Connect with us

E-Business

Banks, Others Spend $270m to Battle Cyberattacks

Published

on

Kindly share this post

Banks, insurance companies and government institutions in Nigeria spent an estimated sum of N270.22m to prevent cyberattacks in 2018, according to African cybersecurity study by Demadiur Systems Limited.

Banks, Others Spend $270m to Battle Cyberattacks

The study said that some of the funds were used in the procurement of hardware and software such as Antivirus, load balancer, network access controls, among others.

The report entitled, ‘Cybersecurity skills gap’ stated that the indirect expenses were used by the companies to conduct penetration testing, audit, forensic investigations, risk assessment, compliance review   and post-implementation, awareness and training of personnel.

The study revealed that the companies and government establishments also used  some of the funds for the technical training of workers, board members and business managers.

A breakdown of the expenses showed that banks spent $140.23m to secure their systems in 2018 while government institutions expended $130m in the same year.

Mr Ikechukwu Nnamani, president, Demadiur, while presenting the report said the country was in grave danger in terms of the ability to secure its critical national infrastructure.

This, according to him, is because one key finding was the shortage of qualified cybersecurity experts to handle the cyberthreat facing the country.

Nnamani noted that as the country embraced more digital services with the prevalence of broadband connectivity, Over-The-Top applications, fintech services; Internet of Things, convergence of telecoms, broadcasting, healthcare, and the financial sectors, the threats posed by cybercriminals could no longer be ignored.

“The dire situation of Nigeria with respect to cyberthreat is further exasperated by the fact that between 2016 and 2018 the number of active telecom subscribers in the country increased from 154 million to 172 million users,” he added.

“Training the Nigerian youth on cybersecurity skill presents a very viable opportunity to resolve youth unemployment while at the same time securing the country. It is on record that all certified cybersecurity experts in Nigeria are gainfully employed.

“Nigeria can take advantage of its well educated youthful population to build a strong cybersecurity workforce and become a global player in the cybersecurity space.”

Commenting on the report findings, Christabel Onyejekwe, director, Business Development, Nigeria Interbank Settlement Scheme, noted that physical and malware attacks were high last year as most hackers learnt a few illicit tricks like ‘jackpotting’, where attackers use external electronic devices or malicious software to launch attacks, which allowed them to take control of the ATM hardware.

She said a huge challenge facing the banking sector was the inadequate awareness and investment in cybersecurity, which left gaps and vulnerabilities that led to cyber-loss and fraud.

She noted that the banking sector had faced numerous challenges resulting from the dearth of technical resources, low training and loss of available technical competencies to migration.

According to her, there is a need for continuous drive for financial inclusion and customer education.

 


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

E-Business

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

Published

on

Kindly share this post

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.


Kindly share this post
Continue Reading

E-Business

Kaspersky Launches OT Calculator to Align Cybersecurity Investments with Business Goals

Published

on

Kindly share this post

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.


Kindly share this post
Continue Reading

E-Business

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

Published

on

Kindly share this post

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


Kindly share this post
Continue Reading

Trending