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Strengthening Financial Services Industry with Cognitive Security

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Is it possible for any organisation to fight cybercrime without the aid of artificial intelligence or machine learning, especially, for those with complex systems like the financial institutions?

This article is more or less focused on the financial services industry, especially, the banking sector, for two main reasons.

First, I believe that when it comes to technology adoption in Nigeria, the banks are really at the forefront and secondly, I was invited to join some bank executives for a one day exposition themed, “Defense In-depth with cognitive security”, organised by ActivEdge Technologies and IBM, both of which are leaders in the space.

“All over the world, forward thinking organisations are continuously exploring means of improving their security and defense posture in a way that meets the operational data protection and privacy requirements,” said George Agu, CEO, ActivEdge Technologies Limited. The wealth of information under the custody of financial service firms is huge and includes user information, transactional data and data created from security, network and endpoint devices that can help uncover security breaches/attacks. But, how can security teams make sense out of this massive amount of data, so as to be able to recognize security threats as they emerge and provide quick remediation?

According to IBM, “Cognitive systems shine a light into data that has been dark to organizational defenses until now — uncovering new insights, patterns and security context, never seen before.”

From all indications, cognitive security, certainly provides effective tools that will allow the financial service industry in Nigeria to better explore structured and unstructured data, intelligence, security, financial information, analysis and much more, to mitigate security threats.

Many IT and other professionals also see it as a technology that can improve the efficiency of security analysts, relieving them from the usual everyday tasks and making them more focused on what is important.

Typically, a bank’s data security or network security analyst has a complex job of finding and stopping advanced threats before they do damage and/or steal valuable assets and can only attend to a little above 10 security incidences in a day, out of about 50 security incidences cases received daily.

Incidence Response, (IR), is meant to be handled immediately, no matter the number received per day, but with the above, one can deduce that a number of security threats may remain unattended to.

The bank might decide to deploy more workforce to see that the incidence response time is increased, but not without incurring additional cost, coupled with the difficulty of finding the right level of skills. All these issues could be adequately handled and effectively managed, if cognitive systems are deployed in the banks and other larger corporations.

Obviously, the above scenario shows the increased possibilities of vulnerabilities and the need to protect the entire categories of vulnerabilities, as opposed to chasing individual attacks.

The financial sector needs to understand the value of intelligence and integration capabilities that leverage cognitive analytics to collect, learn and make sense of massive amounts of real-time data flow and lessons learned from security professionals to prioritize security threats, detect high-risk threats in real-time and provide guidance on remediation.

According to the Deputy Governor, Operations, Central Bank of Nigeria, (CBN), Nigerian Deposit Money Banks, DMBs, lost N2.19 billion to fraudsters through electronic channels in 2016 fiscal period, recording about 19,531 fraud cases the same year as against 10,743 recorded in 2015. The CBN, in its contribution, appear to be actively involved in promoting a secure and efficient payment system, providing operation and implementation guidelines that can facilitate the ongoing initiatives, as well as sensitising deposits banks.

Deposit banks on the other hand, are on a continuous journey to improve banking services and payment transactions, making them more user friendly and efficient with the use of interactive technology innovations.

This, however, has not nipped the cases of electronic fraud in the bud, due to obvious lapses that accompany such technologies.

As a matter of fact, for the financial service industries to effectively deal with electronic payment fraud cases caused by security lapses, more creativity is needed to help detect threats faster, understand its scope and apply appropriate remediation in near real-time.

By the nature of what I do, I interact with both the public and private sector and some people often argue that Nigeria is not ripe for a major cyber-attack because, most of our data are largely offline.

It is an argument that I find amusing, but the average financial institution offering real time, 24/7, financial services approaches the situation differently, thus, it is quite instructive as George Agu, CEO, ActivEdge Technologies drives home the point that “No technological innovation has proven to be as efficacious, reliable and resilient at fighting security threats and breaches as cognitive security, which uses data mining, machine learning, natural language processing and user behavioural analysis, to smartly block attacks that continue to elude traditional security technologies, such as those exploiting zero-day vulnerabilities. In just a few years, this method has proven to be stronger, adapting quickly to attacks as they change and proactively detecting and preventing, even, the most sophisticated threats.”

