E-Financial
Seven Ways to Keep your Smart Home Devices out of the Hands of Hackers
Check Point® Software Technologies Ltd., a leading provider of cybersecurity solutions globally, has seven tips to help Africans keep their smart home devices out of the hands of hackers.
In an increasingly connected world, it’s becoming harder to find a home that doesn’t have at least one smart device. In fact, research shows that, by 2026, there will be three million smart homes in South Africa.
Whether it’s a smart TV, a smart plug that lets you turn devices on and off remotely, or a doorbell with a fully functioning camera, these devices are here to stay.
However, while these gadgets provide convenience, they are also simultaneously multiplying the number of access points that hackers can use to steal private and personal information, such as email addresses or credit card information.
An investigation by Which? reported that, on average, homes with smart devices are vulnerable to 12,000 hacking or unknown scanning attacks from across the world in just a single week.
News reports have shared horror stories ranging from smart devices listening to private conversations to hackers using camera-enabled gadgets to gain access to a constant stream of live video from inside homes.
With more people working from home today, attackers are also going a step further: targeting unprotected work devices connected to the same compromised Wi-Fi and gaining access to the corporate network.
By using our smart home devices as a gateway, these intruders can leave behind a path of chaos, affecting not only personal privacy but also resulting in a possible corporate-wide data breach.
Pankaj Bhula, Regional Director for Africa at Check Point Software Technologies said, “South Africans are hyper aware of the precautions to take to prevent burglars from entering our homes and stealing our physical possessions.
However, most often, we overlook the hidden threats posed by our smart home devices that allow malicious hackers with sinister intentions to watch and listen to our most private conversations conducted in the comfort and confines of our own homes.
“With every year that passes, we are seeing a constant trend of hackers becoming ever more aggressive and, as a result, any device connected to the internet is ‘fair game.’ In the landscape we now live in, it’s not enough to assume that these incidences just ‘won’t happen’ to you, and all owners of these devices should be taking extra precautions to keep their information protected. It only takes only one overlooked device for a hacker to create untold harm and distress.”
Tips to keep your smart home devices safe and secure
- Update software: Regularly updating your devices’ software when required is a must to keep your home and your data protected. You can also purchase additional antivirus software for your mobile devices, which doesn’t have to cost a fortune. It can often work out to the same price as buying one cup of coffee a day. With hackers using more sophisticated attack methods, it’s important to have the best and newest form of protection against these evolving threats.
- Set up a standalone Wi-Fi network for your devices: Most routers let you create a separate network for your smart home devices, which will make it harder for hackers to access your devices. You can also consider creating a ‘guest setting’ for your Wi-Fi. This will allow your friends and family to access the internet without the risk of you having to write down or virtually share your primary network login details.
- Level up your passwords: Create strong passwords for each device, ensuring that they are random and not personal to the individual that owns the device. Personal information, like your birthday, is easier for hackers to find. If you struggle to remember complex passwords, consider using a password manager to help keep your devices protected.
- Double authentication: By setting up a second form of authentication, known as two-factor authentication or 2FA, hackers can be deterred from accessing your devices. While this may pose a mild inconvenience to you, it’s nothing compared to the turmoil a hacker can cause once they’ve gained access to your smart home devices.
- Encryption: Ensure your router is using the highest level of encryption to keep your data safe from unwanted threats. Don’t forget about any internal Wi-Fi extenders or powerline home networks that will also have a setting to allow encryption across the home network. Doing this will add an extra layer of protection not only for your router, but also for your smart devices.
- Change the default password on your router: This is separate to your Wi-Fi passwords but just as important. Most routers come with a simple default password to allow for easy set-up, but as a result are just as easy for hackers to guess. There are even lists of the most common passwords online, so be safe and change them as soon as possible.
- Keep your work devices protected: With more people working from home, it’s important that your work devices are as protected as personal ones when they are relying on your home Wi-Fi. Make sure your devices are up to date with the latest anti-malware technology. By keeping everything secure, you can reduce the threat posed to your smart devices.
The next currency crisis could accelerate the shift of the roughly $315 billion global stablecoin market into a digital-dollar alternative for citizens in emerging economies, notably in regions like sub-Saharan Africa and Latin America.
As local fiat currencies face devaluation and high inflation, citizens and businesses are increasingly utilizing smartphone-based stablecoins (such as USDT and USDC) as hedges and primary mediums of exchange.
According to the International Monetary Fund (IMF), the rapid adoption of dollar-linked digital assets—particularly in countries heavily affected by inflation like Nigeria—poses significant risks to monetary sovereignty.
With up to 95% of surveyed individuals in some African markets preferring to receive payments in stablecoins over local fiat, the rising volume of these decentralized, cross-border channels weakens domestic currency demand and dilutes the effectiveness of local monetary policy.
IMF observed in a report titled “Stablecoins in Nigeria: A Growing Cross-Border Channel” noted that the widespread use of stablecoins poses risks to monetary sovereignty, particularly as more individuals and businesses turn to digital dollar-linked assets for savings and transactions.
Nodding in agreement is Future Investment Initiative Institute (FII Institute), a non-profit organisation run by the Public Investment Fund, Saudi Arabia’s main sovereign wealth fund.
FII Institute said that central banks face structural challenges.
And according to the institute, when citizens move savings out of national banks and into private digital wallets, conventional capital controls lose their grip.
Institutions like the Bank for International Settlements warn that interest-bearing stablecoins compete directly with domestic-currency deposits, complicating financial oversight and making smartphone-based transfers incredibly difficult for authorities to monitor.
In Nigeria, Naira depreciation has pushed users toward dollar-stablecoins, according to report by Gino Matos in cryptoslate.com.
