E-Business
CWG, MAG Tech Introduce Effective Approach to IT Risks and Security
Computer Warehouse Group (CWG PLC), the leading technology Company in Africa and MAG Tech, a specialized information security and intelligence Company, recently organized an information security session in Lagos where all the decision makers charged with security in financial sector, and technology experts converged to deliberate on the new concept that will curb Cyber-attacks and fraud in the industry.
This is in a bid to reduce the level of threat and Cyber- attack in the financial sector.
The session themed, ‘Security Operations Centre (SOC) – Financial Services in the Cyber Attack Era’ created a rich avenue for the stakeholders to extensively discuss and understand the new concept, Security Operations Centre (SOC) as the ultimate information security platform required to drastically minimize the Cyber-attack and threats currently being encountered by the financial institutions.
Speaking at the session, James Agada, chief technology officer of CWG, said that CWG as a Technology Company goes beyond enabling businesses with products and solutions to concepts that will ensure 100% security of all the customers’ transactions.
According to Agada, product and product knowledge are not adequate to achieve the end result of any business solution, and hence the need for the new concept, which is centered on how to detect and react to fraudulent transactions.
Agada further expressed that 50% of the transactions in the industry are running on the servers that are being managed by CWG’s seasoned and trained engineers.
“Our aim is to ensure that these skills are internalized in Africa as information security is crucial to us and our customers” He said.
Nadav Arbel – MAG Tech’s chief technical officer, in his presentation on Darknet and Crime stated that Cyber-attack is originated from the Darknet which is the illegal part of the internet.
According to Arbel, Cyber-attack occurs when there is data leakage which may be caused by misconfiguration of a server or other sources.
He stated further that no one can run a business efficiently without being on the internet and as long as your business is connected on the internet, you will experience some form of cyber-attack and threat. Hence the solution is your ability to detect and prevent it.
“Security Operations Centre has been conceptualized for detection and prevention of darknet’s negative impact on businesses” He added.
One of the highlights of the session was a testimonial from one of the leading banks in Africa where Mag Tech has implemented a SOC.
According to the testimony, the bank was struggling with Cyber-attacks and threats until a Security Operations Center was designed and implemented.
Presently, they can monitor all the transactions on their network across the globe through the SOC concept from their office in Lagos.
The number of intra-bank and inter-bank Cyber-attacks and threats detected and prevented can also be tracked through SOC.
The testifier concluded by encouraging the other banks to have a strategic roadmap to tackle IT Risks & Security issues by looking at implementation of a standard & effective Security Operations Center.
In his words, “Any bank that wants to be in business and roll out innovative products powered by IT infrastructure must take into consideration the Security Operations Centre, as information security is very key in the financial industry”.
He further explained that the concept enables the bank to help their customers from being defrauded and the banks can jointly eliminate or maximally reduce the level of Cyber-attacks and threats in the system when all the banks are monitoring through SOC.
This SOC concept is effective and is a necessity for all the banks that want to remain in business considering the huge amount of losses banks incur as a result of cyber-attacks. “The cost of implementing SOC concept is very minimal compared to the losses through Cyber-attacks” he said.
The event was attended by almost all the banks in Nigeria, and has provided a platform for banks to share information on effective security operations centre implementations to curb fraud and enhance the growing use of the internet for banking and financial inclusion within a safe and secure framework.
Nigeria has taken a major step toward strengthening its digital governance framework as the National Information Technology Development Agency (NITDA) officially assumes control of the Nigeria Government Enterprise Architecture (NGEA) infrastructure.
The handover ceremony held in Abuja, marks the culmination of a high-level partnership with the Korea International Cooperation Agency (KOICA).
This transition signals a shift from fragmented IT projects to a unified, disciplined approach to national digital investment.
The NGEA initiative forms a core part of the e-Government Masterplan 2.0 (Ne-GMP 2.0), aimed at establishing a unified and structured approach to managing government IT investments and digital resources.
The framework is designed to ensure that technology deployment across public institutions aligns with national priorities while improving efficiency and accountability.
With the system now operational, government agencies are expected to adopt more integrated digital processes, allowing seamless data sharing and interoperability.
This is anticipated to reduce duplication, strengthen risk management, and translate policy objectives into measurable digital outcomes.
