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Adetokunbo Omotosho, Cybervergent CEO Harps on Digital Trust as Businesses go Digital

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Adetokunbo Omotosho, chief executive officer of Cybervergent has emphasized on digital trust as Nigerians move businesses and transactions digitally.

He said: “without security as people continue to move digital, customers’ trust weirs and one of the things we proud ourselves is the company that ensures digital trust. We believe that within the economy and the ecosystem everything has to stay safe and stable. That’s our unwavering commitment and we put a lot of resources to back it up”.

“A breach can erode trust and damage a company’s reputation. Prioritising cybersecurity demonstrates a commitment to protecting customer data, fostering trust, and maintaining a positive brand image”.

He said in 2022, the Nigerian financial sector recorded financial losses worth more than N2 trillion to cybersecurity breaches.

Omotosho said, hence, there was an urgent need for the Nigerian business community to build a robust cybersecurity solution and resilience to manage future losses.

“Many industries have stringent regulations regarding the protection of sensitive information, but cybersecurity measures ensure compliance with these regulations, avoiding legal consequences and financial penalties for organizations found wanting.

“As businesses embrace digital transformation, cybersecurity becomes an enabler for innovation. This is because secure digital platforms and emerging technologies empower organizations to explore new business models and stay competitive,” he said.

According to Omotosho, cybersecurity is fundamental in securing critical national infrastructure such as power grids, communication networks and financial systems.

He explained that a cyber-attack on these infrastructure could have severe consequences for the nation’s stability and well-being.

Omotosho noted that cybersecurity was closely tied to the economic health of a nation, adding that successful cyber-attacks could disrupt national activities leading to economic losses and potential job cuts.

“Constant monitoring and analysis of cyber threats provide valuable intelligence for national security agencies.

“Collaboration between the public and private sectors is crucial to sharing threat intelligence and responding effectively to emerging cyber threats.

“In essence, investing in robust cybersecurity measures is an investment prosperity,” Omotosho said.

He noted that his company understood that cybersecurity was not just a defensive measure but a strategic asset that empowered businesses to thrive in the digital landscape.

Speaking on the company’s name change, Omotosho said cybervergent was formally known as Infoprive, a pioneering technology company dedicated to revolutionizing the cybersecurity landscape in Africa.

He said the strategic shift marked a significant milestone in the company’s unwavering commitment to pioneer Africa’s cybersecurity through innovation, automation and all-encompassing scaled solutions.

Omotosho said: “For us, cybervergent represents not just a name change, but the convergence of cutting-edge technology and our resolute commitment to safeguarding businesses in the digital age on the continent, starting from Nigeria, Africa’s largest economy.

“With our refreshed brand identity, we are poised to evolve the cybersecurity landscape, offering a comprehensive suite of solutions designed to thwart cyber threats, streamline security operations, and enhance overall business resilience.

“We are setting a new standard in the cybersecurity space with our advanced automated platform leveraging artificial intelligence and machine learning algorithms.

“This innovative approach empowers businesses to fortify their digital assets, detect real-time threats, and respond swiftly to evolving cyber breaches.”


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E-Business

CrediCorp Partners FintechNGR to Drive Consumer Credit Initiative

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Nigerian Consumer Credit Corporation (CrediCorp), has partnered Fintech Association of Nigeria (FinTechNGR) to drive consumer credit scheme initiative through a robust payment platform that would be provided by members of FinTechNGR.

Speaking at a Social Meet in Lagos, organised by FinTechNGR, with the theme: “Augmenting the Future, AI, Credit and Transformation of Nigerian Finance,” the Chairman, CrediCorp Board of Directors, Aderemi Abdul-Bojela, said members of FinTechNGR would have specific roles to play in the partnership, in the areas of providing robust platform for money transfer, technology evaluation, among others.

“Today, CrediCorp is engaging with members of FinTechNGR in a social interactive gathering to discuss collaboration and support for the growth of Consumer Credit Corporation in Nigeria. We want to interact to understand how technology will drive the crediCorp initiative in Nigeria and also to understand the role that members of FinTechNGR will play in all of these initiatives around CrediCorp,” Abdul-Bojela said.

Describing the partnership as a welcome development that will enhance savings culture among Nigerians, the Chief Operating Officer (COO) of FinTechNGR, Dr. Babatunde Obrimah, said: “FinTechNGR is an enabler of technology advancement in Nigeria. We bring the players together to drive technology innovation.