A stablecoin is a type of cryptocurrency designed to maintain a steady value by pegging its price to a reserve asset, such as a fiat currency (e.g., the U.S. dollar) or a commodity (e.g., gold).
They act as a bridge between traditional money and the digital asset world, providing the speed of crypto without the extreme price swings of assets like Bitcoin.
Federal government has reopened three federal government of Nigeria (FGN) bond issues valued at N1.2 trillion for subscription as part of efforts to raise long-term funds from the domestic debt market.
The Debt Management Office (DMO), which announced the offer on Tuesday, said the three reopened bond issues are each valued at N400 billion.
According to the DMO, the first offer is the January 2035 FGN Bond, a 10-year reopening, carrying an interest rate of 22.60 per cent per annum.
The second is the May 2028 FGN Bond, a 15-year reopening, with a coupon rate of 15.45 per cent per annum, while the third is the June 2037 FGN Bond, a 20-year reopening, also valued at N400 billion.
The office said the bond auction is scheduled for July 20, while successful subscriptions will be settled on July 22.
It explained that the bonds are offered at N1,000 per unit, with a minimum subscription of N50 million and additional investments in multiples of N1,000.
For the reopened bonds, the DMO said successful bidders would pay a price based on the yield-to-maturity that clears the auction, in addition to any accrued interest on the instruments.
Interest on the bonds will be paid every six months, while the principal will be repaid in full on the respective maturity dates.
The DMO reaffirmed that FGN bonds are backed by the full faith and credit of the Federal Government and constitute obligations chargeable on the general assets of the federation.
It added that the bonds qualify as trustee investment securities under the Trustee Investment Act and enjoy tax exemptions for eligible investors, including pension funds, under the Company Income Tax Act and Personal Income Tax Act.
The bonds are listed on the Nigerian Exchange (NGX) and FMDQ Securities Exchange and also qualify as liquid assets for banks in computing their liquidity ratios.
FGN bonds are long-term debt instruments through which investors lend money to the Federal Government in exchange for periodic interest payments and repayment of the principal at maturity.
Gigbanc, Nigerian fintech startup, has announced it is winding down operations, after three years, citing a tough fundraising climate.
Paul Omoregie Okundaye, and Babatope Oni, co-founders of Gigbanc
The company, which set out to build cross-border financial infrastructure for African freelancers, creators, entrepreneurs and businesses, confirmed the decision in a statement signed by its co-founders.
“After careful consideration, Gigbanc’s leadership has made the difficult decision to wind down operations,” the company said, adding that the move “reflects the broader funding environment affecting early stage startups in Africa, a challenge that has been widely documented across the ecosystem.”
Since its founding, Gigbanc grew a community of more than 150,000 people across multiple countries and processed over $7.28 million (N10 billion) in payment volume, helping thousands of users receive their first international payment.
The company also ran conferences, fellowships and community events aimed at connecting entrepreneurs and creators across the continent.
`Despite the shutdown, Gigbanc said it is not walking away emptyhanded.
The company disclosed that it is in active acquisition discussions with a prominent financial infrastructure firm, with further details to be shared once the process closes.
Paul Omoregie Okundaye, co-founder and CEO, and Babatope Oni, co-founder and CTO, framed the closure as the end of a chapter rather than the erasure of Gigbanc’s impact.
“While Gigbanc is winding down operations, we don’t see this as the end of what we built together. Instead, we see it as the completion of an important chapter,” the founders said. “The relationships, lessons, community, and impact we’ve created will continue to outlive the company itself.”
The founders thanked users for their trust throughout the company’s run, citing everything from transactions and feature requests to bug reports and criticism as forces that shaped the product
“We leave this journey incredibly proud. Proud of our team, who gave everything they had.
Proud of the community that rallied behind us,” they said.
Gigbanc’s exit adds to a growing list of African startups that have shut down or scaled back operations in recent years as venture funding on the continent has tightened, with founders increasingly citing capital scarcity as the primary driver behind closures and consolidations.
Next Currency Crisis May Turn $300Bn in Stablecoins into National Currencies
NIHSA Warns States of Possible Flood within Seven Days
FG to Raise N1.2 Trillion via Fresh Bond Offer – DMO
Gigbanc Nigerian Fintech Startup Closes Shop after 3 Years
Mbunabo, Nigerian Filmmaker Accuses Ghana TV Stations of Pirating Nollywood Films
NRC, Ponzi Scheme Collapses Resulting Loss of Billions of Naira
Nigeria Launches FreeTV Nationwide
NASENI Moves to Digitize CCB’s 5m Assets Declaration and Operations
Lebara Nigeria Launches Lebara Play, Africa’s First Telecom-Owned Micro-Drama Platform
CANAL+ Partners Samsung to Pre-Load DStv Stream on New Samsung TVs In Nigeria, Other African Countries
News3 days agoXora Finance, Fintech Firm Refuses to Hire Nigerians over Alleged Dishonesty
Telecom3 days agoNCC Advances Dig Once Policy, Engages Stakeholders on Cost-Based Framework for Duct Sharing
Telecom3 days agoNCC to Keynote Telecom Sector Sustainability Forum 7.0
News3 days agoHow Ponzi Scheme Victims can Seek Legal Remedies — Lawyers
General News3 days agoFG Secures Fresh $208.3m World Bank Loan for Cash Transfer
Telecom2 days agoMTN Nigeria Slashes Cost of Broadband Internet Router, Unwraps New Data Bundles for Low-Budget Users
News3 days agoPalmPay Nigeria Appoints Samuel Oluyemi as Chief Operating Officer
E-Financial2 days agoNigerians Accumulate $59Bn in Cryptocurrency Assets —FDC