Connect with us

E-Business

Suffer a Data Breach; Lose up to One Third of Your Customers

Published

on

Kindly share this post

Astonishing findings from RSA’s recent survey in the UK showed that 28 percent of customers have elected to boycott companies that have been shown to mishandle personal data.

 

RSA is a global cybersecurity leader with consulting and technology solutions that empower firms by providing a holistic view of cybersecurity needs in order to reduce risk and rapidly respond to incidents.

 

“South African businesses should be prepared for similar consumer trends in the near future,” believed Anton Jacobsz, managing director at value-added distributor, Networks Unlimited Africa, which delivers the full range of RSA solutions to the local market.

 

“Consumers are becoming increasingly aware and sensitive about how their service providers use their personal data, and for those organisations that suffer high-profile data breaches, there is a very real possibility that customers will ‘vote with their feet’.”

The RSA survey goes on to reveal that the majority of consumers (57 percent) have no idea how many times their personal data may have been placed at risk, given the flood of headline-grabbing cyber-security breaches over recent months.

 

GDPR and PoPI

While analysts estimate that only about a tenth of all breaches are reported to the public, this is about to change, as the European Union’s General Data Protection Regulations (GDPR) finally kicked in on 25 May.

 

“For businesses operating in the EU, or even for local businesses that provide services to EU citizens, the new laws will ensure that any and all data breaches are disclosed within a 72-hour period,” explained Jacobsz.

 

GDPR is enshrined in European Union law, giving it automatic credence among all member states. It seeks to harmonise data protection regulations throughout the region, placing stringent rules on how organisations gather and use individuals’ personal data, increasing levels of transparency, giving individuals greater control over how their data is used, and ensuring mandatory disclosure of any breaches.

 

Under GDPR, companies could face fines of up to 20 million euros, or four percent of annual turnover, which shows the gravity of the issue for large businesses in particular. In South Africa, the pending arrival of our own incoming legislation, the Protection of Personal Information Act (POPIA), expresses a very similar intent to GDPR. Many legal experts believe that achieving compliance with GDPR should essentially imply compliance with PoPIA, once it is enacted.

 

Staying on the right side of the law

 

So just how can organisations set about ensuring compliance with both PoPI and GDPR?

 

“As a global company, RSA has completed a considerable effort to ensure that it prepares organisations for GDPR – identifying gaps, improving readiness, evaluating risk, meeting compliance and rapidly respond to incidents,” said Jacobsz.

 

“To cater for such broad-reaching compliance requirements, organisations must address cyber-security and data protection at an overall enterprise level,” he adds.

 

“RSA’s approach incorporates both advisory and technology services, addressing the entire lifecycle of solution fulfilment – from strategy and design, to deployment and operations management.”

 

While organisations must comply with new legislation, they also cannot halt progress on key digital programmes and transformation projects. To ensure that their digitisation journeys can proceed safely, RSA takes a business-focused approach to one’s cyber-security strategy, ensuring it is aligned with the company’s strategic objectives.

 

Seven practices to ensure comprehensive defences

 

In a recent white paper, RSA details the seven key practice areas that it has established to provide comprehensive threat mitigation and ensure regulatory compliance:

 

Risk management… Tailoring global best-practices to the unique elements required for the foundation of a firm’s holistic risk management programme, including various assessments and stakeholder mapping exercises.

 

Identity assurance… With identity management at the core of all security programmes (and representing the biggest threat vector), it’s critical to design iron-clad identity management policies and technologies.

 

Advanced cyber-defence practice… Identifying gaps, prioritising risks and designing programmes to improve defences, integrate solutions, provide deep visibility, detect advanced threats and reduce mitigation time.

 

Incident response practice… By combining early detection and rapid response, organisations can close the gap between an initial breach and an attacker being able to carry out their objectives.

 

Professional services… The technology deployment expertise to ensure that organisations gain maximum value from their investments in RSA technology sets.

 

Research… With a heavy emphasis on R&D, the security solutions from RSA continually adapt to the ever-changing threat landscape and keep pace with new legislation (such as GDPR), while training services help customers to enhance overall awareness and optimise their cybersecurity capabilities.

 

Enterprise-wide security programme management… to pull it all together, teams of cybersecurity experts analyse an organisation’s overall threat posture, continually making recommendations to further strengthen one’s security practice.

 

“The risks of data breaches – for both local and international companies – are enormous,” summarised Jacobsz, “ruining an organisation’s reputation, destroying customer trust, and exposing them to heavy regulatory penalties.”


