E-Business
Cybercrime is Spiking and Security Skills are Scarce

The world generates an estimated 2.5 quintillion bytes of data every day.

Amidst this mind-boggling amount of chatter, a very real threat is lurking: cybercrime, which has increased by 600 percent since the start of the pandemic, the United Nations reports.
This surge in nefarious cyber activity kicked off when global lockdowns saw millions of employees working remotely and logging in from their unsecured home computers.
According to the Fortinet Global Threat Landscape Report, 80 percent of organisations experienced one or more data breaches during 2021, with a tenfold increase in ransomware attacks alone.
Patrick Evans, chief executive officer of SLVA Cybersecurity, said that cyber threats are increasing at a rate far greater than the industry is able to cope with, and small and medium enterprises (SMEs) are particularly vulnerable as the financial impact falling victim to these security breaches can result in their total collapse.
A sobering thought when you consider that 43 percent of cyberattacks are aimed at small businesses, according to Accentures Cost of Cybercrime Study, and only 14 percent are adequately prepared to defend themselves.
As the business landscape rapidly evolves, simply keeping abreast of technology advancements and security vulnerabilities is no longer enough, Evans warned.
Data breach risks need to be managed strategically, and this requires a very specific skill set. Previously CIOs and CTOs were expected to take data security into their fold, but if anything is clear from the increasing threats in recent years, it is that there is a need for a separate security role, he states.
The importance of a CISO
This is where a Chief Information Security Officer (CISO) comes in, and business owners are starting to realise the importance of this role in their organisations. Even if a company has an accomplished and technically skilled team on board, utilising the services of an advisor with decades of experience on how to mitigate the risks and implement up-to-date security measures is invaluable, says Evans.
Not all organisations, however, have the budget or even the need for a full-time CISO, and there is currently a shortage of skilled cybersecurity professionals.
The answer to this is a virtual or fractional CISO an outsourced security practitioner who, drawing on a wealth of experience in the cybersecurity industry, can provide valuable insight, advice and mentorship to help prevent an attack or recover from one, usually part-time and remotely.
Evans outlined some of the challenges facing organisations and how a virtual CISO can help:
Cyberthreats are increasing rapidly
There is a huge increase in the number of threats facing organisations, with ransomware becoming increasingly more prevalent.
The LexisNexis True Cost of Fraud Study reports that cyberfraud in South Africa has increased by 41.5 percent since 2019, and new data from Mimecast’s State of Email Security 2022 report found that 60 percent of South African organisations had suffered a ransomware attack in 2021, up from 47 percent in 2020.
Ransomware does not select the type of company that is attacked; it looks for the weakest attack surfaces. SMEs, educational institutions, and those in manufacturing and other verticals are often the subjects of the most severe attacks, which can be financially crippling. This is partly because these industries have been slow to adopt a security-first approach or do not have the funds to onboard a full-time information security officer. Its a catch-22 situation. The most vulnerable are the ones who do not have the resources to adequately protect and mitigate attacks, says Evans.
Financial impacts are severe
The financial impact of falling victim to a cybercrime, especially as an SME, can be devastating.
The average cost of recovering from a ransomware attack is approximately USD$1.85 million, according to research from cybersecurity firm Sophos. Businesses, especially small and medium ones, can ill-afford such an attack.
According to Evans, Cyberattacks do not simply take down a website. They can completely shut down business processes and, worse still, hold a companys entire IP or customer database for ransom.
The result is a complete shutdown in order to recover the business, and the added risk of penalties and fines from regulators as a result of data protection laws. In many instances, these risks are not quantified nor are there adequate risk mitigation and recovery procedures put in place.
Many times, it is a tick-box exercise without ongoing processes to ensure continued compliance and protection.
Shortage of skills
There is a dire shortage of cybersecurity skills globally. Fortinet reports that 60 percent of organisations struggle to recruit cybersecurity talent, and South African skills are at an all-time low, with many CISOs leaving for lucrative opportunities abroad. Combine the increase in cybercrime with the shortage in cyber skills, and we have a perfect storm brewing.
The answer? A virtual or fractional CISO
Fortunately, there is a solution. Virtual or fractional CISOs (vCISOs) provide those that need it most with solutions to fit their needs and budget and go several steps further than simply box-ticking.
SLVA Cybersecurity offers this service to SMEs and other businesses that have neither the need nor the funds for a full-time security officer.
These virtual CISOs are industry veterans and offer expert advice for a fraction of the cost, shares Evans.
SLVA works with customers to develop fit-for-purpose, fit-for-budget solutions, ensuring that they receive exactly the CISO service they need to remain on top of the industrys most pressing challenges, no matter their size or budget.
There are different CISOs for different purposes. Together with my co-founders, Steve Jump and Andrew Odendaal, each with over 20 years experience in the information and cybersecurity industries, we identified the different CISO roles that organisations typically need.
These include:
Interim vCISO: Your organisation may require an acting vCISO while you source someone new for the role. The interim vCISO can fix urgent issues and put in an action plan to take your company to the next level of cyber resilience. They can also assist in finding a suitable full-time CISO.
Shadow vCISO: If you have decided to employ someone with only a few years experience and grow your own CISO, a shadow vCISO can be provided to nurture and groom the unseasoned employee.
Mentor vCISO: If you are worried about your companys current security function, you can hire an industry expert to coach and mentor your current CISO or CIO.
Post-compromise vCISO: After an attack or security breach, you may need to bring in someone with extensive, post-compromise recovery experience to help you deal with the aftermath while your CISO carries on with business as usual. A post-compromise vCISO, who has weathered many breaches, including ransomware, can offer invaluable assistance.
E-Business
CBN Affirms Alpha Morgan Bank’s Capitalisation

