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ESET Security Day 2021: Stakeholders Call for Increased Attention on Cyber Threats to Businesses
Enterprises are facing increasing threats which call for improved security tools that can be smoothly integrated into increasingly complex and diverse networks and critical infrastructure, and on the other, rapidly mounting competency from malicious actors.
Olabanji Soledayo, the marketing and retail sales manager at ESET Nigeria
This was the unanimous view of speakers at ESET Security Day 2021 held in Lagos recently.
The experts believe that to further address this in a comprehensive manner, businesses must deploy Endpoint Detection and Response (EDR) to ensure their entire platform is now secured.
The speakers also opined that both government and private sector operators must not neglect to secure the third-party data in their possession and should comply with data protection regulations.
Mr. Olufemi Ake, Managing Director, ESET West Africa (Anglophone countries), said that the conference held since 2011 aimed to educate subscribers and partners in West Africa on most issues that are currently trending around cybersecurity threats.
“We also viewed ESET Security Day 2021 to get closer to our subscribers and prospective customers. We also learned from them as they shared experiences in the corporate world in respect to security”, he said.
Speaking on ESET’s strides to protect its users from the rampaging cyber traitors, he said that with one billion users protected by ESET it is a great testament to the robust solutions and legacies products the company has built over the three decades ago.
“We have over a billion users that we secure globally currently. If you consider the fact that we have an agreement with Google to secure the backend of Chrome, you can deduce that with the number of Google Chrome users that amounts to over half a billion. So, we make bold to say that we have over one billion people that trust us to secure their devices. We are excited about this.
While addressing the customers in the West African region cutting across individuals, government, and private sector, he said that it is imperative for them (customers) to comply with privacy and security regulations.
“Like one of our speakers said, there has been debate about security and compliance, which one comes first. I would say that security should be considered first. Obviously, if you are not secured you can’t comply with set rules. All businesses in Nigeria and West Africa in general should value the third-party data in their domain. They should be responsible for securing the data. It is not just about making profits; it is also about preventing losses through direct leaks or through third-party subscribers who trust them to share their data with them.
This goes to show the need for encryption, multi-factor authentication, etc., to ensure the loose ends are protected.
Speaking on ‘Compliance: Staying Ahead and Undistracted’, Daniel Adaramola, a cybersecurity risk management expert, defined Information security as the protection of an organization against threats.
He said that while compliance to regulatory standards is important, however, the key driver of information security is the need to protect against constant threats to an organization.
“Regulatory compliance is done when the third party is satisfied. Information security is a carrot as it motivates the company to protect itself. There are also questions as to whether cybersecurity should be driven by government bodies.”
“Well, on one hand, they need to be involved in the protection of critical national assets. If those assets are down, it portrays grave danger to the economy and the nation at large. For instance, if the telcos are down, no connectivity, and the aviation sector, it means no flight to depart or arrive in the country. It is a huge economic sabotage.”
“Same time, there are areas where the private sector should be given the opportunity to thrive”, Adaramola explained.
Fowler Oriyomi, a cybersecurity risk consultant, talked about Managing Hybrid Systems in an Enterprise Environment, noting that as companies race to the cloud to improve efficiencies, reduce costs, and foster flexibility and agility, they are creating a patchwork of different cybersecurity protocols.
Oriyomi, who doubles as the Head of IT at Dangote, described the modern post-COVID company as “one million-armed octopus in thousands of locations and every arm is a digital access point that can be compromised by script kidders, social hackers, professional criminal hacking organisation or even nation-state actors”.
He aligned with the school of thought that “only by managing security in all those million access points can a company ensure safety – and avoid becoming another ransomware story on national news”.
He listed hybrid cloud operational concerns as include growing cyber threats, on-going regulatory push like the Nigeria Data Protection Regulation (NDPR), compliance related issues, inability of security to keep up with the pace of change in application, amongst others.
Speaking on IT security regulatory compliance, Oriyomi said that expectations have grown in the past two years and have impacted companies’ operations.
