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Experts at CyberXchange Say Security not Just about Banking Industry

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(L-r): Wendy Cheshire, sales director at Control Risks; Inalegwu Alogwu, head of Innovations and Information Security at Interswitch; Oluwafemi Aminu, chief risk officer at ETranzact Plc, and Favour Femi-Oyewole, chief information security officer, Nigeria Stock Exchange (NSE), during a panel session at CyberXchange Conference 2016 held in Lagos.
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Experts at the 2016 # CyberXchangeConference has warned that cyber security issues in Nigeria go beyond attacks on financial institutions; hence every internet user is vulnerable too.

Dipo Fatokun, director, Banking and Payment System, at the Central Bank of Nigeria, said though the banking sector is perceived as most vulnerable to cyber frauds, lack of awareness among customers is the major weakness that has enabled fraudsters perpetuate their acts.

He said that fraud is that globe, and does not recognise geographical boundaries, as such, banks and forums should be interconnected for the fight against fraud to be won.

Fatokun added that the fight against fraud cannot be won by a single-entity as the weakest link in any chain could prove to be disastrous, adding that organisations need to prepare regulations on how to tackle risks associated with frauds, and review their ethical processes annually with employees signing code of ethics.

According to him, while retired staff and family members also contribute to the issue of cyber threat, there is need for every organisation to develop specific and robust risk management policy.

Also, Hashim Zein, Sothes’s team leader, reminded the participants that Cybersecurity is not just about the banking industry. “If you have data, information or share connections with anyone that you care about online, you must want to protect them. That’s where our Banking, Oil and Gas, Telecoms, Digital and Social Media key speakers & workshop expert speakers came in”.

Day one of the conference offered a huge insight into securing the public’s money in banks, information with telcos and privacy on social media, while the day two focused on helping participants to seek to identify the key trends and technologies in Cyber Security — emerging from diverse industries – Finance, Payments, ecommerce, Banking, Telecommunications, Digital Media, Energy, as emerging start-up companies – that will reshape the West Africa in the years ahead.

In an interview with Nigeria CommunicationsWeek, Olufemi Ake, country manager, Nigeria and Ghana, ESET, who participated at the conference, said that several studies conducted by the country support the experts view on the need for West African market, and Nigeria in particular to be more proactive on mitigating cyber related attacks.

Ake said that internet threats in West Africa are getting more diverse, “therefore users need more complex internet security suites with features based on individual preferences”.

He said that ESET recently alerted schools on the growing trends of Ransomware attacks targeted at such institutions, as “There are plenty of things that they can do now that will help them avoid a school ransomware problem entirely, and there are even a few things you can do that might help repair the damage so you don’t have to fork over ransom money. ESET is there to help out”.

 

 


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OADC Lagos Reinforces Commitment to Local Data Hosting and Digital Transformation @ NDPC’s National Privacy Week Summit

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Open Access Data Centres (OADC) Lagos has reaffirmed its commitment to Nigeria’s data protection and digital transformation agenda through its sponsorship and active participation in the Nigeria Data Protection Commission’s (NDPC) National Privacy Week Summit.

The National Privacy Week Summit, organised by the NDPC, convened policymakers, regulators, technology providers, and industry stakeholders to promote data privacy awareness, strengthen compliance with the Nigeria Data Protection Act (NDPA), and advance conversations around data security, sovereignty, and responsible data governance.

As a sponsor of the event, OADC Lagos demonstrated its continued support for the Federal Government’s drive toward local data hosting and data domiciliation, which are increasingly critical to safeguarding sensitive information, enhancing regulatory compliance, and building trust in Nigeria’s digital economy.

Through its carrier-neutral, Tier III Design certified data centre in Lekki, Lagos, OADC provides secure, resilient, and compliant infrastructure that enables government institutions and private sector organisations to host and manage data locally while meeting international best practices.

Commenting on the engagement, Adesola Adesugba, Country Marketing Manager, Open Access Data Centres Nigeria, said: “We are proud to have supported the Nigeria Data Protection Commission through the National Privacy Week Summit and to stand alongside the government in advancing Nigeria’s digital transformation objectives.

“Strengthening local data hosting and domiciliation is fundamental to national data sovereignty, improved security, and sustainable digital growth, and OADC Lagos remains committed to enabling this future.”

OADC’s participation at National Privacy Week Summit underscores its role as a trusted digital infrastructure partner to government and enterprise, supporting secure cloud connectivity, regulatory compliance, and the long-term development of Nigeria’s digital ecosystem.

Open Access Data Centres is part of the WIOCC Group and operates open-access, world-class data centres across Africa, serving cloud providers, network operators, enterprises, and public sector institutions.


