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.
By Reuben Kalu.
In the vast expanse of the digital realm, Google looms large, an omnipresent force shaping the way we navigate, search, and conduct business online.
From its humble beginnings as a search engine to its current status as a multifaceted tech behemoth, Google has entrenched itself deeply into the fabric of the internet.
Its influence is undeniable, its reach unparalleled, and its ubiquity seemingly inescapable. But can you truly run an online business without Google?
The answer, in today’s digital landscape, is a resounding no. You have no choice.
Google’s dominance extends across multiple facets of the online world, making it virtually impossible for businesses to thrive without engaging with its ecosystem.
From search engine optimization (SEO) to online advertising, email services to analytics, Google’s suite of products and services permeates every aspect of the online business landscape.
Attempting to operate without Google is akin to swimming against a relentless tide, fighting an uphill battle fraught with obstacles and limitations.
At the heart of Google’s influence lies its search engine, the gateway through which billions of internet users navigate the vast expanse of online content. .
Google’s search algorithms wield immense power, determining which websites rank prominently in search results and which languish in obscurity.
For businesses seeking to attract organic traffic and expand their online presence, optimizing for Google’s search algorithms is not merely advisable—it’s imperative.
But Google’s influence extends far beyond search. Consider Google Ads, the company’s advertising platform that enables businesses to reach targeted audiences through paid search, display, and video advertising.
With billions of searches conducted on Google each day, Google Ads provides unparalleled reach and visibility, allowing businesses to target potential customers with pinpoint accuracy.
Attempting to compete in the online advertising arena without leveraging Google Ads is akin to entering a battle unarmed—a futile endeavor destined for failure.
Moreover, Google’s suite of productivity tools, including Gmail, Google Drive, and Google Workspace, has become indispensable for businesses seeking to streamline their operations and enhance collaboration.
With seamless integration across devices and platforms, Google’s productivity tools offer unparalleled convenience and efficiency, empowering businesses to work smarter, not harder.
Attempting to eschew Google’s productivity suite in favor of alternative solutions is not only impractical but also unwise, depriving businesses of the tools they need to succeed in today’s fast-paced digital landscape.
Furthermore, Google Analytics stands as the gold standard for web analytics, providing businesses with invaluable insights into their online performance and audience behavior.
From tracking website traffic and user engagement to analyzing conversion metrics and customer demographics, Google Analytics offers a comprehensive toolkit for optimizing online marketing strategies and driving business growth.
Attempting to gauge online performance without leveraging Google Analytics is akin to flying blind, devoid of the critical data needed to make informed decisions and drive meaningful results.
But perhaps the most formidable aspect of Google’s influence lies in its role as a gatekeeper of information and access.
With billions of users relying on Google’s platforms and services each day, the company wields immense control over the flow of online traffic and the dissemination of information.
For businesses seeking to connect with customers and expand their reach, Google’s dominance presents both a tremendous opportunity and a formidable challenge.
Attempting to circumvent Google’s influence and establish an online presence independent of its ecosystem is a Herculean task, fraught with uncertainty and risk.
In essence, attempting to run an online business without engaging with Google is akin to swimming against a relentless tide, fighting an uphill battle fraught with obstacles and limitations.
While alternative platforms and solutions exist, none possess the ubiquity, reach, and influence of Google’s ecosystem.
To thrive in today’s digital landscape, businesses must embrace Google’s dominance and leverage its suite of products and services to their advantage. You have no choice.
In conclusion, Google’s pervasive influence permeates every aspect of the online business landscape, making it virtually impossible to escape its grasp.
From search engine optimization to online advertising, productivity tools to web analytics, Google’s ecosystem encompasses a vast array of products and services that have become indispensable for businesses seeking to succeed in the digital age.
While alternative solutions may exist, none possess the ubiquity, reach, and influence of Google’s ecosystem.
To thrive in today’s digital landscape, businesses must embrace Google’s dominance and leverage its suite of products and services to their advantage.
You have no choice.
E-Business
Hydrogen Hosts Catalyst Workshop, Highlights Resilient Business Models for Fintech Startups
As part of its mission to empower African businesses with tools needed to thrive, garner admiration, and foster global acclaim, leading payment solution company, Hydrogen Payment Services Company Limited (Hydrogen), recently partnered with the Co Creation Hub (CcHub), to host the latest edition of the Catalyst workshop in Lagos.
