Telecom
Cybersecurity Readiness and Resilience is a Journey not a Destination – Dr. Obadare Says
Dr. Peter Adewale Obadare, co-founder and chief Operating Officer of Digital Encode Limited, has said that no company is totally immune against cyber attacks.
The Information Technology expert noted that the high dependency on the internet and adoption of digital transformation has led to the increase in cybercriminal activities.
Addressing this issue, Dr. Obadare stressed that cyber security readiness and resilience is therefore a journey and not a destination.
The Digital Encode Boss stated this at the 2020 National Information Technology Reporters’ Association (NITRA) Virtual Innovative Tech Webinar held recently.
He quoted a research by Cybersecurity Ventures that stated that cybercrime damages are projected to cost the world over US6 trillion annually in 2021, up from US3 trillion in 2015.
Speaking on the biggest threat to enterprise organization, Dr. Obadare stated that the research further showed that at every 11 seconds, businesses will fall victim to a ransomware attack in 2021.
“More than 90% of successful hacks and data breaches steam from phising scams.
“Most frequent attack methods are social engineering, advanced persistent threats, unpatched ransomware
Dr. Obadare also stressed that cybersecurity/fraud is a discussion topic for the board and not for the data center alone.
Backing up his claim, he explained that 60% of small businesses that suffer cyberattack are out of business within 6 months.
He also highlighted that 53% security personnel believed that their enterprise will experience a cyberattack in the next 12 months.
While urging vigilance, he said the survey revealed 87% believe that the rapid shift to work from home will increase the risk of data privacy and protection issues.
Also, 54% believe will take advantage of the pandemic to disrupt organisation. However, 51% (only half) are highly confident in their security team to detect and respond to cyber threats during the pandemic.
Although much is at stake, the Digital Encode Boss lamented that the confidence level is low.
Speaking further, he urged and advised organizations to invest in people and process and not only in technology, in an effort to collectively combat the looming threat.
Dr. Obadare recommended that for safety in the cyberspace, organizations must address cybersecurity readiness and resilience on a number of dimensions so as to understand the big picture while integrating and coordinating all operational risk management activities.
In addition, he said it is important that the executive team develop a risk intelligence quotient and also build an Intelligent Security Operations Center (SOC) based on AI & Machine Learning.
Lynda Saint-Nwafor, chief Enterprise business officer, MTN Nigeria, has assured the network subscribers that the new end-user billing system for the use of USSD services will jot affect them.
USSD, otherwise Unstructured Supplementary Service Data codes are commonly used for banking transactions, airtime recharges, and other mobile services.
The telco said that there is no significant impact or change other than the fact that they will now pay the same N6.98 per session (120 seconds) with their airtime instead of direct bank debit.
Saint-Nwafor, said this during a chat with MTN MIP fellows, explaining that the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have ordered telecom operators to ensure that the new billing model resolves trust issues and ensures transparency in the billing process.
“Our regulator insisted that at the end of every month, we are going to be providing history and statistics on the performance of the service across the board”, she explained.
Saint-Nwafor added that the new billing model has standardized messaging across all operators and ensures consistent communication with customers.
“We will take all the error codes and map them into messages that are standardised across the board. So, if you initiate a transaction, you will know if it is failing. And, when the transaction fails, you will know if it is from your bank or the telco,” she explained.
The U.S. government has recovered $225 million in what is now the largest seizure of funds linked to a cryptocurrency investment scam.
In a statement released Wednesday, June 18, the U.S. Attorney’s Office said the recovery followed an extensive investigation by the FBI and the U.S. Secret Service, using blockchain analysis and other forensic tools. The statement did not confirm whether any arrests had been made.
According to the authorities, the stolen funds originated from fraudulent cryptocurrency investment schemes that tricked victims into believing they were making legitimate investments. More than 400 individuals around the world, including dozens in the United States, were reportedly affected.
The operation involved a sophisticated money laundering network that carried out hundreds of thousands of blockchain transactions to obscure the source and ownership of the stolen assets.
“These scams prey on trust, often resulting in extreme financial hardship for the victims,” said Shawn Bradstreet, Special Agent in Charge at the U.S. Secret Service office in San Francisco.
Bradstreet added that U.S. officials hope the recovered funds can eventually be returned to the rightful victims.
Cryptocurrency investment fraud accounted for over $5.8 billion in reported losses in 2024 alone, according to the statement.
In a rousing declaration that is electrifying minds across the continent, Hon. Nnaemeka Ani, Special Adviser on ICT to Enugu State Governor, Dr. Peter Mbah, has called for a homegrown digital revolution under the banner “Africa Will Rise: By Code, By Courage, By Us.”
Hon. Nnaemeka Ani
The message, part challenge, part philosophical—seeks to galvanize African innovators to move beyond buzzwords and build technology with impact and legacy in mind.
“Let’s stop building for hype. Let’s start building for legacy,” Ani urged while speaking to ICT journalists over the weekend. “Let’s stop waiting for someone else. Let’s start creating the future—on our own terms.”
At the heart of Ani’s vision is a shift from tech consumerism to tech authorship. With innovation hubs sprouting across cities like Enugu, Lagos, Kigali, Jo’Burg, and Nairobi, and a growing community of developers, engineers, and entrepreneurs determined to solve Africa’s unique challenges, the movement is already taking shape.
Ani emphasized that Africa’s future lies not in flashy apps or international admiration but in persistent, intentional solutions that uplift communities—solutions that digitize public services, bridge rural-urban divides, empower women and youth, and build resilience in food and climate systems.
“We have the talent,” he said. “Now it’s time to harness it—to stop building for likes and start building for lasting impact.”
With support from leaders like Ani and rising momentum in Africa’s tech corridors, it seems that a new chapter is being written—one line of code at a time.
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