Connect with us

E-Business

Insurers Worry over Cybercrime, Climate Change

Published

on

Kindly share this post

Risks associated with cybercrimes topped the list of peril incidences that may likely hit the corporate world in 2020 and beyond.

Insurers Worry over Cybercrime, Climate Change

But Nigerian insurance underwriters have said what they fear most this year is risk from climatic change especially flood risk and other natural disaster related risks.

Allianz global, disclosed this in its 2020 Risk Barometer publication.

The publication is an annual report that identifies top corporate risks for the next 12 months and beyond, based on the insight of more than 2,700 risk management experts from 102 countries and territories.

The report highlighted three major risks incidence that could befall corporate business and noted cybercrime incident as risk that have become more damaging and expensive for companies – and often result in lawsuits and litigation after the event.

It also stated that business interruption ranked second, but remains a key challenge with digitalisation and civil unrest creating new causes of disruption and loss of income

It further stated that said climate change rises to its highest-ever position, adding that companies are most concerned about physical losses from extreme weather events.

In terms of cybercrime, the report noted that it ranked top in the survey, for the first time after receiving 39 per cent of responses from more than 2,700 risk management experts in over 100 countries and territories.

“Seven years ago, cyber risk ranked only 15th with just six percent of responses. Awareness of the cyber threat has grown rapidly in recent years, driven by companies’ increasing reliance on their data and IT systems and a number of high-profile incidents.

“Businesses face a growing number of cyber challenges including larger and more expensive data breaches, an increase in ransom ware and business email compromise (spoofing) incidents, as well as the prospect of litigation after an event. “Political differences between nation states being played out in cyber space brings added risk complexity, while even a successful merger or acquisition (M&A) can result in systems problems,” the report stated.

While responding to what may likely be the top risks for 2020, the Chief Executive Officer of AGCS, Joachim Müller, was quoted in the report to have said: “The Allianz Risk Barometer 2020 highlights that cyber risk and climate change are two significant challenges that companies need to watch closely in the new decade.

“The risk of cyber incidents have become more damaging and expensive for companies and often result in lawsuits and litigation after the even

“In addition to being the top risk globally, cyber incidents are among the top three risks in many of the countries surveyed. In Austria, Belgium, France, India, South Africa, South Korea, Spain, Sweden, Switzerland, the UK and the US it also ranks as the top business risk.”

“Businesses face the challenge of larger and more expensive data breaches, an increase in ransomware and spoofing incidents, as well as the prospect of privacy-driven fines or litigation after any event.

“A mega data breach, involving more than one million compromised records now costs on average $42 million, up eight per cent per cent year-on-year.

“Incidents are becoming more damaging, increasingly targeting large companies with sophisticated attacks and hefty extortion demands. Five years ago, a typical ransomware demand would have been in the tens of thousands of dollars. Now they can be in the millions,”  Marek Stanislawski, deputy global head of Cyber, AGCS, said

He said extortion demands were just one part of the picture, adding that companies could suffer major losses due to the unavailability of critical data, systems or technology, either through a technical glitch or cyber-attack.

He attributed many of the incidents to human error, but said it coul be mitigated by staff awareness training which are not yet a routine practice across companies.

 


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Advertisement
Comments

E-Business

SOPHiA GENETICS Announces Syndicate Bio as First Liquid Biopsy Customer in Africa

Published

on

Kindly share this post

SOPHiA GENETICS, a cloud-native software company in the healthcare space and a leader in data-driven medicine, has announced that Nigeria-based Syndicate Bio has signed on to implement MSK-ACCESS® powered with SOPHiA DDM™.

Syndicate Bio is the first lab in Africa to adopt the MSK-ACCESS® assay via the SOPHiA DDM™ Platform, and the first company to make comprehensive genomic profiling and liquid biopsy widely available to patients throughout the entire continent.

The implementation of this new technology will further existing work from SOPHiA GENETICS, Memorial Sloan Kettering Cancer Center (MSK), and Syndicate Bio to advance health equity on a global scale.

