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Constructing a Network Access Policy
The best security tool you can have in any computer network is always a smart user. There are two kinds of users, the administrative users and the and the end users. You can purchase the best firewalls and the best antiviruses but with a careless user your security strategy will end up like a mice breakfast. Therefore organizations need a network access policy signed by all employees as regards to what they can do and cannot do on the network: so that the next time they break the policy regulations you will show the agreement you had together, and in that situation you will have to act fast even if some of your best friends in the organization have to work elsewhere. The user is the path of the least resistance and most hackers target them through social engineering. Often times when I go to my bank to withdraw cash I can count about ten things the bankers do that is inappropriate in a computer network which they don’t know.
A network access policy is a documented set of guidelines stipulating what should and shouldn’t be done in regarding computer usage in an organization. This compliance effort is to ensure security of resources in a network environment
Why do we need a network access policy? A well formulated and implemented network access policy reduces IT Risk complexities and IT risk complexities reduces an organization value. IT Risk is a potential damage to an organization’s value, often from inadequate management of IT processes and events as IT Risk is emerging as a significant component of total business risk. Below is an outline of a guideline towards the formulation of a complete security policy for an organization.
PHASE 1: RISK ANALYSIS.
Who makes the security policy?
An organization need to set up a joint committee of technical persons and decision makers usually call an organization’s Security Working Group(SWG) who is to perform a risk analysis regarding:
– what data to protect
– what to protect it form
– How to protect it.
– Determine the likely threats.
– How to protect the data in a cost effective way
– Review the protection process continuously because security planning is an ongoing process
But before determining the likely threats above, the SWG is supposed to outline the possible targets in the organization which includes:-
-Hardwares
-softwares
-users
-documentations
-supplies (ribbon, papers, damage media)
After outlining the target, the next step is to detail the kind of threat:-
(1) Unauthorized access
(2) Disclose of information
3) Denial of services(DOS)
Imagine a glimpse of banking proposal in the financial sector or a glimpse of sensitive vouchers in a ministry, or ebay going down for an hour. At the onset of any policy agreement, it should be stated that employees are responsible for their actions and that they are responsible for understanding and respecting the policy agreement.
WHAT A SECURITY POLICY SHOULD CONTAIN:
(1) Restrictions regarding resources consumptions: issues like the limits of the helpdesk staff and the system admin are set here.
(2) What might constitute an abuse should be clearly stated: Illegal installation of software, sharing of accounts, modification of file are all set in this category.
(3) Handling password and password formation rule: issues like how secure should you keep your password, how often should you change your password is set in the category.
(4) Backup policy: who create the backups, who password the backups, how irregular or regular should one backup his files.
CRATERIA FOR EVALUATING
-Has the policy been around in advance and agreed upon?
-Does the policy deals appropriately with difference form of communication?
– Is the policy workable?
-Does the policy unnecessary compromise the interest of the employee?
-Does the policy comply with law and third party disagreement?
PHASE 2: POLICY VIOLATION
Policies are highly likely to be violated due to:
(1) Negligent
(2) Mistake
(3) Improper understanding
(4) Accident
Also, in this phase, procedures should be stated on how to handle violating
Handling intrusions and incidents
There are two approaches to handling instructions
(1) Evaluating: how serious is the issue
(2) Notification: who to notify, normally the notification goes first to the point of contact (POC) who communicate to the second working group
(3) Response: what is the nature of response to be taken, it is going to be
(a) Protect & proceed. Or,
(b) Pursue and prosecute
(4) Legal implication.
(5) Documentation: during and after the incidents
To be Continued
News
NELFUND Says UTME, NIN, BVN Mandatory for Student Loans
Nigerian Education Loan Fund (NELFUND) has said that Nigerian students will need to present their Unified Tertiary Matriculation Examination registration number (UTME); National Identification Number (NIN); and Bank Verification Number (BVN) to access student loans.
Mr Akintunde Sawyerr, managing director of NELFUND, assured that the body would ensure that those he called ‘ghost students’ would not have access to the soon-to-be-launched scheme.
The MD noted that NELFUND has put processes in place to ensure that all applicants and beneficiaries are traceable to prevent the loan from turning into a sort of national cake.
“We are using technology to run the system. The process of application is online and we are limiting human contact as much as possible. Once you have a Bank Verification Number, BVN and National Identification Number, NIN, which are parts of the requirements, we will have access to your data and all your accounts. This will also help us to know if you are qualified or not,” he explained.
He explained further that those who are already in school can apply for the loan at any level of their study, but must be at the beginning of each session. They would also have to provide their admission and matriculation details in addition to BVN and NIN.
According to the NELFUND boss, about 1.2 million Nigerian students in tertiary institutions and government-recognized skill acquisition centres would be among the first batch of beneficiaries. The number may increase as time goes on.
