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Securing the Healthcare Industry: Prevention is Better Than Cure

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The healthcare industry, arguably one of the most technologically advanced considering the gadgets and devices now used to monitor health statistics and perform medical procedures, is ironically among the most ‘unhealthy’ when it comes to network security.

Delegates attending the recent Healthcare Innovation Summit were told that medical records are being increasingly targeted by cybercriminals – data from the US showed that 89% of healthcare institutions suffered a security breach and were twice more likely to be targeted than other organisations.

Healthcare record theft increased a shocking 1100% this year with more than 100 million records compromised worldwide. The biggest threat, says KPMG, comes from external attackers – at 65% – while malware tops the list of information security concerns.

But why is an industry with the technological ability to perform surgery on patients in other countries so sick when it comes to protecting information?

The answer is multi-faceted:
Valuable data: Data collected and stored by hospitals and other organisations, such as medical aid schemes, is up to ten times more valuable to cybercriminals than credit card information.

This is due to the sheer volume of information gathered about individuals – and the fact that we’re seeing an increased shift to digital medical records – which makes it easy to commit fraud and identity theft.

Given the value of this data on the black market, cyber-attacks are becoming ever more sophisticated in their attempts to hack healthcare institutions.

Ageing infrastructure: Hospitals are melting pots of outdated infrastructure, old operating systems and state-of-the-art medical technology, all communicating over the same networks.

Often, hospitals take an ‘if it’s not broken, don’t fix it’ approach to technology, so devices may not be patched with the latest software versions, for example.

The problem, however, is that the system is very much broken. KPMG found that, in terms of technical capabilities, the healthcare industry is behind other industries when it comes to protecting infrastructure and information.

Complex networks: The fact that so many different people, devices and departments need to access a medical institution’s records forces them to adopt open networks.

Add to this the increasing number of Internet of Things and the myriad Internet-connected gadgets connecting to the network and it becomes difficult to secure and even more vulnerable to attack.

No budget: Security spending in the healthcare industry is at times as little as one-tenth of what other industries spend. When it comes to technology spending, a new MRI machine will likely win the budget lottery over security software.

Easy targets: Ransomware is one of the biggest methods used by cybercriminals to gain access to medical data.

This involves ‘kidnapping’ the data and only releasing it once the hospital pays a ransom. Because medical organisations are generally dealing with crises, they need urgent access to their data and are more willing to pay the ransom to get back up and running as quickly as possible. Cybercriminals know this and are exploiting it.

Lack of understanding and awareness: Although medical institutions are becoming more technologically centric, that’s not to say they’re focusing on technology and there’s a lack of understanding of what’s going on when it comes to cyber security.

There needs to be an increased understanding of how to defend against attacks like ransomware, coupled with a bigger focus on educating staff and users on how to spot phishing attacks – people are, after all, the weakest link in the security chain.

Prevention Is Better Than Cure
It sounds clichéd but, when it comes to security in any sector, prevention certainly is better than cure.

In order to gain a holistic overview of the network, technology managers need to design the infrastructure from the bottom up, starting with the physical layer, comprising devices and other hardware, and working up to the application layer.

This multi-layered approach to security gives IT managers more visibility into the network so that they can see what data is coming into and leaving the network and can implement controls as required.

For example, sensitive patient information can be encrypted as it traverses the network between devices, while less sensitive information, such as that collected by fitness devices, can be subject to less stringent protection measures.

Education of staff members is also critical. They need to be able to identify hacks such as spear phishing and ransomware attempts so that they know not to click on malicious links and to alert the IT department to such attempts.

There also needs to be a general increase in awareness within the healthcare sector of the various methods used by cybercriminals to gain access to medical data. In many cases, medical institutions do not even know that they’ve been infiltrated purely because they don’t know the warning signs. They need to take a more proactive approach to network security and understand how to prevent certain attacks.

Security should not be reactive and should not be done just because organisations want to comply with legislation such as the Protection of Personal Information (POPI) Act.

But unfortunately, this is the case in the healthcare industry and it’s the reason why they are always one step behind the attackers. Rather, security should be about prevention and the desire to ensure the integrity of sensitive information.

