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Nigeria: Companies’ Losses to Data Theft Bigger than Financial Fraud

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Olufemi Ake, country manager, ESET Nigeria and Ghana has called for comprehensive approach to combating and mitigating cybercrimes in the West Africa market, adding that focusing squarely on electronic financial (eFinancial) frauds to the expense of other sectors would create room for increased data/information loss by companies.

Ake, who spoke to Nigeria CommunicationsWeek in his office on the sideline of 2016 CyberXchange Conference said that Nigeria and neighbouring countries must step up cyber crime laws enforcement too.

Ake spearheads the strengthening of the ESET brand in the region by opening access to strong, trust-based relationships with private & public sectors and ensuring symbiotic business relationship and growth with partners of ESET within the operational markets.

Before joining the Africa markets, he had offered professional advice and consultancy services to clients in the United Kingdom while working with Capita, Lloyds Banking Group and BNP Paribas Real Estate. He had acquired indispensable knowledge in analysing market trends and implementing business requirements from the organisations he has worked for to date.

Ake relocated to join Diageo Plc where he worked with regional sales teams that collectively improved and implemented strategic plans for sales distribution with a number of initiatives which made a huge impact within months where he recorded an outstanding growth of +5.9% & +5.2% in Market Share in two top brand categories in 2012. ESET is equally benefitting from his wealth of experience with phenomenal double-digits growth recorded year-on-year since joining the business.

He graduated as a Planner at the University of Sheffield, United Kingdom and has immense passion in impacting lives positively. His best part of his experience is the ability to work with people of different social and moral background, taking their views on board and applying them to various elements of his profession. He spoke to peter oluka

How to Manage ‘Insider’ Instigated System Breaches
There is always the saying (I will use ICT security in this case as an example) ‘ICT security is as good as the weakest link of the strong chain’.
So, you can have millions of dollars ICT security investment, but if the ‘user’ or staff is ‘weak’ when it comes to taking measures not to expose the organisation, you need to be concerned.
They have to be aware of the dangers of not keeping company’s ‘data or information’ secured. They need to ask levels of questions while dealing with outsiders.
This is how social hacking occurs- where an insider provides information to an external person, allowing access to company data or secure environment. So, it is advisable to have concrete arrangement with your staff on how to manage the gateway to the company data/information.

West African Cyber Security Ecosystem
To put it straight, individuals, organsiations and the government at large, will be in trouble if cyber criminals come to terms the resources available in West African market. In the other hand, if we know what we can gain financially and otherwise by preventing attacks, we can reduce the risks. Organizations in the West African region need to step up their cyber defense, especially Nigeria and Ghana.
The markets’ focus has been on electronic financial frauds involving individuals.
However, cyber crime goes beyond efinancial fraud. Our government agencies need to be watchful on how information and data is kept. Big data, Internet of Things (IoTs), artificial intelligence and so many internet dependent devices, robots as well, are pushing for availability of more data online, especially with third party involvement.
The focus should be that our data are secured, because is not just money. Many of them do it for bragging rights. They steal as much data, disrupt systems/data, selling data abroad just for fun/fame or to prove a right.
Therefore, we need to focus on comprehensive approach to information/data security, not just financial fraud.
According to Barrister Adebayo Shittu, Minister of Communications, we lost about N127billion to cyber crime in 2015, but if you measure what companies lose to information and data theft, it is beyond measures. We have to ensure companies put strong levels of security to prevent impending dooms, especially in regards to securing customers’ data.

Enforcement Key to Cyber Security
There is no option to enforcement in entrenching cyber security processes in any organization or among government agencies. You can have ‘paper-tiger’ laws; very robust in its provisions, but without enforcement, the system can never feel the impact.
Take for instance, in Lagos, there are laws prohibiting indiscriminate parking of cars, however, not until LASTMA and other agencies took it up, the laws were ‘somehow’ idle.
To some people, because enforcement involves money, they would want to cut corners. But, if you refuse to insure your car, for instance, when an accident happens, you bite your tongue.
This applies to institutions; if you have policy framework, maybe to have two-factor authentication for internal processes which is supposed to curb unauthorized access to company network or resources and there is no enforcement to that effect, people can breach it.
Some companies even forget or play down on renewing their cyber security licenses. That makes them even more vulnerable.

Free Internet/Downloadable Anti-Virus: How Secured?
They are safe and secured to an extent. We also offer such free anti-viruses for mobile and computers ranging from three months to year usage. But they give you basic anti-malware and virus. When it comes to taking to another level like anti-phishing as a feature to prevent intentional hacking targeted at your user name and password, the free anti-virus wouldn’t give you such protection.
We also have a feature called anti-theft, which helps you lock and wipe device data remotely and also gives you information on recovering your lost or stolen mobile phone or computer. It also takes webcam or phone camera pictures of the unsolicited user of the lost or stolen device; which is a sort of insight on recovering your device. So, I will not advice people to depend so much on free anti-virus downloadable from the internet.