He however said that compliance is good for organisations to maintain standards. “These regulatory compliances attract fines and quite a number of organisations wouldn’t want that. It is GDPR in Europe, NDPR in Nigeria, POPI Act in South Africa and the regulations keep coming. And if you look at the clauses carrying fines there is no company that would want to fall into that.
Also speaking, Habeeb Adebisi, a senior digital security associate at Co-Creation Hub, advised organizations to intensify their cybersecurity defense approach.
He said it is regrettable that most people, including businesses, ignore security advisories and end up paying huge penalties as research finding indicates 90% of Organisations in Nigeria have suffered breaches.
“Our mandate is to ensure technology works in African society. We look at the West and see how technology is improving life and such is lacking here. So, along the line we discovered that one area people tend to ignore until it is late is security. For this reason, we take it very seriously”.
He said for instance, Cc-Hub’s Digital Rights and Inclusion has a cybersecurity approach and led to the establishment of DIGnified.
“We want to make sure technology works for everybody, but at the same time ensure the protection of the workers against malicious actors who are constantly working to breach their system and disrupt the workflow.
“About four years ago, we came up with the ‘Tech Squad’ programme, made up of young people interested in learning about technology and specifically in security. We train them and deploy them to organisations. By this, organisations in Nigeria will become more conscious of the security of their digital space.
“We also launched the SafeOnlineBus campaign through which we educate the masses on issues around the subject. We are also launching another campaign in collaboration with ESET called ‘Safer Kids Online’”.
He thanked ESET West Africa for believing in CCHub especially with regards to the Safer Kids Online.
Also commenting, Olabanji Soledayo, the marketing and retail sales manager at ESET Nigeria, said that is no longer enough to have basic anti-virus on a system.
According to him, threats have been designed to evolve to defeat the basic anti-virus. “So, in the enterprise environment where you have over 100 devices, there is a need for a dependable Endpoint Detection and Response (EDR) solution.”
Recall that version 1.4 of ESET Enterprise Inspector (EEI) was launched last year. EEI is a sophisticated Endpoint Detection and Response (EDR) tool that monitors and evaluates suspicious activity occurring on the network in real time and allows IT security admins to take immediate action when and where needed.
For over 30 years, ESET has become the European leader in cybersecurity solutions, and to date protects more than 1 billion users worldwide.
Since 2011, ESET has been organizing the ESET Security Days, an international event bringing together players in the cybersecurity ecosystem in nearly 50 countries.
ESET Security Day West Africa is part of a process of reflection and discussion between representatives of public institutions, researchers, users, and recognized experts on cybersecurity issues.
ESET Security Day is a professional all-day conference that responds to current events, regulations or legislative changes related to security and protection of personal data.
It also deals with the latest security solutions suitable for the corporate environment. An integral part of conferences is the introduction of the latest technologies and solutions that help companies prevent security incidents.
More than $2 trillion flowed through mobile money wallets globally in 2025, found the State of the Industry Report on Mobile Money 2026, prepared by the GSMA Mobile Money programme.
This is an important threshold and exemplifies the exponential growth in transaction values the industry has experienced in recent years. It took 20 years to pass $1 trillion in annual transaction values, but just four years for this figure to double.
From its inception, only 25 years ago, mobile money has now become a mainstream financial service for underserved populations around the world, empowering those without access to traditional banking services and contributing to economic growth in countries where mobile money is present. The report also found that mobile money reached 2.3 billion registered accounts in 2025, growing by 268 million.
Vivek Badrinath, GSMA Director General, comments: “Mobile money has become one of the world’s most impactful financial services. What began as a simple way to move money has evolved into a global financial ecosystem, reshaping how hundreds of millions of people manage their financial lives. The market is reaching new heights and greater maturity. Adoption and regular use are surging, and value is scaling even faster than volume, with more than $2 trillion flowing through mobile money in 2025 – doubling from the first trillion in just four years.
“Looking ahead, the industry’s growing scale and sophistication will bring new opportunities, and new responsibilities. By prioritising interoperability and cross‑border harmonisation; engaging in digital public infrastructure; strengthening consumer protection and fraud controls; and accelerating women’s inclusion and financial health outcomes, we can ensure mobile money continues to provide safe, inclusive and sustainable digital financial services.”