The Central Bank of Nigeria (CBN) has affirmed the capitalisation of Alpha Morgan Bank, marking an important milestone in the bank’s growth journey and reinforcing its commitment to building a strong, resilient, and future-ready financial institution.

This affirmation reflects the bank’s adherence to regulatory requirements and its strategic focus on strengthening its capital base to support sustainable growth, innovation and improved service delivery to customers.
With this milestone, Alpha Morgan Bank is well positioned to continue expanding its footprint with its 14 approved branches across different states, while deepening inclusivity and enhancing the range of banking solutions available to individuals, businesses, and institutional clients nationwide.
Commenting on the development, the Managing Director of Alpha Morgan Bank, Mr. Ade Buraimo, expressed the readiness of the bank in ensuring compliance with regulatory requirement, good governance framework while delivering satisfying banking along the long-term vision of the bank to become the best bank to work and strong financial institution to reckon with.
He said: “Capitalisation is more than a regulatory requirement; it is an opportunity to strengthen the institution for the future. The affirmation of Alpha Morgan Bank capitalisation reflects the work we have done to build a solid capital foundation that allows us to support businesses more effectively, expand financial access and continue delivering the level of service our customers expect.’’
According to him, Alpha Morgan Bank remains committed to maintaining strong corporate governance standards, sound risk management practices, and prudent financial management as it continues to support economic development and create long-term value for stakeholders.
“As Alpha Morgan Bank enters the next phase of its journey, the institution will continue to scale its operation, invest in technology, expand its branch network and digital banking presence, whilst delivering reliable and satisfying banking experiences to its growing customer base,” Buraimo added.
E-Business
Police Says Victims Enable Cyber Attacks Out of Ignorance

Mr Uche Ifeanyi, commissioner of Police in charge of the Nigeria Police Force National Cyber Crime Centre (NPF-NCCC), said on Friday that most cyber attacks occur because victims act out of ignorance.