Telecos, Banks and Phish Emails
The first step to preventing falling prey of phish emails is: ‘if you are not sure, do not click’. Someone sends you congratulatory email or text that you have won a jackpot. But, it is obvious you never played a raffle.
On the banks’ side, they clone the emails and send you message, asking for confirmation of a transaction. Did you do such transaction? Do you think a bank will send you email requesting for password or PIN?
This sort of mail is meant to scare you. By clicking, you automatically grant them access to your computer or data and may end up collecting your sensitive information or even going as far as encrypting your files. So, in that case, what is advisable is to call the bank if you are in doubt and if related to financial transactions. If it is general phishing email, please do delete immediately from your inbox.

Growing Cyber Threat On Schools, NGOs, Religious Organisations, etc.
ESET’s message to everyone is: secure your devices. As far as your device is connected to the internet or you use it to exchange data, there is need to secure it.
Before now, churches, schools or non-governmental organizations seemed not attractive to cyber criminals, but we have seen a growing number of schools coming to us to secure their environment due to increasing cyber security threats. You have exam questions, payrolls, congregation personal and sensitive data and so many other information that requires protection.
Can you imagine a scenario where a pastor has prepared his sermon and on Sunday morning upon mounting the podium, he file gets encrypted or completely erased? In the present world, your eyeglasses, microwave, refrigerator and others will get connected, it calls for more care.
Cyber criminals ‘seize’ air control towers and redirect aircrafts or make them ‘blind’ and they can’t land. The world can be shut down.
Recently, we have seen high profile internet security breaches. That’s why I said the more Nigeria is being recognized at the international scene, the more cyber related attacks we should expect.

Sectorial ICT Security: Health
It is going to be disastrous when cyber criminals face the health sector. The only thing is that most of our hospitals are still paper prone environment.
However incidences in the health sector actually lead to breakup of homes, suicide, especially when they expected the hospital site to be protected. This is because doctors hold tons of confidential records of patients which in the real sense of it, should be encrypted and kept away from any third-party.
Exposing these would certainly lead to disruption, series of lawsuits, and distrust in the system. So, the emergence of paperless hospitals is better for higher productivity, but the hackers tend to feed on them too. Hence there as an exchange of data, it can be intercepted. Imagine a hacker goes into a hospital’s records and steal information about the President’s or a Governor’s health status, publish same, it can cause chaos in the society.   

Grooming Cyber Security ‘Armies’
The government should support IT. I like what the current administration is trying to do by focusing on IT entrepreneurs. There is so much focus on Nigeria lately which cumulated to the founder of Facebook paying a visit to Co-creation Hub and Andela.
It is a positive sign that IT is recognized. However, there is need for more support in providing direct IT jobs in the civil service and soft landing for entrepreneurs to set up their businesses in order to create more jobs within and outside of the IT sector.
There are so many bureaucratic processes that need to be revisited. IT is expensive currently in Nigeria because we import most of the solutions we provide.
If we are able to provide them locally; Nigerians writing IT security codes, providing security solutions and setting up research centres to analyse malware and other forms of threats, it will provide safe climate for us and we can export too. At that point, IT security becomes cheaper and companies wouldn’t be reluctant in renewing licenses in some cases.

ESET’s Impact On Cyber Security Solutions in Nigeria
ESET, basically, focuses more on educating and sensitizing our users and the public in generalon the importance of IT security.
The aim is to have our users enjoy safer technology and secure all data-exchange or internet-connected devices –‘smartphone, tablet, servers or computers’ with our easy to use and affordable security solutions. That is our goal.

Solutions
ESET solutions are segmented into two, tailored to provide security for users at home and businesses. We have business security solutions such as Two-Factor Authentication (2FA), Back-Up and Recovery, Data Encryption, Data Loss Prevention, Productivity Management, Enterprise Endpoint, Server and Mail Security Solutions.
Our Two-Factor Authentication (2FA) solution helps prevent unauthorised access to companies’ data or the environment. These days, usernames and password are becoming less secure and cumbersome for users to manage hence the need for additional level of security which our 2FA solution offers with a one-time digital burn-after password which can be set up on user’s mobile devices. 
We also provide solutions which offer Full-Disk encryption to help secure data and information running through your mobile phones or computers.
This helps prevent third-party access to your data in case of loss or theft. Our home security solutions offer Parental Control, Internet Security, Antivirus and Mobile Security for personal devices.
The ESET Parental Control helps parents manage children’s activities on their mobile phones and internet with web and application control features.