There are roughly 1 million new cancer patients each year in Africa and currently, comprehensive genomic profiling and liquid biopsy testing options are not widely available.

This means that patients are forced to forego this testing or travel out of continent for these testing options. Syndicate Bio’s implementation of this new offering will provide cutting-edge liquid biopsy testing to many of these patients and will help progress the company’s goal of advancing genomics and precision medicine in an area of the world that has been historically underserved in these areas.

“Partnering with SOPHiA Genetics to bring MSK-ACCESS® powered with SOPHiA DDM™ to our lab is a monumental step in accelerating the cancer treatment and research landscape across Africa, beginning in Nigeria. Next-generation sequencing technologies in oncology and liquid biopsy, which this collaboration enables, hold the potential for creating a leapfrogging opportunity in the oncology treatment and research landscape in Africa,” said Abasi Ene-Obong, PhD., Founder, Syndicate Bio.

“Through this collaboration, we aim to enable the widespread application of precision medicine in oncology across Africa, and thus contributing to the improvement of patient outcomes across the African continent.

“We believe our scientific expertise, combined with AI-enabled technologies and data-driven solutions enabled by SOPHiA GENETICS, presents a unique opportunity to fundamentally transform the journey of cancer patients through non-invasive cancer analysis, predictive genetic testing, and effective precision medicine.”

Syndicate Bio is driving genomics and precision medicine initiatives across the world’s most diverse regions through large-scale partnerships with governments, industry, and other stakeholders. Through its work, Syndicate Bio is making local impact while accelerating drug discovery and development.

By focusing on Africa, Syndicate Bio is poised to make a significant impact, starting with Nigeria, by introducing its pioneering clinical oncology offerings in an underserved region.

Through this endeavor, Syndicate Bio aims to improve cancer diagnosis and treatment for African patients. This initiative not only facilitates local next-generation sequencing (NGS) testing and liquid biopsy testing but also extends access to clinical trial participation, empowering patients and healthcare providers alike.

MSK-ACCESS® powered with SOPHiA DDM™  is a decentralized version of a highly validated ctDNA test developed by MSK that involves the deep sequencing of 146 key cancer-associated genes, and will augment Syndicate Bio’s tumor profiling capabilities, allowing them to utilize a small blood sample to generate a comprehensive report in an efficient and expedited time frame.

The use of liquid biopsy is less invasive than traditional biopsy, and can help simplify patient monitoring, whilst driving the uptake of precision medicine.

The offering combines the sophisticated analytics, state-of-the-art algorithms, and decentralized, cloud-based offerings of the SOPHiA DDM™ Platform, with the scientific and clinical expertise of MSK in cancer genomics to provide a best-in-class liquid biopsy solution.

“In our mission to democratize data-driven medicine, our decentralized global network and unique set of partnerships enable us to help reach underserved populations, just as those that are served by Syndicate Bio,” said Philippe Menu, MD, PhD., Chief Medical Officer, SOPHiA GENETICS.

“By implementing this solution, Syndicate Bio will make a measurable impact throughout Africa, while also helping to generate an unparalleled and comprehensive dataset and provide invaluable insights and knowledge to shape the future of global healthcare.”

In late 2023, SOPHiA GENETICS and MSK announced they are working in partnership with AstraZeneca to bring the world-class MSK-ACCESS® powered with SOPHiA DDM™ testing solution to countries and regions around the globe, including underserved areas where access to testing remains scarce.


Kindly share this post
Continue Reading

E-Business

Abdullahi, NITDA Boss Harps on Partnership to Drive Advance Digital Transformation Agenda

Published

on

Kindly share this post

Mallam Kashifu Abdullahi, director-general, National Information Technology Development Agency (NITDA), has reaffirmed the importance of collaboration in advancing Nigeria’s digital transformation agenda.