Regular mobile money usage is growing, supporting financial health
Regular mobile money usage has increased worldwide over the past year, with active 30-day accounts rising by 15% to 593 million. Most new registered and active accounts came from Sub-Saharan Africa, although almost every region where mobile money is offered experienced a rise.
This has led to monthly usage of mobile money accounts growing by half a percentage point to 25.7%, the highest it has been since 2021. However, this still leaves almost 75% of accounts inactive monthly, with fraud remaining widespread and transaction taxes often encouraging users to revert to cash in the countries where they’re in effect, negatively impacting financial inclusion.
Through more frequent usage, mobile money users can improve their financial health – the capacity to manage day-to-day financial needs, withstand shocks and invest in the future – by benefiting from the increasing provision of adjacent services like credit, savings and insurance.
The report found that the number of mobile money providers offering insurance increased by one-third in 2025. Mobile-money enabled credit remains the most widely offered adjacent financial service, and this is nearly matched by those offering saving options.
Regulation is supporting mobile money in improving financial inclusion
Regulation is playing a key role in expanding the reach of mobile money, the GSMA reports. Over 60% of mobile money providers believe that interoperability, know-your-customer and consumer protection regulations have supported their operations.
Although more must be done to support the industry, significant regulatory issues remain – particularly cross-border data transfer regulations, which 24% of mobile money providers report have hindered their operations.
With a supportive regulatory environment, the mobile money industry will be able to continue growing and, in turn, advance financial inclusion, especially among groups that have traditionally lacked access to banking services.
This is vital as a wide gender gap persists in mobile money account ownership across seven out of 10 countries surveyed in the report. Aside from in Ghana, Kenya and Nigeria, women who own a mobile money account are still less likely than men to have used it within the past month.
Mobile money fosters innovation for good
In addition to accelerating financial inclusion and supporting improved financial health, mobile money usage is enabling wider social and humanitarian benefits by enabling rapid payouts during crises, particularly in remote regions. However, for these and other use cases to succeed, mobile money needs to be complemented by digital financial literacy initiatives to continue responsible growth across regions and demographics.
A Los Angeles jury has found Alphabet’s Google and Meta Platforms liable for $3 million in damages in a groundbreaking social media addiction lawsuit, a verdict expected to reverberate across thousands of similar cases against major tech firms and intensify scrutiny over addictive app designs targeting young users.
The case centres on a 20-year-old woman who alleged that Google’s YouTube and Meta’s Instagram hooked her at a young age through deliberate attention-grabbing features, with the jury ruling that both companies were negligent in their platform designs and failed to warn about inherent risks.
Judge Carolyn Kuhl noted that punitive damages remain pending, with jurors set to weigh whether the apps caused physical harm or if the firms disregarded broader user health impacts.
The plaintiffs’ lead counsel hailed the decision as a “referendum from a jury to an entire industry” signalling that accountability has arrived for tech giants long criticised for prioritising engagement metrics over youth wellbeing.
While Meta shares rose 1 per cent and Alphabet’s climbed 0.2 per cent post-verdict, both companies pushed back—Meta calling the outcome disagreeable and evaluating appeals, while Google spokesperson José Castañeda confirmed plans to challenge the ruling.
Notably, the trial sidestepped content moderation disputes by zeroing in on platform mechanics, a strategy that complicated defences; co-defendants Snap and TikTok settled pre-trial on undisclosed terms.
The ruling amplifies a decade of escalating backlash against U.S. tech behemoths over child and teen safety, shifting the battleground to courts and statehouses after federal lawmakers stalled on comprehensive regulation.
At least 20 states passed child-focused social media laws last year, including cellphone bans in schools and mandatory age verification for accounts, measures now under legal fire from NetChoice—a tech-backed group including Meta and Google—challenging verification mandates as unconstitutional.