“Our role in the FinTechNGR-CrediCorp partnership is to ensure that our members support the growth of consumer credit in Nigeria, by providing the relevant payment platforms for all financial transactions among the banks who are the lenders, the customers who are the burrowers and the CrediCorp who is the guarantor.”

Speaking about the benefits for Nigerians, Obrimah said the Consumer Credit Corporation in Nigeria would enhance the country’s credit culture and enable Nigerians to save and plan well with their savings. “The initiative will address inflation, help in liquidity flow, build trust in customers’ borrowing, boost credit culture and enhance the culture of savings among Nigerians,” Obrimah said.

Addressing the issue of risk and consumer trust, Abdul-Bojela said the CrediCorp has put measures in place to ensure that the banks that would be involved in lending, would be protected and guaranteed of the repayment of the loans within the CrediCorp ecosystem.

He said there would be an independent management that would ensure that the right technology is put in place to recover all monies.


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NITDA to Integrate of Digital Literacy into School Curriculum

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Kashifu Abdullahi, director general of the National Information Technology Development Agency (NITDA), announced plans to integrate digital literacy into Nigeria’s education system, to achieve a 70% literacy rate by 2027 and 95% by 2030.

NITDA to Integrate of Digital Literacy into School Curriculum

Kashifu Abdullah, DG, NITDA

The NITDA’s DG made the announcement on Wednesday in Abuja during a media parley.

He stated that in order to include digital literacy in the curriculum at all educational levels, from kindergarten to university, the Agency was collaborating with the Federal Ministry of Education.

Abdullahi, said that this program would equip Nigerians with the digital know-how and abilities they need to succeed in the digital economy.

He emphasized that NITDA would also launch the “Digital Literacy for All Initiative” to educate Nigerians outside the formal education system and provide access to quality digital content.

Nigeria would train over two million young people in in-demand IT skills in order to become significant global outsourcing hub

NITDA is also collaborating with the Defence Headquarters and security agencies to develop digital solutions to address security concerns, including the use of drones, artificial intelligence, and other digital resources to combat banditry, abduction, and terrorism, he said.

 

According to him, the agency’s draft SRAP 2.0 plan aims to establish Nigeria as a digitally empowered nation, with a focus on innovation, national prosperity, and inclusivity.

The director general of NITDA added that, if successfully implemented, this strategy could propel Nigeria into a new phase of digital empowerment and leadership in the global digital economy.


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Experts Highlight Trusted Relationships as Key Vector

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In 2023, more than 1/5 of cyberattacks persisted for over a month, the annual Kaspersky Incident Response 2023 report has revealed, with trusted relationships emerging as one of the main attack vectors in these prolonged cases.

The report draws on the results of Kaspersky’s cyberattack investigations throughout the year, gathered when supporting organisations sought incident response assistance or when hosting expert events for their internal incident response teams.

Primary reasons of organisations approaching Kaspersky Incident Response team with service requests were encrypted files (32.8% of requests), suspicious activities (31%), data leakage (20%), and also included non-authorised accesses (3%), service unavailability (3%) and money theft (1.6%).

Among initial attack vectors of the investigated incidents were exploiting public facing application (42.4%), compromised accounts and BruteForce attacks (28.8% in total), trusted relationships (6.78%), phishing (5%), insider’s activity (3.4%).

Kaspersky Incident Response 2023 report indicates that long-lasting cyberattacks that persist for more than a month constituted 21.85% of the total, increasing from 2022 by 5.55%.

One notable trend observed in these attacks was the exploitation of trusted relationships as a primary vector. Compromises leveraging trusted relationships have occurred previously, but in 2023 their frequency increased.

As this method of attack enables threat actors to infiltrate multiple victims through a single compromised organisation, investigative teams face several additional challenges. Firstly, initially targeted organisations don’t always recognise the importance of thorough investigations and may be reluctant to cooperate.

Secondly, attacks initiated through trusted relationships often require more time to progress from the initial intrusion to the final incursion phase. Therefore 50% of these attacks lasted more than a month. A similar proportion of attacks exceeding one month were exclusively registered within the insider and phishing vectors.

“Our latest findings underscore the critical role of trust in cyberattacks. In 2023 and for the first time in recent years, attacks through trusted relationships were among the three most used vectors. Half of these incidents were discovered only after a data leak had been found.

“By exploiting trusted relationships, threat actors can prolong attacks and infiltrate networks for extended periods, posing significant risks to organisations. It’s imperative for businesses to remain vigilant and prioritise security measures to safeguard against such sophisticated tactics,” comments Konstantin Sapronov, Head of Global Emergency Response Team at Kaspersky.

 


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