ESET’s Preparedness to Offer Insights to Users on Cyber Security Prevention
Absolutely, we are proactively leading a course for insights to aid users be ahead of breaches. In light of this, ESET have released a threat intelligence service that can be used by companies to detect, analyse emerging threats and also go as far as actively preventing potential damages, or at least to implement the necessary measures to mitigate them.
The essence is to provide organisations the idea of where to prevent such happenings in near future. The solution is called ESET Threat Intelligence and it is compatible with all non-ESET existing security solutions within the company IT infrastructure.
On our subscriptions, we are quite affordable as compared to others. To businesses, ESET is one of most affordable and effective IT security solutions that they can buy in Nigeria and Ghana.
Every now and then, we also run cost-cutting promotions for our users to have soft landing when buying or renewing their licenses due to the economic situation of the country. ESET recognizes Nigeria and Ghana; that is why we are here. 


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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.

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Defending the foundations for connectivity

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By Engr. Gbenga Adebayo

In 2001, when the first GSM call was made in Nigeria how many of us would have envisaged the digital world that we live in today? The pace of growth and the rate of adoption of telecoms solutions in Nigeria has been revolutionary. It is a globally acknowledged case study that we should be proud of and a clear demonstration of what can be achieved.

Almost all of us today are reliant on the network connectivity that it has enabled in different shapes and forms. From the simple need to communicate with loved ones, to the digital platforms that enable our access to and consumption of entertainment, financial products and other critical services. Our reliance on these systems is becoming more and more acute, whether it is citizens, governments, or corporations. System downtime is increasingly disruptive and offline manual redundancies are often in the advanced stages of being phased out. The pace of this transition is not slowing down. With the core infrastructure in place, innovation is driving the exponential growth of services that ride on it. From the fully adopted social media that has changed the way we interact, to the emerging Artificial Intelligence (AI) revolution.

While this innovation is enabling exciting new possibilities, there is a tendency to focus on those opportunities, to the detriment of the core infrastructure on which it rides. It is imperative that we retain a focus on the optimisation of that infrastructure and enable continued investment in its development. We have seen how the transition from 2G, through to 3G, 4G and 5G have each enabled the development of more and more sophisticated solutions.

The continued development of core infrastructure has to be sustainable, and over the last few months we have begun to see the challenges that the operators that provide it are facing. Both MTN and Airtel have declared significant foreign exchange (FX) losses in Nigeria, and the stress is not linked to them alone. The entire ecosystem is battling with a range of challenges that must be addressed. If we fail to do so, the downstream impact on innovation will be severe. Telecoms infrastructure requires a base level of investment to maintain its current capabilities, and significant additional investment to expand and grow. It is capital intensive and that capital has to be generated through sustainable business models.

At the heart of the challenge the industry faces is the issue of rising costs. Recent financial losses are directly linked to the cost of operating towers that rely on inputs like diesel, which have increased significantly as the Naira has depreciated. The provisions large telecom companies have had to make, and the consequent losses and impact on their reserves is a red flag. It tells us that business as usual is not sustainable. If we continue as we are, then those companies will struggle to continue to invest in and maintain existing services.

But those costs are not the only challenge. General cost inflation, multiple taxation, regular and damaging vandalisation of infrastructure and the costs associated with regulatory compliance all help contribute to the high cost of operations. We cannot continue to follow a path that asks those companies to simply accept those rising costs. It is no longer sustainable, and we have reached an inflection point.

This is a critical moment for the industry. How we approach and resolve it will define the future of Nigeria’s digital economy. If you want to be able to enjoy the benefits that digitisation brings. If we want the infrastructure that enables AI and helps us drive growth, then we must take action now.

Cost-reflective tariffs, like it or not, are simply non-negotiable. We have seen the impact of price controls in other segments of the economy, like power. If providers cannot operate sustainable business models, then they stop investing. When that happens, the existing infrastructure starts to crumble. For power, a consumer can choose to take ownership of the solution by buying a generator, or a solar panel. For fuel, the government can step in as the provider of last resort and manage a subsidy regime that mitigates the impact on the population. Those options are not available in the telecoms sector. There is no self-help solution.

We fully understand and appreciate the financial stress that Nigerians are experiencing today. The cost of living is the single most significant factor in most people’s daily lives. But those people are still able to enjoy the benefits that connectivity brings, at the price they paid before these challenges became so acute. Imagine a future in which the gains of the last twenty years are reversed. Nigeria, and Nigerians simply cannot afford it. The pain that we would feel under those circumstances would be exponentially worse.

We need to find a long-term, sustainable and manageable solution to this problem. Prices will need to rise, but action needs to be taken in a measured way, through sustainable conversations and partnership with the government. It is time to address this head on.