Abdullahi, NITDA Boss Harps on Partnership to Drive Advance Digital Transformation Agenda

L-R: Mallam Kashifu Abdullahi,  director-general, National Information Technology Development Agency, with Brig. Gen., Abdulrahman Idris, team lead of the Senior Executive Course 46 2024, National Institute for Policy and Strategic Studies, Kuru, Jos during a strategic tour visit to the agency headquarters in Abuja.

Abdullahi disclosed this during a strategic engagement with participants of the 2024 Senior Executive Course 46 from the National Institute for Policy and Strategic Studies (NIPSS), a delegation led by Brigadier General Abdulrahman Idris.

Abdullahi emphasised that no organisation can achieve its goals in isolation, stressing the need for collaborative efforts to harness ideas, experiences and insights for national development. He highlighted the potential of collaboration between NITDA and NIPSS to leverage technology and digital innovation for driving economic growth, creating job opportunities and attracting foreign direct investment (FDI).

“At NITDA, we have re-imagined our social contract with Nigerians, focusing on improving service delivery and fostering the swift growth of the ICT sector,” said Abdullahi. He emphasised the agency’s commitment to serving Nigerians and outlined the strategic direction outlined in NITDA’s Strategic Roadmap and Action Plan (SRAP 2024-2027) 2.0. The SRAP is structured around eight pillars aimed at fostering digital literacy, building a robust technology research ecosystem, strengthening policy implementation, promoting inclusive access to digital infrastructure, enhancing cybersecurity, nurturing innovation and entrepreneurship, forging partnerships and cultivating a vibrant organisational culture.

The brigadier-general provided insights into NIPSS’s role as Nigeria’s foremost policy think-tank, tasked with developing top-class technocrats to drive national development initiatives. He highlighted NIPSS’s contributions to policy formulation and implementation over the years, emphasising the institution’s mandate to address issues of national interest, particularly in the digital economy sector.

The collaboration between NITDA and NIPSS underscores the importance of synergistic efforts in harnessing technology and innovation for national development. By leveraging each other’s expertise and resources, both organisations aim to drive economic growth, foster job creation, and position Nigeria as a leading player in the global digital economy.

Through strategic partnerships and collaborative initiatives, NITDA and NIPSS are poised to chart a path towards sustainable development, leveraging digital innovation as a catalyst for socioeconomic transformation and inclusive growth.

 


Kindly share this post
Continue Reading

E-Business

IvoryPay, Tether to Drive Crypto Transfers Across Africa

Published

on

Kindly share this post

Ivorypay, a blockchain-based payment and remittance firm, has teamed with Tether, the stablecoin pioneer, to improve crypto-based transactions across Africa.

Tether is the business that developed the stablecoin, USDT, and with this agreement, it will mint and issue USDT straight to IvoryPay.

According to the partners, this agreement would provide more dependable and economical digital transaction choices to businesses and consumers across Africa.

Ivorypay will leverage Tether’s widespread acceptance to provide a buffer against the typically unpredictable nature of crypto-currencies, increasing user confidence in using digital currencies for daily transactions as well as cross-border transfers.

“Partnering with Tether is a strategic move that aligns perfectly with our vision of simplifying and securing crypto transactions across Africa,” said Oluwatobi Ajayi, CEO, IvoryPay.

He added: “It gives us easy access to the liquidity we need to cater to more businesses and individuals across the continent and to do that cheaper and faster than anybody else, which we believe will significantly enhance user trust and increase adoption rates across our platforms.”

“This strategic partnership between Ivorypay and Tether represents a transformative step for digital transactions across Africa,” said Aly Madhavji, managing partner of Blockchain Founders Fund.

“By incorporating USDT into their payment systems, IvoryPay aims to increase financial inclusion and streamline cross-border remittances, establishing a new standard for stability and efficiency in the region’s financial services We are thrilled to assist Ivorypay as they endeavour to create new opportunities for businesses and consumers across Africa.”


Kindly share this post
Continue Reading

Trending