He spoke in Abuja at the opening of an online cybercrime awareness campaign themed “Odogwu No Dey Hide Him Face,” organised to educate and empower communities about online safety and cyber hygiene.
“Studies reveal that the majority of cyber attacks are initiated or enabled by victims due to lack of knowledge.
“Personal information is invaluable and must be protected at all times.
“Just as we maintain physical health, we must also maintain a healthy digital lifestyle,” he added, stressing that simple cyber hygiene practices could greatly reduce the risk of becoming a victim.
He urged the public not to disclose confidential information to unauthorised persons and to use strong, unique passwords, enable multi-factor authentication, and apply security safeguards on digital devices.
“Keep personal information private, avoid suspicious links, and regularly update software or system patches,” he said, adding that antivirus programmes and firewalls were essential for online safety.
Ifeanyi warned against falling for “free gifts” online.
“If it sounds too good to be true, it most likely is fraud,” he said, advising caution with urgent or suspicious messages.
He also urged internet users to verify information before sharing to avoid spreading fake news, emphasising that cybercriminals could exploit everyone regardless of age, occupation, or social class.
Vincent Olatunji, director-general, National Data Protection Commission (NDPC), commended NPF-NCCC for its efforts and said the campaign theme was commendable.
He noted the importance of educating people on legitimate wealth and safe internet use.
Olatunji said that the fight against cybercrime required collective effort, warning that the risks were increasing daily as more people connected to the internet across Nigeria.
E-Business
Firm Enhances its Security Awareness Platform with SCORM and PDF Support

Kaspersky has introduced an update to its Automated Security Awareness Platform, adding full support for PDF and SCORM (Sharable Content Object Reference Model) – the industry-standard protocol for deploying and managing e-learning content.

The enhancement enables organisations to build fully customised cybersecurity training programmes that reflect their infrastructure, risk profile, and internal policies, while continuing to benefit from Kaspersky’s expert-driven security content and phishing simulations.
According to the Kaspersky report titled “Redefining the Human Factor in Cybersecurity”, employees responding to phishing attacks was one of the main causes of cyber incidents in companies worldwide, accounting for 21% of cases among other reasons.
At the same time, additional Kaspersky research reveals that social engineering attacks are predicted to increase more than any other type in the nearest future, with 87% of respondents believing that social engineering attacks will become even more effective due to the use of AI tools.
The new Kaspersky Automated Security Awareness Platform (Kaspersky ASAP) update directly addresses several persistent challenges such as reducing the number of human-related incidents, cutting time spent on managing training programmes, decreasing regulatory and compliance risks, and minimising potential legal or reputational damage stemming from cybersecurity breaches.
With the new SCORM support, the platform becomes even more flexible: companies can now upload, track, and manage their own SCORM-based learning materials directly within the system. In addition, companies can accelerate their programmes by using easier-to-create PDF-formats.
This allows organisations to tailor training to their specific technology stacks and emerging threats targeting their industry or region. Businesses that have already invested in third-party SCORM courses or internal learning development can now seamlessly reuse their existing modules, protecting their prior investments while strengthening their cybersecurity posture.
The combination of Kaspersky’s embedded content built on real cases uncovered by the company’s world-class experts with customers’ PDF materials or SCORM modules enables a true best-of-breed approach to human risk management.
Organisations can supplement Kaspersky’s up-to-date cyberattack scenarios with internal policies, unique workflows, and industry-specific lessons, ensuring training resonates with employees and reflects real operational challenges.
“Human behaviour remains one of the most unpredictable elements in cybersecurity and also one of the easiest for attackers to exploit. By adding SCORM support to Kaspersky Automated Security Awareness Platform, we’re giving organisations the flexibility to build training programmes that truly match their internal realities.
“Combined with Kaspersky’s expert-driven content and real-world attack data, this update empowers companies to create more adaptive, relevant, and impactful awareness programmes than ever before,” comments Svetlana Kalashnikova, Security Awareness expert at Kaspersky.
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