Rick Rogers, Area Manager for East and West Africa at Check Point Software Technologies

 


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AXA Mansard Empowers Female SMEs with Financial, Digital Skills

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AXA Mansard, a member of AXA has empowered 200 female Small and Medium Enterprises with financial literacy and digital business skills.

In collaboration with SME 100 Africa, the two-day training, which was held in Lagos, is part of AXA’s lined-up programmes to commemorate this year’s International Women’s Day.

Speaking, Olusesan Ogunyooye, Head of Marketing AXA Mansard, said the training was aimed to empower female SME owners with skills to improve business output and position them for the increasing economic opportunities available in an increasingly digital marketplace.

Ogunyooye noted that the move was in line with AXA Mansard’s sustainability agenda, explaining that the company was convinced that support for women through its inclusive protection programmes was pivotal to its purpose of acting for human progress by protecting what matters and its mission of moving from being a payer to a partner.

He further said that focusing on digital skills was important because the company realised the importance of digital skills to the growth of the SME sector in Nigeria and wants to ensure that women were empowered enough to be a consequential part of that growth.

“It’s almost trite to say that SMEs are the engine for economic growth, especially in developing countries like Nigeria, where over 45 million adults are business owners. What needs to be continually discussed is how Nigeria is going to unlock that potential for economic development and how much of that potential will be unlocked by women and for women.”

“For us at AXA Mansard, we are aware that digital will play a major role in unlocking these current opportunities and Nigeria’s economic future. So, to ensure that women are equally represented in unlocking these future potentials, that’s why we have collaborated with SME 100 Africa to support them in developing the required skills”.

“Our choice of digital and financial literacy skills is deliberate. We understand the power of the duo. We understand that helping these SMEs with the skills to attract more customers will be a faster means to empower them.

“We see that they have amazing products and services, but they need to understand how to attract value for themselves by attracting the right customers, and you will agree with me that virtually all customer segments are online in one way or another today.

“So, if we can empower them with digital business skills, we would have helped them with the heavy lifting of trying to find and attract customers”. Ogunyooye explained.

According to him, AXA Mansard believes that for the world to experience progress truly, there must be an equitable distribution of creation and access to opportunities for men and women. This quest for balance informed the SHE for Shield initiative, a women-centred inclusive protection programme of AXA Mansard.

SHE for Shield is a group of initiatives designed for the Nigerian woman. The goal is to see them grow, add value, and help them mitigate risks at every step.

According to the company, research has found that access to health care is one of the most important things to Nigerian women, regardless of their economic segment. They desire to be financially independent, secure, and respected in the community.

 


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IFC Invests in New 4DX Ventures Fund to Support Tech Startups in Africa

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IFC is investing $10.5 million in a new fund by 4DX Ventures, a New York-based venture capital firm focused on supporting early-stage African technology companies across a broad set of sectors, including fintech, e-commerce, edtech, climate tech, and health tech.

IFC’s investment in 4DX Ventures Fund III will come from IFC’s $225 million venture capital platform, which was launched last year to strengthen emerging VC ecosystems and invest in early-stage companies in Africa, the Middle East, Central Asia, and Pakistan.

Africa is among the regions least served by venture capital, receiving just 2% of global venture deal volume in the third quarter of 2023. Access to capital on the continent has been further exacerbated by a slowdown in global venture capital investment.

Tech ecosystems are nascent, or even nonexistent, outside of more established markets such as Egypt, Kenya, Nigeria, Senegal, and South Africa.

“IFC and 4DX Ventures share the commitment to supporting tech entrepreneurs with innovations that will help Africa leapfrog in critical areas such as climate, health care, fintech, e-commerce, and education,” said Walter Baddoo, Co-Founder and General Partner of 4DX Ventures.

“We look forward to partnering with IFC to help promising tech startups build transformative businesses and realize sustainable development impact on the continent.”

4DX’s new fund will invest in companies with tech solutions that can improve productivity, efficiency and competitiveness across Africa. The firm’s first two funds invested in companies such as Egypt-based e-commerce platform MaxAB, an IFC portfolio company; Ghana-based health tech firm mPharma; and Kenya-based B2B e-commerce platform Wasoko, formerly known as Sokowatch.