The discourse addressed the potential risks and opportunities for startups and saw experts advise participants on the need to develop resilient business models that would scale across different economic climes.
Moderated by Miracle Ezechi, Digital Marketing Manager, Hydrogen, the panel session addressed dominant issues about the theme: ‘Adapting Fintech Business Models to Economic Climes: Flexibility, Agility and Customer-centricity’.
Mr. Emeka Awagu, Chief Technology Officer, Hydrogen, who spoke as a panellist, addressed the issue of customer-centricity, which according to him, is key to Fintech growth.
He advised startups to listen to customer demands and understand their needs in order to develop the right solutions that will lead to long term market viability.
“Innovation is key for startup growth. However, understanding customers’ needs and change in behaviour will help any startup to innovate better.
“Startups must be flexible and agile to develop solutions with high interoperability and processing speed, and they must be ready to learn from startups that have failed,” Awagu said.
With an estimated 61.07 percent of startups failing, the participants stressed the need for prudence.
“Statistically, a staggering number of startups fail, often due to financial mismanagement. Hence, founders must prioritise understanding and maintaining a healthy the Cost-to-Earnings ratio.
“It is not just a number, but a pivotal indicator of a company’s financial health as well as being a key attractiveness determinant for investors,” Awagu added.
On his part, Ina Alogwu, the Group Director, Digital Transformation, ARM HOLDCO, who also spoke as a panellist at the session, stressed the need for startups to develop sustainable products and solutions that will help them remain competitive in an environment that is faced with harsh economic realities.
“Many startup businesses fail within their first five years, however upcoming startups should not be discouraged, rather develop a culture that will encourage them to understand the reasons for failure and learn from mistakes.
“Startups should not be too rigid with their solutions and should be ready to accept changes that will drive innovation,” Alogwu stated.
Hydrogen will be deepening its economic impact series with a webinar planned for Thursday, April 25, even as businesses across Africa continue to face an array of challenges, ranging from inflation and currency fluctuations to rising operating costs.
Themed ‘Navigating Economic Challenges: Strategies for Sustainable Growth,’ the webinar will delve into key areas critical for businesses to not only survive but thrive in the face of economic adversity. Register using this link – https://bit.ly/Hydrogenwebinar.
Esteemed panellists for this event include Taofik Odukoya, CEO, Vanguard Pharmacy, and Okechukwu Odimgbe, Chief Financial Officer, Hydrogen. The session will be moderated by Nnenna Sam-Obioha, Ecosystem Orchestrator, Hydrogen.
Dexude, a leading edtech platform with operations in Nigeria, has announced that it has been awarded the prestigious Business Finland TEMPO funding.
Charles Emembolu, founder of Dexude,
This significant funding injection marks a pivotal moment in Dexude’s journey towards transforming education through its AI-powered, live-first, expert-led, and community-driven platform.
The Business Finland TEMPO funding is specifically designed to support startups and SMEs aiming for international growth by building their expertise and solutions into international success stories in innovative ways.
Dexude’s commitment to innovation, coupled with its vision to enable a billion learners worldwide, aligns perfectly with the objectives of the TEMPO funding.
Commenting on this milestone achievement, Charles Emembolu, founder of Dexude, remarked, “We are incredibly honored and excited to receive the Business Finland TEMPO funding. This funding is not only a validation of Dexude’s mission to reinvent education but also a testament to the hard work and dedication of our team. With this support, we are poised to accelerate our efforts in democratizing access to quality education and empowering learners across Nigeria and beyond.”
L-r; Kelvin Chikezie, co-founder of Dexude; Kashifu Inuwa Abdullahi, Director-General/CEO of the National Information Technology Development Agency (NITDA); and Charles Emembolu, founder of Dexude
Kelvin Chikezie, co-founder of Dexude, added, “Securing the Business Finland TEMPO funding is a significant milestone for Dexude. It underscores our commitment to leveraging technology and innovation to revolutionize the way people learn and grow. We are grateful to Business Finland for believing in our vision, and we are excited to embark on this next chapter of Dexude’s journey.”
Dexude is on a mission to redefine education by providing learners with access to influential experts and thought leaders, live interactions, and a vibrant community-driven learning experience.
Through its platform, Dexude aims to break down barriers to learning and empower individuals to pursue their passions and unlock their full potential.
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