Security is paramount for the financial service industry as well as organisations in other sectors of the economy.

All sectors house data and critical information that are relevant for all stakeholders involved. We should not be victims of loss of large quantum of money as a result of security vulnerabilities, when there are solutions that can help us stay protected.


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Kaduna, Google Launch First AI Training in Hausa Language

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Kaduna State Government, in partnership with Google and Data Science Nigeria (DSN), introduced the inaugural “AI for Beginners in Hausa,” marking the first instance of artificial intelligence (AI) training in a local language.

In Northern Nigeria, various challenges can impact access to tech education and career opportunities. These include diverse socio-cultural dynamics, infrastructural limitations, and language barriers. Photo: @Gov Uba Sani X handle

Sen. Uba Sani, Kaduna State governor, expressed profound gratitude to the partners for building support for women to use technology in harnessing the socio- economic development of the state and the country as a whole.

Represented by Dr Hadiza Balarabe, deputy governor, at the launch of Arewa Ladies for Tech and the mural unveiling of the AI for Beginners Learning Video series, Sani, said AI is not just the future; it’s the present.

According to him, Google pledged a $1.5 million grant to empower 20,000 Nigerian women and youths from underserved communities with essential 21st-century skills. This includes a plan to train 5,000 women and girls in areas such as data science and artificial intelligence through the Arewa Tech4Ladies initiative.

Mr. Olumide Balogun, director of Google in West Africa, said in his welcome address that Google’s mission was to organise the world’s information and make it universally accessible and useful.

Balogun said that this initiative was a commitment to enhance the representation and inclusion of women in the tech sector.

Dr Bayo Adekanmbi, chief executive officer of DNS, explained that by making AI education accessible in Hausa, the partnership was creating opportunities for innovation, entrepreneurship, and social impact.

Presenting a paper tagged, “AI in Education”, Dr Kashifu Inuwa, director-general of the National Information Technology Development Agency (NITDA), said a lot had been missed because AI was not being taught in the local language.

The DG was represented by Dr. Ahmed Tambuwal, head of the Digital Literacy and Capacity Building Department of NITDA.

 

 

 


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Chowdeck Secures $2.5M Seed Funding to Optimize On-demand Food Delivery in Nigeria

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Chowdeck, Nigeria’s on-demand delivery service, has secured $2.5 million in seed funding to optimize its operations and support expansion into more cities across the country.

The seed funding round included investment from YCombinator, Goodwater Capital, FounderX Ventures, Hoaq Fund, Levare Ventures, True Culture Funds and Haleakala Ventures. Simon Borrero and Juan Pablo Ortega (co-founders of Rappi – Latin America’s largest online delivery platform), Shola Akinlade and Ezra Olubi (co-founders of Paystack – one of Africa’s leading fintech companies. Acquired by Stripe for $200m), Sudeep Ramani (Sportybet), Ayo Arikawe (Thrive Agric) and Karthik Ramakrishnan (Amazon) also participated as angels.

Since launching in October 2021 after the COVID-19 lockdown in Lagos, Chowdeck has acquired more than 500,000 users and more than 3,000 riders (typically earning the same as senior civil servants in Nigeria) that serve 8 Nigerian cities (Lagos, Abuja, Ibadan, Port-Harcourt, Ilorin, Benin City, Abeokuta and Asaba).

This new funding will enable Chowdeck to double down on its market leadership in these cities and lay the groundwork for further expansion into other Nigerian cities.

Driven by a combination of increased smartphone and internet penetration, improved payment systems, evolving consumer preferences and a range of other factors, there has been a significant growth in on-demand delivery services in Nigeria in recent years.

For example, heavy traffic in major cities makes it challenging for people to shop for groceries, meals, or other goods, increasing the attractiveness of delivery services that can save time.

This growth trajectory is poised to continue as many of the challenges that hampered previous attempts at providing on-demand delivery services are fixed.

Chowdeck is the fastest delivery service operating out of Africa today, allowing consumers to buy food and have it delivered to their doorstep in 30 minutes, on average.