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Kaspersky Launches OT Calculator to Align Cybersecurity Investments with Business Goals

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Kaspersky’s new online tool has been specially developed for industrial organisations to assess the potential costs associated with insufficient operational technology (OT) security.

By offering detailed financial forecasts, the calculator empowers senior management to make well-informed decisions regarding security investments.

Industrial organisations increasingly depend on interconnected systems, elevating cybersecurity to a critical factor in business resilience and profitability.

According to VDC Research, over 60% of industrial companies last year reported that cybersecurity breaches had led to significant costs. Despite this, a persistent disconnect remains between security teams and executive leadership as security professionals focus on minimising risk, while executives must balance cybersecurity concerns with broader business objectives. This misalignment often results in competing priorities and underfunded security initiatives.

To bridge this gap, Kaspersky has launched the OT Cybersecurity Savings Calculator, an innovative online tool designed specifically for industrial organisations to assess the potential costs of inadequate operational technology (OT) security¹.

The primary aim of this tool is to translate cyber risks into tangible financial metrics and support strategic discussions around priorities and budget allocation. By entering details such as their sector, sub-sector, region, company size, breach history, and existing cybersecurity measures, organisations can estimate their potential cost savings and receive customised, actionable recommendations.

The calculator benchmarks performance against industry peers and highlights the company’s position within the current threat landscape.

“We believe this calculator is a powerful resource for transforming complex cyber risk data into straightforward financial insights. It enables OT leaders, security professionals, and executive teams to develop clear, data-driven business cases and recognise the value of cybersecurity investments. With actionable guidance, it promotes a comprehensive approach to resource management and strengthens overall organisational resilience,” comments Andrey Strelkov, Head of Industrial Cybersecurity Product line at Kaspersky.


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Local App Developers Rake $1m in Sales in 2025- NOTAP

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National Office for Technology Acquisition and Promotion (NOTAP) has said Nigerian software developers have reached significant milestones with locally made applications generating over one million Dollar in sales across domestic and regional markets.

Local App Developers Rake $1m in Sales in 2025- NOTAP

Dr Obiageli Amadiobi, director-general of NOTAP, said this in an interview with the News Agency of Nigeria (NAN), on Thursday in Abuja.

Amadiobi said the development signified the growing strength of Nigeria’s digital innovation ecosystem and how local innovation powers digital growth.

She said it was also a direct outcome of targeted support initiatives led by NOTAP.

She added that the initiative helped to build capacity, protect intellectual property, and connect developers to market opportunities.

According to the NOTAP boss, the journey from concept to impact started with understanding and securing intellectual property (IP) rights, a step many local innovators missed.

“Whether it’s a literary work, a laboratory invention, or a creative digital product, the process of bringing an idea to life demands immense time, skill, and dedication.

“An innovator might wake up with a solution to a pressing problem; spend months testing and refining it and achieve remarkable results; so it is their fundamental right to patent that creation and claim ownership.

“Without this protection, someone else could easily replicate their work; patent it in their name; and legally control what was built with Nigerian brainpower,” she said.

Amadiobi said that the challenge was compounded by widespread digital piracy and counterfeiting, which hit the ICT sector hardest.

“From copied software applications to replicated content on social platforms like TikTok, unauthorised duplication has become a major barrier to growth.

“We see talented young creators develop unique digital content or tools, only to watch others rebrand and profit from their work within weeks,” she said.

The DG noted that most popular online personalities with distinctive styles often don’t realise they could protect their original contributions through IP registration.

She said that to address these gaps and unlock the value of Nigerian innovation, NOTAP implemented a multi-pronged strategy,- a cornerstone initiative – which is the Local Vendor Policy.

“The Local Vendor Policy mandates that foreign technology firms entering Nigeria partner with domestic counterparts,’’ she said.

Amadiobi said that among the performing apps are solutions addressing critical local challenges such as a mobile health platform that now serves 750,000 users across six states.

“There is also the agricultural marketplace connecting smallholder farmers to buyers; and an educational tool that has been adopted by 200 schools to improve learning outcomes,” she said.

She added that the apps were developed by teams that gained skills and resources through NOTAP’s Local Vendor Policy.

According to her, the policy requires foreign technology firms operating in Nigeria to allocate a portion of their technical service fees to local partners.

“Three years ago, many of these developers were only providing support services to foreign companies.

“But today, they are building their own products that compete globally. 60 per cent of last year’s sales came from other African countries, showing our developers can lead on the continent,” she said.

The D-G explained that the one million dollar figure represented sales from over 50 locally developed apps, with individual developers earning between 5,000 dollars and 80,000 dollars from their products.

“Looking ahead, NOTAP aims to double these sales figures by 2027, with plans to expand support to developers focusing on fintech, renewable energy management, and climate adaptation tools.

“These are the sectors identified as high-growth opportunities for Nigerian innovation,’’ Amadiobi said


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