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SecurityBreaches Reached 49% in 2014, 1Bn Data Records Compromised- Gemalto

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Data breaches increased 49 percent in 2014 to 1 billion data records compromised, with cybercriminals targeting identity theft as top breach category, according to Gemalto, the world leader in digital security.

The latest findings by Gemalto of the Breach Level Index, revealed that more than 1,500 data breaches led to one billion data records compromised worldwide during 2014.

These numbers represent a 49% increase in data breaches and a 78% increase in data records that were either stolen or lost compared to 2013.

Continuing with this industry-leading benchmarking from SafeNet following its acquisition by Gemalto, the Breach Level Index (BLI) is a global database of data breaches as they happen and provides a methodology for security professionals to score the severity of breaches and see where they rank among publicly disclosed breaches.

The BLI calculates the severity of data breaches across multiple dimensions based on breach disclosure information.

According to data in the BLI originally developed by SafeNet, the main motivation for cybercriminals in 2014 was identity theft with 54% of the all data breaches being identity theft-based, more than any breach category including access to financial data.

In addition, identity theft breaches also accounted for one-third of the most severe data breaches categorized by the BLI as either Catastrophic (with a BLI score of between 9.0 and 10) or Severe (7.0 to 8.9).

Secure breaches, which involved breaches of perimeter security where compromised data was encrypted in full or in part, increased to 4% from 1%.

“We’re clearly seeing a shift in the tactics of cybercriminals, with long-term identity theft becoming more of a goal than the immediacy of stealing a credit card number,” said Tsion Gonen, vice-president of Strategy for Identity and Data Protection at Gemalto.

“Identity theft could lead to the opening of new fraudulent credit accounts, creating false identities for criminal enterprises, or a host of other serious crimes. As data breaches become more personal, we’re starting to see that the universe of risk exposure for the average person is expanding.”

In addition to the shift toward identity theft, breaches also became more severe last year with two-thirds of the 50 most severe breaches according to their BLI score having occurred in 2014.

Also, the number of data breaches involving more than 100 million compromised data records doubled compared to 2013.

In terms of industries, the report circulated by African Press Organization (APO) shows that retail and financial services experienced the most noticeable trends compared to other industry sectors in 2014.

Retail experienced a slight increase in data breaches compared to last year, accounting for 11% of all data breaches in 2014.

However, in terms of data records compromised, the retail industry saw its share increase to 55% compared to 29% last year due to an increased number of attacks that targeted point-of-sale systems.

For the Financial Services sector, the number of data breaches remained relatively flat year over year, but the average number of records lost per breach increased ten-fold to 1.1 million from 112,000.

“Not only are data breach numbers rising, but the breaches are becoming more severe,” added Gonen.

“Being breached is not a question of ‘if’ but ‘when.’  Breach prevention and threat monitoring can only go so far and do not always keep the cyber criminals out. Companies need to adopt a data-centric view of digital threats starting with better identity and access control techniques such as multi-factor authentication and the use of encryption and key management to secure sensitive data. That way, if the data is stolen it is useless to the thieves.”

Through its acquisition of SafeNet, Gemalto offers one of the most complete portfolios of enterprise security solutions in the world, enabling its customers to enjoy industry-leading protection of digital identities, transactions, payments and data – from the edge to the core.

Gemalto’s complete portfolio of SafeNet Identity and Data Protection solutions enable enterprises across many verticals, including major financial institutions and governments, to take a data-centric approach to security by utilizing innovative encryption methods, best-in-class crypto management techniques, and strong authentication and identity management solutions to protect what matters, where it matters.

Through these solutions, Gemalto helps organizations achieve compliance with stringent data privacy regulations and ensure that sensitive corporate assets, customer information, and digital transactions are safe from exposure and manipulation in order to protect customer trust in an increasingly digital world.


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Iremide Ogunyemi wins Fidelity Bank’s ‘Read2Lead’ Writing Competition

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A student of The Ambassadors’ College, Ota, Ogun State, Miss Iremide Ogunyemi, has won N2 million cash, a publishing deal worth N2 million and another N2 million to upgrade her school’s library after emerging the star prize winner of the inaugural edition of the Fidelity Bank organized Read2Lead writing competition. This was disclosed at the competition’s prize presentation event held in Lagos over the weekend.