The programme, he noted, will be funded with one per cent of the total annual collectable revenue by the Federal Inland Revenue Service (FIRS), which will amount to N194 billion if the agency meets its projection.
He explained that the loan would be paid in two segments. The first, he said, is the chargeable school fees which would be paid directly to the institutions while stipend would be paid into individual student’s account for day-to-day upkeep.
Mr. Sawyerr stated that the amount individual applicants will access will vary because of the course of study, school fees payable and geographical location of the institutions among others.
On the method of payback, he said, “You don’t start paying back the loan until two years after your National Youth Service Corps, NYSC Scheme and that is, if you have secured a job or business. A beneficiary can defer repayment if he has not secured a job, but if after due diligence, he defaulted, then he becomes a criminal and we will work with every agency that can help us get the money back, for example, EFCC, ICPC etc.”
News
Sun International Finalizes $14.4M Exit from Nigeria, Sells Interests to RFC
Sun International Limited, run by Anthony Leeming, South African entrepreneur, has agreed to sell its Nigerian interests to Rutam Finance Company Limited (RFC) for roughly $14.4 million.
The move is part of Sun International’s strategy to consolidate operations and focus on key markets. Sun International joined the Nigerian market in 2009, but has struggled in recent years due to a challenging operating climate.
This divestiture is consistent with the company’s strategic objectives and represents a shift in portfolio management.
Sun International, will sell a 43.3 percent ownership investment in Tourist Company of Nigeria PLC (TCN), which manages Lagos’ Federal Palace Hotel, to RFC for $1.875 million.
In addition, the group would pay off its whole $12.675 million credit to RFC, effectively exiting the Nigerian market. The corporation also intends to sell its remaining 6% ownership in TCN in due course.
The transaction, subject to customary closing conditions including as regulatory approvals, is estimated to create a cash inflow of about $14.41 million for Sun International.
These funds will be utilized to reduce debt.
Following the completion of the acquisition, TCN will no longer be included in Sun International’s financial statements.
This will reduce group debt by about $41.82 million, excluding IFRS 16 lease liabilities.
The closing is scheduled for no later than May 28, 2024, provided that all usual closing conditions are met. The Nigerian Competition Authority, the Securities and Exchange Commission, and the Nigerian Stock Exchange have all provided key clearances.
Sun International, founded in 1968 by the late Sol Kerzner, has grown into a renowned gaming and resort company under Leeming’s leadership.
In fiscal 2023, the company’s revenue increased by 7% to $646.14 million, while headline earnings increased by 86 percent to $55.35 million.
This demonstrates Sun International’s resiliency and strategic direction. Sun International’s pullout from Nigeria demonstrates the company’s dedication to streamlining its portfolio and pursuing growth possibilities in key areas.
With a rich history and a focus on the future, this transaction demonstrates the company’s commitment to create wealth for shareholders and stakeholders while also strengthening its position in the gaming and hospitality industries.
News
Sam Darwish, US-Nigerian Businessman Suffers $6m Loss as IHS Shares Plunge
Sam Darwish, a US-Nigerian telecom entrepreneur, has experienced a huge financial setback in his holding in IHS Holdings following a recent drop in the shares of the top telecom infrastructure company on the New York Stock Exchange (NYSE).
According to data, Sam Darwish’s investment in IHS Holdings has lost $6 million in market value during the last 13 days. This drop reflects increasing selling pressure among NYSE investors.
From March 12 to 30, Darwish’s investment in IHS Holdings increased from $35.17 million to $49.27 million, resulting in a $14 million gain.
Darwish founded IHS Holdings in 2001, and it has since grown to become the largest telecom infrastructure business in Africa, Europe, Latin America, and the Middle East.
It is renowned for its huge tower count and is the world’s third-largest independent international tower firm.
In the last 13 days, IHS Holdings shares on the NYSE have dropped by 11.72 percent, from $3.67 on April 3 to $3.24 at the time of writing.
As a result, the company’s market capitalization has dropped below $1.1 billion, causing significant losses for stockholders.
As chairman and CEO of IHS Holdings, Sam Darwish holds a critical position in African telecom.
With a strong 4.17 percent ownership holding, equivalent to 13,958,158 ordinary shares, he is a key participant in the global telecom infrastructure business.
The recent double-digit loss in IHS Holdings shares has resulted in a $6 million decrease in the market value of Darwish’s shareholding in the top telecom infrastructure company. His shareholding has decreased from $51.23 million on April 3 to $45.22 million.
Despite this defeat, Darwish remains an important figure in the worldwide telecom business.
IHS Holdings’ extensive tower network and smart acquisitions have secured its position as a major participant in the global telecom infrastructure sector.
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