to scale its operation, invest in technology, expand its branch network and digital banking presence, whilst delivering reliable and satisfying banking experiences to its growing customer base,” Buraimo added.
E-Business
Police Says Victims Enable Cyber Attacks Out of Ignorance

Mr Uche Ifeanyi, commissioner of Police in charge of the Nigeria Police Force National Cyber Crime Centre (NPF-NCCC), said on Friday that most cyber attacks occur because victims act out of ignorance.

He spoke in Abuja at the opening of an online cybercrime awareness campaign themed “Odogwu No Dey Hide Him Face,” organised to educate and empower communities about online safety and cyber hygiene.
“Studies reveal that the majority of cyber attacks are initiated or enabled by victims due to lack of knowledge.
“Personal information is invaluable and must be protected at all times.
“Just as we maintain physical health, we must also maintain a healthy digital lifestyle,” he added, stressing that simple cyber hygiene practices could greatly reduce the risk of becoming a victim.
He urged the public not to disclose confidential information to unauthorised persons and to use strong, unique passwords, enable multi-factor authentication, and apply security safeguards on digital devices.
“Keep personal information private, avoid suspicious links, and regularly update software or system patches,” he said, adding that antivirus programmes and firewalls were essential for online safety.
Ifeanyi warned against falling for “free gifts” online.
“If it sounds too good to be true, it most likely is fraud,” he said, advising caution with urgent or suspicious messages.
He also urged internet users to verify information before sharing to avoid spreading fake news, emphasising that cybercriminals could exploit everyone regardless of age, occupation, or social class.
Vincent Olatunji, director-general, National Data Protection Commission (NDPC), commended NPF-NCCC for its efforts and said the campaign theme was commendable.
He noted the importance of educating people on legitimate wealth and safe internet use.
Olatunji said that the fight against cybercrime required collective effort, warning that the risks were increasing daily as more people connected to the internet across Nigeria.
E-Business
Firm Enhances its Security Awareness Platform with SCORM and PDF Support

Kaspersky has introduced an update to its Automated Security Awareness Platform, adding full support for PDF and SCORM (Sharable Content Object Reference Model) – the industry-standard protocol for deploying and managing e-learning content.

The enhancement enables organisations to build fully customised cybersecurity training programmes that reflect their infrastructure, risk profile, and internal policies, while continuing to benefit from Kaspersky’s expert-driven security content and phishing simulations.
According to the Kaspersky report titled “Redefining the Human Factor in Cybersecurity”, employees responding to phishing attacks was one of the main causes of cyber incidents in companies worldwide, accounting for 21% of cases among other reasons.
At the same time, additional Kaspersky research reveals that social engineering attacks are predicted to increase more than any other type in the nearest future, with 87% of respondents believing that social engineering attacks will become even more effective due to the use of AI tools.
The new Kaspersky Automated Security Awareness Platform (Kaspersky ASAP) update directly addresses several persistent challenges such as reducing the number of human-related incidents, cutting time spent on managing training programmes, decreasing regulatory and compliance risks, and minimising potential legal or reputational damage stemming from cybersecurity breaches.
With the new SCORM support, the platform becomes even more flexible: companies can now upload, track, and manage their own SCORM-based learning materials directly within the system. In addition, companies can accelerate their programmes by using easier-to-create PDF-formats.
This allows organisations to tailor training to their specific technology stacks and emerging threats targeting their industry or region. Businesses that have already invested in third-party SCORM courses or internal learning development can now seamlessly reuse their existing modules, protecting their prior investments while strengthening their cybersecurity posture.
The combination of Kaspersky’s embedded content built on real cases uncovered by the company’s world-class experts with customers’ PDF materials or SCORM modules enables a true best-of-breed approach to human risk management.
Organisations can supplement Kaspersky’s up-to-date cyberattack scenarios with internal policies, unique workflows, and industry-specific lessons, ensuring training resonates with employees and reflects real operational challenges.
“Human behaviour remains one of the most unpredictable elements in cybersecurity and also one of the easiest for attackers to exploit. By adding SCORM support to Kaspersky Automated Security Awareness Platform, we’re giving organisations the flexibility to build training programmes that truly match their internal realities.
“Combined with Kaspersky’s expert-driven content and real-world attack data, this update empowers companies to create more adaptive, relevant, and impactful awareness programmes than ever before,” comments Svetlana Kalashnikova, Security Awareness expert at Kaspersky.
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