E-Business
Report shows Most Cyber Breaches are Caused by Human Error
Check Point® Software Technologies Ltd, a provider of cybersecurity solutions globally, marks Cybersecurity Awareness Month by highlighting the need for each and every individual to prioritise cybersecurity, in both their business and personal lives, in order to fend off the ever-increasing risk of cyberattack.
For companies, cyber risks are increasing all the time. In fact, according to Check Point Research (CPR), attacks increased by 59% compared to last year. Here in Africa, the weekly average of impacted organisations in 2022 is 1 out of 21, with an organisation on the continent being attacked on average 1,896 times per week in the last six months.
A recent World Economic Forum report revealed that 95% of cybersecurity problems are caused by human error, and if you add the global cyber skills shortage to the mix, then you have the perfect storm for a cybercriminal. The 2021 (ISC)² Cybersecurity Workforce Study showed that we are lacking almost three million cybersecurity professionals worldwide.
In light of this, some organisations have started to implement cyber initiatives for their employees. For example, Santander, a multinational financial services company, recently launched an incentive scheme whereby employee responses to phishing attacks are considered as part of the overall company bonus policy.
Check Point Software has also implemented various training initiatives to boost cybersecurity skills in the workforce across Africa. In Kenya, together with Strathmore University, Check Point SecureAcademy runs free training sessions with lecturers and students.
And since 2021 in Johannesburg, together with Get Informed and local partners, Check Point Software has been offering cybersecurity training courses and internships to under-privileged youth in the community.
Having people and staff that are well trained in cyber hygiene is one of the best foundations for good cybersecurity, and so, for Cybersecurity Awareness Month, Check Point Software provides some useful information to help companies identify attacks.
- Phishing: this is a technique that is often successful due to a lack of employee training. Often in the form of an email, it is when a cybercriminal will impersonate a colleague, company or institution to obtain personal data to then sell, use for identity theft or to launch further cyberattacks. It’s important to be careful when receiving emails, particularly any that include an unusual request. You should check the sender address is legitimate, check for grammar errors and any misspelled words, and don’t click on any unfamiliar links or open attachments.
- Malware: this is malicious software that is designed to harm a device or network. In order for it to be successful, the victim has to install such software on their computer, which is usually done by clicking on a malicious link that automatically installs it, but it can also enter through a file such as an image, document or video attachment. Again, it is crucial to be careful when receiving emails that contain links or files, and only download software from official stores.
- Ransomware: this is a type of malware attack that blocks access to systems unless a ransom is paid. For some time now, there has been double and even triple extortion ransomware, capable of blackmailing the victim’s customers too. Like malware, it usually enters a device through a link from a trusted company or a file downloaded to it. Therefore, it is very important not to download anything from an unknown user and utilise multi-factor authentication.
To avoid becoming a victim of phishing, malware and ransomware, Check Point recommends:
- Enabling two-factor authentication: sign into your accounts with both a password and one other method. It could be a question, biometric data or a one-time code sent to your device. This creates an extra layer of security that prevents an attacker from being able to access an account with just a password.
- Using strong passwords: using the same keyword for everything, or simple combinations such as ‘123456’ or ‘password’, is making it too easy for cybercriminals. There are now a multitude of platforms that can generate strong, difficult-to-guess passwords with upper- and lower-case letters, numbers and symbols. Although we can also create them ourselves, it’s important to remember to use different combinations for each service.
- Learning how to recognise phishing: when an attacker sends a phishing email, there are usually some common identifiable traits such as misspellings or the fact that it asks for credentials to be entered. A company will never ask for a customer’s credentials on email. If in doubt, always go to the official page or platform of the company you want to access.
- Always keeping software updated: it is always advisable to update to the latest version of a company’s software as this is the way that they correct security errors of previous versions.
“Cybersecurity Awareness Month is an important time to not only raise awareness of cyber-safety but to drive real action among individuals. Most cyberattacks occur because of human error so it is in our hands to improve cybersecurity, both at home and at work. This is an essential activity in which we all have a part to play,” says Pankaj Bhula, Regional Director for Africa at Check Point Software. “The term ‘If you are not part of the solution, you are part of the problem’ fits perfectly when it comes to cybersecurity and users.”
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.
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.
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