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Banks, Others Spend $270m to Battle Cyberattacks

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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.

 


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E-Business

NITDA, NIMC Partner for Seamless Data Exchange Capabilities

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National Information Technology Development Agency (NITDA) and the National Identity Management Commission (NIMC) have announced a collaboration on National Public Key Infrastructure (PKI) and Digital Public Infrastructure (DPI) to enhance synergy between digital identity, payment ecosystems and secure seamless data exchange capabilities for Nigeria.

NITDA, NIMC Partner for Seamless Data Exchange Capabilities

l-r: Kashifu Inuwa, Director General of NITDA, and Bisoye Coker-Odusote,  Director General of NIMC, during the meeting at the NIMC headquarters in Abuja..

NITDA, which made the announcement on its X handle, said that the collaboration was to further strengthen Nigeria’s digital economy in line with President Bola Tinubu’s Renewed Hope Agenda,

During the meeting, Kashifu Inuwa, director general of NITDA, and Bisoye Coker-Odusote, director general of NIMC, with some management staff of both organisations, discussed various initiatives, which include building DPI stacks for a secured and seamless data exchange and forming partnerships to transform the national identity system.

This collaboration also aims to harness the potential of the innovative ecosystem and emphasise the use of public-key infrastructure (PKI) to drive digital transformation in Nigeria.

To ensure a smooth implementation, a 12-man committee was set up.

This committee will play a crucial role in kickstarting and harmonising the initiatives and is expected to deliver a comprehensive implementation report within the next 4 weeks.

 

 


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Expert Urges FG to Harmonise NIN, BVN to Tackle Crimes

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Noble Ajuonu, head, Sydani Technologies Ltd., has urged the Federal Government to harmonise National Identification Number (NIN) and Bank Verification Number (BVN) to tackle crimes and insecurity in the country.

Expert Urges FG to Harmonise NIN, BVN to Tackle Crimes

Ajuonu made the call at a media roundtable, organised by Sydani Group in Abuja.

The News Agency of Nigeria (NAN) reports that the roundtable focuses on driving sustainability through a comprehensive analysis of Nigeria’s key development areas.

Ajuonu said that Nigeria could overcome its security challenges and pave the way for a safer, more secure future for all Nigerians by embracing technology and implementing practical solutions,

“We need to harmonise data, prioritise seamless integration of databases like NIN, BVN, and security agency records, establish clear protocols for data sharing and access, with robust safeguards against misuse,’’ expert said.

According to him, the unified data pool will empower intelligence gathering and targeted operations.

He also called for investments in smart surveillance, intelligent video analytics software, training of personnel in data analysis, interpretation of data in real-time to combat crimes.

“There is need to implement a legal framework for call interception in criminal investigations, with strict oversight to prevent abuse, encourage community cohesion, training of tech savvy security personnel with tech-enabled tools.’’

Ajuonu also urged the government to address infrastructure deficit in technology, saying that technology was all encompassing to address insecurity.

“According to the National Identity Management Commission (NIMC), as of December 2023, only 104.2 million Nigerians had been enrolled for the National Identity Number (NIN).’’

Ajuonu added that over 122.2 million citizens left uncaptured for NIN were people in rural areas where enrolment centres, digital services were limited.

“Most crimes are being perpetuated from rural communities and this lack of comprehensive identification creates a gap where elements not captured in the national database can constitute public nuisance, crimes.

“There is the inadequacy in the integration of NIN, BVN and Voters Identification Number (VIN).

“Advanced call interception and analysis tools, used successfully in other countries, could provide invaluable insights into criminal networks and operations but infrastructure is lacking,’’ he said.

Also, Mr Godfrey Petgrave, the Agricultural Expert, Sydani Group, called for empowerment of smallholder farmers with access to finance and training to enhance productivity.

According to Petgrave, Nigeria requires policy reform and institutional strengthening to improve agricultural practices and embrace digital agriculture solutions to address food insecurity.

Mr Akolade Jimoh, another expert of the group on health, advocated for expanded community-based health insurance programmes for rural and underserved areas.

Jimoh added that the country needed to encourage Public Private Partnership to revolutionise products design and quality improvement on health services.


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Konga launches Infinix Brand Week with Incredible Deals

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Konga, Nigeria’s leading composite e-commerce group, is thrilled to announce the launch of amazing deals at its Infinix Brand Week. Infinix, a leading global smartphone brand known for its innovative products and cutting-edge technology promises exclusive discounts and special offers on select smartphones, marking an exciting milestone in the realm of online shopping.

Shoppers can expect nothing short of extraordinary deals on a wide range of Infinix products, all available exclusively on the Konga online platform. With discounts of up to 30% off, this partnership between Konga and Infinix aims to redefine the shopping experience for tech enthusiasts across Nigeria.

Konga Brand Week has become synonymous with excitement and unbeatable deals, and this year’s edition is no exception. In addition to exclusive discounts on Infinix smartphones, shoppers can explore a diverse array of products across various categories, including electronics, fashion, home essentials, and more.

“At Konga, we are dedicated to providing our customers with the best shopping experience possible,” said Rita Ohaedoghasi, VP Marketing at Konga. “The Infinix Week during Konga Brand Week allows us to continue delivering on that promise by offering incredible discounts and special offers on some of the most sought-after smartphones in the market.”

To stay updated on the latest developments and exclusive deals during Konga Brand Week, shoppers are encouraged to connect with Konga across all platforms, including social media and the Konga website. Don’t miss out on this opportunity to score big savings and elevate your tech game with Infinix and Konga.


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