The startup has built an effective logistics operation that food vendors can leverage to seamlessly deliver meals to customers while also providing consumers with an easy platform to order meals from their favourite restaurants in their city.

The startup has also partnered with a wide range of leading quick-service restaurants such as Chicken Republic, Burger King, Bukka Hut and more to drive sales, provide logistics infrastructure and other services to enable enhanced customer experiences.

Femi Aluko, CEO and co-founder of Chowdeck, said, “We know that Nigerians love good food, and we just want to make it as easy as possible for them to access the food they desire.

Chowdeck was birthed to fulfil this purpose and we are committed to delivering truly excellent experiences for our customers, vendors and riders. We are pleased with the success we have achieved to date and excited to have raised these funds that will enable us to replicate that success in more parts of Nigeria, and add value to our customers, vendors, and riders in as many ways as we can.”

Shola Akinlade, CEO and co-founder of Paystack said, “Chowdeck is not only addressing the crucial need for an efficient and reliable on-demand delivery service in Nigeria, the team embodies innovation and a commitment to excellence.

It is a privilege to be part of their journey and I look forward to celebrating more success with them in months and years to come.

Apart from investing financially into the company, our experience with building Paystack puts us in a great position to provide a lot of practical support and I am excited to see what it is to come from the Chowdeck team.”

June Angelides, Partner at Levare Ventures, said “Chowdeck has quickly become a household name across Nigeria, priding itself on very high standards of execution. They are addressing a large and complicated problem, especially in Africa, delivering goods at record speed.

I am excited that they have proven that the opportunity is there beyond restaurants and supermarkets. The team have secured landmark partnerships with Shoprite, Chicken Republic and KFC, a sign of their grit. Their customers love them, their riders love them. There’s so much more to come and I’m excited to be with them on the journey”.


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Konga Launches Tech Month with Incredible Discounts

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Konga, Leading e-commerce giant has announced its highly anticipated Konga Tech Month starting from Wednesday, May 1, until Friday, May 31, 2024. This good news is not only for tech enthusiasts and bargain hunters but also for home appliance lovers, as this year’s edition goes beyond gadgets to feature home, office and lifestyle essentials.

Konga Tech Month has become a major event in the Nigerian shopping calendar. This annual sales extravaganza is widely regarded as one of the biggest gadget sales in the country. It offers a treasure trove of tech devices at unbeatable prices, attracting a massive audience eager to snag incredible deals on a wide range of products.

This year’s Konga Tech Month boasts an impressive selection of devices across various categories. Whether you need a reliable laptop, phone or a professional upgrade to your office and household with authentic appliances, Konga Tech Month has something to suit every need.

Throughout May, Konga’s customers will stand the chance to take advantage of special discounts on original printers, dependable power solutions and generators from companies like iTEC and iPower Inverters, mobile phones, refrigerators, inverters, and much more at up to half the price. Many freebies and deals will also be on offer for the fastest fingers in the Konga Flash Sale.

“Konga Tech Month is a testament to our commitment to providing Nigerians with access to high-quality yet affordable tech products,” said Mr Nnamdi Ekeh, CEO of Konga. “This year’s event promises to be even bigger and better than last year, so we are thrilled to get started. Thanks to Konga Tech Month, we can accomplish our mission of making cutting-edge technology available to everyone no matter their budget.”

The competitive pricing and special deals offered during Konga Tech Month are available for students, institutions, and organizations. Whether it’s outfitting a computer lab, updating office technology, or providing students with affordable laptops, Konga Tech Month offers a cost-effective solution.

A satisfied shopper from the last edition shared her excitement saying, “The Konga Tech event last year was incredible! I was able to get the high-performance laptop I’d been eyeing for months and at a price I couldn’t believe. The discounts were amazing, and the selection was huge. Plus, being able to choose between online shopping or visiting a Konga store was convenient and made shopping easier. I’m looking forward to Tech Week this year. I’ve been eyeing a new microwave and phone, and I know Konga will have the finest deals in town.”

Konga Tech Month offers a smooth shopping experience for everyone. Customers can browse the extensive selection of discounted tech products online at the Konga website (https://www.konga.com/) or visit any Konga retail outlets nationwide to experience the deals firsthand.

 


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