Welcoming guests to the event, Mrs. Pamela Shodipo, the Executive Director of South Directorate, Fidelity Bank Plc, who represented Dr. Nneka Onyeali-Ikpe,OON, the bank’s Managing Director/Chief Executive Officer, said the initiative was created to unlock the creative potentials of students and help them become better positioned for successful careers.

“All over the world, young people are driving change through innovation and Nigeria is no exception. As a Bank, we believe in the transformative power of education in changing the fortunes of any nation. It is this belief that led us to organize the Read2Lead initiative. By fostering the fundamental yet crucial skill of reading and writing from a young age, we aim to empower children to face academic challenges confidently and solve life problems skillfully.

“The Read2Lead initiative, therefore, encapsulates our approach to instilling a culture of reading and writing among young people. As highlighted by the esteemed American journalist, critic, and social reformer, Margaret Fuller, “Today a reader, tomorrow a leader”; we believe that igniting our youths’ imagination early can unlock their potential and set them on a path to success”, explained Onyeali-Ikpe.

The prize presentation ceremony had in attendance the representative of the Ogun State Commissioner of Education, management staff of Fidelity Bank Plc, the top 30 students from the competition, their parents, teachers, colleagues and media personalities.

“When I started, I didn’t know I would emerge a finalist in the competition. I just decided to participate because I love writing. This was the first competition that I saw that asked for a fictional essay. As that is what I like, I decided to write. I want to thank Fidelity Bank for coming up with this initiative as it is a really good and creative competition”, disclosed an elated Miss Ogunyemi.

In a surprising twist of events, Miss Mfeheke Okoko and Miss Daniella Orji, also of The Ambassadors’ College, Ota, Ogun State, took home cash prizes for N1.5million and N1million for emerging the first and second-runners up respectively in the competition which saw students from across Nigeria compete in three phases of writing challenges.

In the first stage of the initiative, tagged, “The National Writing Showdown”, over 3,000 students were tasked with a creative writing task for a spot among the top 150 writers.

In the second stage known as “The Sweeta Writing Mastery”, the top 150 participants were given a novel to read and requested to write an alternate ending for the book for chance to join the top 30 finalists.

In the third and final stage themed, “The Author’s Workshop”, the top 30 students were enrolled in an immersive writing boot camp anchored by experienced writers and facilitators who selected the top three finalists.


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Union Bank Reaffirms Support for Education in Nigeria, Backs 10th Edition of Maltina Teacher of The Year

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Union Bank of Nigeria, in continuation of its on-going efforts to improve the standard of Nigerian education, has partnered with Nigeria Breweries, makers of Maltina malt drink, as the official financial sponsor of the 10th-anniversary edition of the Maltina Teacher of the Year Award.

The bank is supporting this year’s anniversary edition, themed ‘A decade of inspiring excellence in teaching’, as part of its corporate strategy and vision to improve three core aspects of education in Nigeria: improving access, improving quality, and optimising learning outcomes through cross-industry partnerships.

Union Bank, an advocate dedicated to ensuring the bright educational future of Nigerian youngsters, wants to succeed in this noble endeavour by achieving its objectives by leveraging the United Nations Sustainable Development Goals (SDGs), notably SDG 4—Quality Education.

This dedication has led to the Bank developing its own unique educational assistance platform, Edu360. The Edu360 program is an initiative targeted at facilitating much needed investments in the educational sector through capacity building for teachers while developing collaborations between parents and educators regarding child development and curriculum.

According to Nigerian Breweries, the Maltina Teacher of the Year Award, which is in its tenth run since its launch in 2015, is an initiative aimed at recognising and celebrating exceptional teachers whose performances have impacted and positively improved the academic growth of students in Nigeria.

Speaking on the Bank’s support towards the 10th Anniversary of the Teacher of the Year Award Ceremony, Union Bank’s Chief Brand and Marketing Officer, Olufunmilola Aluko said “Union Bank is delighted to partner with a laudable initiative like the Maltina Teacher of the Year that seeks to spotlight and acknowledge incredible educators who have positively shaped the minds of Nigerian students.