“By supporting the development of tech ecosystems in emerging markets, IFC’s venture capital platform aims to improve access to key services, boost business competitiveness, and promote job creation through digital transformation,” said Mohamed Gouled, Vice President of Industries at IFC.

“Our investment in venture funds such as 4DX Ventures will help African entrepreneurs access more financing and resources they need to scale tech innovations and bolster sustainable growth across the continent.

In addition to providing capital, IFC will work with 4DX Ventures to implement their environmental and social management system.


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Climate Action Africa Announces CAAF24

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Climate Action Africa (CAA) has announced the inaugural convening of the Climate Action Africa Forum (CAAF24). This international event brings together stakeholders from across the world who drive thought leadership insights on how to encourage collaboration, catalyse actionable solutions, and urge governments, businesses, and individuals to invest in climate-smart initiatives.

The climate-focused event was announced at last week’s Friday international press conference held at the prestigious Transcorp Hilton Abuja. This marks a significant milestone in Africa’s journey towards a sustainable future. A precursor to the upcoming Climate Action Africa Forum scheduled for June 17-19, 2024, at the Landmark Events Centre in Lagos, Nigeria, this press conference brought together leaders, experts, and stakeholders from across the globe. The gathering’s main goal was to discuss the urgent need for sustainable development plans and climate-smart investments in Africa.

Framed by the theme “Green Economies, Brighter Futures: Innovating and Investing in Africa’s Climate-Smart Development,” the international press conference became a vibrant platform for insightful discussions, strategic collaborations, and impactful engagements. It convened an esteemed gathering of leaders, experts, and stakeholders to explore solutions for Africa’s pressing environmental challenges.

The event kicked off with a welcome address by the Executive Director and Co-founder of Climate Action Africa, Grace Mbah, who having announced the commencement of event registration as April 2nd, 2024, made the call for tech-driven solutions and innovations in the fields of emissions reduction, transportation, agriculture, energy, circularity and building and construction to apply to participate in the deal room.

Providing insights to attendees on how innovative approaches and collaborative action is at the heart of CAAF24, she extended an opportunity to like minded organisations who would like to partner by hosting side events and finally, a call for volunteers from across the continent.

“It’s no news that the world stands at a critical juncture, where decisive action is imperative to mitigate the adverse impacts of climate change. Against this backdrop, CAAF24 serves as a pivotal platform for key stakeholders to engage in meaningful discourse, and forge collaborative pathways towards a greener, more sustainable future.

The essence of CAAF lies in its commitment to shaping a climate-resilient Africa through co-creation, innovation, and sustainable investment. Through this initiative, we aim to catalyse solutions that enhance the sustainability and prosperity of the continent’s natural resources, people, and economies,” Grace stated.

During the International Press Conference, distinguished speakers and thought leaders emphasised the urgent need for collective action in tackling Africa’s climate challenges.

They delved into critical topics like renewable energy, sustainable agriculture, biodiversity conservation, and climate finance, offering practical insights and inspiring initiatives.

Jummai Vandu, representing the National Council on Climate Change, expressed optimism about the initiative’s outcomes. “Today’s discussions,” she said, “underscore the urgency of our collective efforts to combat climate change. The National Council believes working together is key to driving meaningful action and creating a more sustainable future for Africa and beyond.”

With the International Press Conference complete, the stage is set for CAAF24. Stakeholders will converge to translate ideas into action, forge partnerships, and drive progress towards a climate-smart Africa.

Mrs. Taiwo Fashipe, Head of Media for the Presidential CNG Initiative (P-CNGi), echoed similar sentiments, stating: “The theme of this year’s Climate Action Africa Forum aligns with our goals, vision, and mission at the Presidential CNG Initiative.

“We look forward to using this platform to advance interest in and investment in greener and cleaner energy sources like CNG.”

Standing at a crucial juncture in Africa’s quest for sustainable development, CAAF24, convened by Climate Action Africa in partnership with the National Council on Climate Change, Channels Media Group, and Founder Institute, emerges as a beacon.

It brings together the private and public sectors, guiding the continent towards a future marked by resilience, prosperity, and environmental stewardship.

 


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