Over the past two and a half years, Nigerian technical experts worked closely with their Korean counterparts to develop the architecture framework, create reference models, and execute pilot programmes in key institutions.
These include the National Identity Management Commission, Nigeria Customs Service, Nigeria Immigration Service, and NITDA.
Officials say the NGEA represents a shift from fragmented digital efforts to a more coordinated, citizen-focused system.
The infrastructure is hosted by Galaxy Backbone Limited, providing a secure and reliable platform for nationwide deployment.
Looking ahead, NITDA is expected to work with government stakeholders to expand and sustain the system, while the Federal Ministry of Communications, Innovation and Digital Economy will provide policy guidance to ensure its adoption across the country.
Bosun Tijani, minister of Communications, Innovation and Digital Economy, has said the government is shifting focus from expanding access to ensuring “meaningful connectivity” that drives economic growth and inclusion.
Bosun Tijani, minister of Communications, Innovation and Digital Economy
The minister made the statement on Friday while addressing stakeholders at the inauguration of board members of the Universal Service Provision Fund (USPF) in Abuja.
He said that although Nigeria had made significant progress since the introduction of GSM services, millions of people, particularly in rural and underserved communities, remain either unconnected or unable to fully benefit from digital services.
Dr Tijani highlighted ongoing investments in digital infrastructure, including plans to deploy 90,000 kilometres of fibre optic network and nearly 4,000 telecom towers nationwide.
He said initiatives under the USPF had improved access through projects such as rural connectivity and digital facilities in schools but stressed that the next phase must prioritise effective usage.
“It is not enough to connect a community. We must ensure that schools can teach with digital tools and that small businesses can access market opportunities,” he said, citing a pilot project in the Kura community where connectivity has enhanced access to communication, education and healthcare.
Aminu Maida, executive vice chairman, Nigerian Communications Commission (NCC) also called for a shift towards meaningful connectivity, noting that while data usage had grown significantly, it remained concentrated in urban areas.
According to him, recent data shows that telecom usage has increased by about 160% over the past two years, largely driven by urban demand.
“When we drill down, we see that a lot of that growth is actually in urban centres. So, the gap between those who are not connected or not meaningfully connected is growing,” he said.
Dr Maida added that the trend underscored the need for the USPF board to intensify efforts to bridge both access and usage gaps across the country.
Both officials emphasised the importance of collaboration, sustainable investment models and improved digital literacy to ensure that connectivity translates into real economic benefits for Nigerians.
A jury in Los Angeles has found technology companies, Meta and Google liable for contributing to a young woman’s social media addiction, in a case being described as a landmark ruling.
The 20-year-old woman, identified only as Kaley, argued that she became addicted to Google’s YouTube and Meta’s Instagram from an early age due to their attention-driven design features.
According to her testimony, she began using YouTube at the age of six after downloading the app on her iPod Touch to watch videos about lip gloss and online games.
Kaley told the court that she joined Instagram at nine, bypassing parental restrictions put in place by her mother, and spent extended periods on social media.
The trial, which lasted about a month, with arguments and evidence from both sides.
Jurors also heard testimony from Mark Zuckerberg, chief executive, Meta and Adam Mosseri, Instagram head.
However, Neal Mohan, YouTube chief executive, did not testify.
The jury found that the companies were negligent in the design of their platforms and failed to adequately warn users about potential harms. Meta and Google were ordered to pay the woman $3 million in damages.
Jurors also recommended additional punitive damages, including $900,000 against YouTube and $2.1 million against Meta, according to company spokespersons.
The jury apportioned 70 per cent of the responsibility to Meta and 30 per cent to YouTube.
Kaley was present in the courtroom when the verdict was delivered, alongside parents of other teenagers who say they were harmed by social media use. Both companies said they plan to appeal the decision.
“We respectfully disagree with the verdict and will appeal. Teen mental health is profoundly complex and cannot be linked to a single app. We will continue to defend ourselves vigorously as every case is different, and we remain confident in our record of protecting teens online”, a Meta spokesperson said.
José Castañeda, Google spokesperson, said the case misunderstands YouTube, which is a responsibly built streaming platform, not a social media site.
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