“This collaboration closely aligns with the bank’s overall aim of improving the standard of education within the country while also ensuring there’s equal access to every child, male or female, seeking to acquire life-changing knowledge that will benefit not only themselves and their immediate family but also the wider society”.

Union Bank remains steadfast in its commitment to promoting education, viewing it not only as a Sustainable Development Goal but also as a value-adding enterprise within its chain of business interventions.

They firmly believe in investing in Nigeria’s future and recognise the strategic importance of quality education in the nation’s development.


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Polaris Bank partners UI, NCF on environmental conservation, tree planting

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Polaris Bank Limited has collaborated with the University of Ibadan (UI) and the Nigerian Conservation Foundation (NCF) on environmental conservation through a tree planting initiative.

Polaris Bank

Polaris Bank

This was disclosed during a courtesy visit to the UI Vice Chancellor, Prof. Kayode Adebowale, by representatives of Polaris Bank Ltd and the Nigerian Conservation Foundation (NCF).

During the visit, Polaris Executive Director, Corporate & Investment Banking, Abimbola Ozomah, mentioned that the initiative is part of the bank’s corporate social responsibility efforts.

Ozomah explained that the initiative stemmed from the bank’s desire to continuously contribute positively to the environment and communities, as well as to commemorate World Environment Day on June 5, 2024.

She highlighted that the theme for World Environment Day 2024 centres on land restoration, desertification, and drought resilience, in alignment with the United Nations’ ecosystem restoration goals.

Ozomah said that Polaris Bank Ltd is committed to sustainable practices and land restoration through the nationwide planting of economic trees.

According to her, the bank’s sustainability practices include promoting responsible banking, empowering people and society, addressing environmental issues, and ensuring sustainable economic growth.

Mr. Adedayo Memudu, Senior Manager of the Nigerian Conservation Foundation, stressed that the organization encourages Nigerian citizens to appreciate nature and thrive while living in harmony with it.

He noted that one of the NCF’s core values is its commitment to partnership development, which is why it has partnered with Polaris Bank Ltd to enhance the bank’s corporate social responsibility and sustainability platforms.

The visit culminated in the consequent actual planting of trees at a designated site on the university campus.

A Memorandum of Understanding will later be signed between the University of Ibadan, Polaris Bank Ltd, and the Nigerian Conservation Foundation.

Speaking on behalf of the Vice Chancellor, UI Registrar, Mr. Ganiyu Saliu, reaffirmed the university’s commitment to conserving campus vegetation and promoting a greener environment to improve individuals’ well-being.

Saliu pointed out that the large number of ‘Iroko’ trees on the University of Ibadan campus serves as evidence of the institution’s intentional conservation efforts, despite broader environmental challenges in Nigeria and globally.

He explained that the university does not allow indiscriminate felling of trees but enforces a structured process for tree removal.

The registrar also noted that as part of the UI@75 anniversary celebrations, the university initiated a project to plant 1,000 trees, which will be adopted by well-meaning Nigerians, with the university providing the necessary support for their sustainability.

He stressed the importance of collaboration between the academic community and broader society, stating that both sectors must work together to address shared environmental challenges.

Saliu expressed gratitude for the collective efforts of organizations to tackle common challenges in Nigeria and appreciated Polaris Bank Ltd for partnering with the Nigerian Conservation Foundation in the tree planting initiative.

Polaris Bank kick-started the nationwide tree planting initiative for land restoration on July 1, 2024 at the Tai Solarin University of Education (TASUED), Ijagun, Ijebu Ode, Ogun State; it then Proceeded to Ajingi Community Reserve, Kunkurawa, in Kano, Kano State on August 30, and next at the University of Ibadan on October 3.

Polaris Bank is known for taking proactive measures in addressing challenges of development and sustainability, including environmental and social issues.

The Bank supports the United Nations Sustainable Development Goals (UN-SDGs), Nigerian Sustainable Banking Principles (NSBPs), and the United Nations Environment Programme Finance Initiative (UNEP FI’s) Principles of Responsible Banking.


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