Looking ahead, a multi-state and school district addiction suit heads to federal trial in Oakland, California this summer, while another Los Angeles state case involving Instagram, YouTube, TikTok, and Snapchat kicks off in July, per plaintiffs’ attorney Matthew Bergman.
This verdict underscores mounting parental and regulatory alarm over algorithms that keep minors scrolling for hours, fueling mental health crises from anxiety to sleep disruption, even as platforms tout safety tools like parental controls and time limits.
For Nigeria and Africa—where youth form the bulk of 300 million-plus social media users—the outcome spotlights urgent needs for homegrown safeguards amid rising app penetration and similar addiction concerns in emerging markets.
Tech accountability campaigners see the case as a potential tipping point, pressuring firms to redesign feeds, enforce age gates, and fund independent research, lest a cascade of global litigation erodes their trillion-dollar valuations.
PricewaterhouseCoopers (PwC), global professional services network, has reported that Nigerians lost about N12.5 billion from 2019 to 2023, through escalating digital fraud schemes.
AI-driven scams leverage artificial intelligence to create highly personalized and convincing fraudulent schemes, such as deepfake audio/video impersonations, automated phishing, and fake investment bots.
Globally, telecom fraud losses reached more than $38.95 billion during the same period, PwC said in its report titled “AI’s Dual Role in Telecom Fraud.”
The firm highlighted the dual nature of Artificial Intelligence (AI) in the telecom sector, warning that the technology is changing how fraud operates.
“AI has tremendous potential to drive positive change across sectors, but it also enables fraudsters to create and disseminate scams quickly and at scale,” PwC said in the report.
The report shows that telecom operators are no longer just communication providers but also critical infrastructure supporting digital banking and payments.
This shift has increased exposure to fraud. PwC noted that in Nigeria, 59 percent of e-banking customers have experienced scams, suggesting that telecom networks, which support mobile banking alerts, authentication messages, and digital payment links, are becoming attractive targets for criminals.
As telecom networks connect more closely with banks and fintech companies, fraud incidents in one sector can quickly spread to another, leading to regulatory scrutiny and loss of customer trust.
This growing overlap is creating a new risk layer in Africa’s digital economy, where mobile devices are often the main gateway to financial services.
PwC identified several common telecom fraud methods affecting operators and users, including SIM box fraud, SMS phishing, SIM swap fraud, subscription fraud, scam calls, and international revenue share fraud.
The report noted that AI could make these attacks even more sophisticated.
Criminal groups can now use AI tools to automate scam campaigns, generate convincing messages, and even create deepfake voices or identity impersonations to trick victims.
The firm warned that these capabilities could allow fraud schemes to spread across networks quickly, increasing financial losses if telecom companies fail to strengthen defenses.
Globally, the telecom, media, and technology sector already experiences the highest level of fraud, according to PwC’s 2022 Global Crime Survey. N
early two-thirds of companies in the sector reported fraud incidents, with about half involving cybercrime.
Despite the risks, PwC said telecom operators have a strong advantage in combating fraud because of the large amount of network and customer data they control.
By using AI and machine learning tools, companies can analyse network behaviour in real time and detect suspicious patterns early.
AI systems, for example, can identify unusual call patterns, abnormal message traffic, or activities occurring at odd hours that may signal fraudulent activity.
Some telecom operators have already introduced AI-powered spam detection tools that analyse hundreds of behavioural indicators before determining whether a message or call is likely to be fraudulent. According to PwC, real-time analysis could allow telecom companies to block scams before they cause significant financial losses.
However, PwC stressed that technology alone is not enough to tackle the problem.
The firm called for stronger collaboration between telecom operators, banks, and regulators to address fraud risks across the digital ecosystem.
“AI has tremendous potential to drive positive change across sectors, but it also enables fraudsters to create and disseminate scams quickly and at scale,” the report reiterated.
With millions of Nigerians relying on mobile networks for banking, payments, and identity verification, telecom companies are becoming frontline defenders against digital fraud.
PwC said a deeper understanding of how technology is changing fraud risks will be crucial for telecom operators seeking to protect customers and maintain trust in the country’s digital infrastructure.
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