Engr. Gbenga Adebayo is the Chairman, Association of Licensed Telecoms Operators of Nigeria (ALTON)


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LCCI Urges FG to Simplify Trade Procedures to Boost Economy

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The Lagos Chamber of Commerce and Industry (LCCI) has said that the government needs to simplify and harmonize trade procedures and address bottlenecks in order to boost economic growth in the country.

President of LCCI, Mr. Gabriel Idahosa, gave the charge at a Quarterly media briefing on the State of the Economy yesterday in Lagos.

He said that the government has to create an atmosphere that promotes export growth and competitiveness, which is projected to boost export earnings, raise domestic revenue, improve citizens’ welfare, and increase business productivity.

“We recommend that reforms must include simplifying and harmonizing trade procedures as well as addressing bottlenecks such as port logistics, congestion, and transportation costs. This is expected to position the country as the commercial centre of the region and a springboard into regional value chains,” he stated.

On managing the persistent high inflation, the LCCI president said both monetary and fiscal authorities should focus on the factors driving the inflation rates by tackling the supply-side deficiencies instead of focusing too much attention on the demand-side management.

“We urge the Central Bank of Nigeria (CBN) to continue with its foreign exchange (forex) market reforms with intense discipline, as the high exchange rate against the naira is a major driver of the skyrocketing inflation rates.”

Idahosa acknowledged the improvement in the naira exchange rate in the last few days, moving towards the level of N1000 per dollar or lower.

“CBN needs to sustain its policy and regulatory reforms in the FX market, adopt policies that would attract more FX inflow into the economy as well as build market confidence in the performance of the FX market,” he added.

 


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Dufil Takes Donation of Indomie Noodles Cartons to Vulnerable Communities in Abuja and Environ

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In line with its commitment to provide critical support to indigent members of communities around the country in the face of the ongoing economic challenges, Dufil Prima Foods Limited, makers of Indomie Instant Noodles, in partnership with Golan Helps Abuja Food Bank Initiative (GHAFBI) and Meluibe Foundation on Wednesday, April 17 distributed Indomie noodles cartons to vulnerable communities in Kuje and Kubwa Local Government Areas in Abuja.

With the goal of alleviating hunger and supporting communities across Nigeria, Indomie Instant Noodles has committed to donating a substantial quantity of noodle packs to various NGOs working tirelessly to address food insecurity.

These organizations play a crucial role in reaching remote and underserved areas, ensuring that nutritious meals reach those who need them most.

“We are deeply committed to making a positive impact in the communities where we operate,” said Olusola Olayinka Idowu OON, former Permanent Secretary, Budget and National Planning, and the CEO/Founder of GHAFBI.

“At GHAFBI, we believe that everyone deserves access to wholesome and nourishing food. Our partnership with Dufil Prima Foods to donate Indomie Noodles packs is a big step towards addressing food insecurity and supporting vulnerable communities in Abuja”, said Idowu who was also the former National Conveyor, UN Food System Dialogues in Nigeria.

Speaking in the same vein, Obialunanma Nnaobi-Ayodele, Executive Director, The Meluibe Empowerment Foundation, expressed her gratitude to Indomie Noodles for the partnership. “Our vision as an NGO is to change the world one step at a time, by providing relief and support to vulnerable communities.

This is achieved through collaborations and partnerships, one of which is what we have done with Indomie Noodles. We remain grateful for their support through this food relief initiative”, she said.

By partnering with NGOs, Indomie Instant Noodles works closely with local leaders and community heads in directly engaging with rural communities to distribute noodle packs and provide immediate relief to families facing hunger and ensuring that food assistance reaches those who are most in need, especially in hard-to-reach areas.

“We are grateful for the opportunity to collaborate with NGOs and community leaders to make a meaningful difference in the lives of people facing food insecurity”, said Temitope Ashiwaju, Group Corporate Communications and Events Manager, Dufil Prima Foods Limited. “Together, we bring hope, love and relief for all”.

The community leaders and some of the beneficiaries also expressed their immense gratitude to Indomie for the support, stressing the impact the products donated will have in alleviating hunger in their communities.

Speaking at the outreach centre, His Royal Highness, Muhammed D. Jibril, Community Leader of Gbazango Community in Kubwa Local Government Area said: “I am very grateful to Indomie Noodles for coming to our aid in these challenging times. I pray for more expansion and growth for the business and may God bless Indomie Noodles”.

Other communities who benefited from the product donations include Wunmi, Tondo, Godoji and Shazhi communities in Kuje Area Council of Abuja.

Dufil Prima Food’s donation of Indomie Noodle packs underscores its commitment to corporate social responsibility and its dedication to supporting communities in need. By providing essential food relief, Dufil Prima Foods is contributing to the well-being and resilience of vulnerable populations in Nigeria.

Indomie Instant Noodles remains dedicated to bringing joy to mealtimes and making a positive impact in communities around the world.


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