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Advertisement
Comments

E-Business

Access Holdings, Coronation Partner Tate Modern to Spotlight Nigerian Modernism

Published

on

Kindly share this post

Access Holdings Plc and Coronation Group have partnered with Tate Modern to commemorate World Art Day with a virtual session highlighting the global significance of Nigerian modernism.

Access Holdings, Coronation Partner Tate Modern to Spotlight Nigerian Modernism

Access Holdings

The event, titled “In Conversation with Osei Bonsu: Inside Nigerian Modernism,” featured a virtual tour of the Nigerian Modernism exhibition and discussions on the evolution of modern art in Nigeria.

The session brought together staff members across both organisations, reflecting growing institutional engagement with arts and culture as a driver of societal development.

Speaking at the event, Chief Communications and Marketing Officer of Coronation Group, Ngozi Akinyele, emphasised the role of art in shaping identity and national development.

She said that beyond financial capital, cultural and intellectual capital are essential in defining a nation’s prosperity and inspiring dialogue.

Akinyele noted that both organisations were committed to democratising access to art, ensuring it is accessible to a wider audience rather than a select few.

The discussion also featured insights from Tate Modern Curator, Osei Bonsu, and art expert Daniel Wallis, who examined the development of Nigerian modernism and its global relevance.

Bonsu said Nigerian modernism represents an independent reimagining of global art, rooted in the country’s diverse cultural heritage and expressed through unique visual languages.

According to him, the movement challenges narrow, Eurocentric definitions of modernism and highlights the richness of African artistic expression.

The session further underscored the growing international recognition of Nigerian art, particularly through exhibitions at Tate Modern.

Participants also reflected on the visit of Bola Ahmed Tinubu to the exhibition, described as a milestone in promoting Nigeria’s cultural heritage globally.

In his closing remarks, Chief Communications Officer of Access Holdings, Amaechi Okobi, reaffirmed the organisation’s commitment to advancing African narratives on the global stage.

He said the collaboration with Tate Modern aligns with broader efforts to promote dialogue, preserve cultural identity and support the creative sector.

The event reinforced a shared commitment by Access Holdings, Coronation Group and Tate Modern to elevate African art globally and ensure Nigerian cultural narratives continue to shape international conversations.


Kindly share this post
Continue Reading

E-Business

NDPC Issues Critical Advisory as Hackers Target Nigeria’s Key Digital Systems

Published

on

Kindly share this post

Nigeria Data Protection Commission (NDPC) has issued a regulatory advisory to data controllers and processors across the country following what it described as escalating threats to Nigeria’s data security architecture.

NDPC Issues Critical Advisory as Hackers Target Nigeria’s Key Digital Systems

NDPC

In a statement signed by Babatunde Bamigboye, lead of Legal, Enforcement and Regulations, the commission said its technical assessment revealed that some shadowy threat actors were engaged in coordinated operations targeting financial systems and critical digital infrastructure in Nigeria.

The commission urged public institutions to comply with the presidential directive of Bola Ahmed Tinubu, which emphasises the strategic importance of data in national development.

According to the NDPC, the President had declared that “data is the new oil,” stressing the need for Ministries, Departments and Agencies (MDAs) to rigorously capture and safeguard information in line with the Nigeria Data Protection Act, 2023.

The commission therefore advised all data controllers and processors to urgently strengthen their technical and organisational measures to protect personal data and ensure compliance with the law.

It listed key measures to include the appointment of trained and certified Data Protection Officers, implementation of comprehensive privacy policies and information security standards, as well as conducting Data Privacy Impact Assessments.

Other measures recommended by the NDPC include deployment of robust identity and access controls such as Multi-Factor Authentication, adoption of zero-trust security architecture, prompt remediation of system vulnerabilities, and continuous patch management.

The commission also emphasised the need to secure cloud infrastructure, application programming interfaces (APIs), databases and access credentials, alongside real-time monitoring, logging and threat detection systems.

Further recommendations include encryption and secure credential handling, regular vulnerability assessment and penetration testing of critical systems, as well as routine backup and resilience testing.

The NDPC warned that organisations that fail to implement appropriate data protection measures in accordance with the Nigeria Data Protection Act, 2023 risk legal liabilities.

It reiterated its commitment to providing regulatory support to organisations while ensuring the protection of personal data and strengthening institutional resilience across all sectors.


Kindly share this post
Continue Reading

E-Business

Africa’s Forex Market in 2026: Key Trends Every Trader Should Watch

Published

on

Kindly share this post

The forex market across Africa is witnessing more participants and more regulatory attention than it did just a few years ago. This growth is part of a bigger picture: Sub-Saharan Africa is expected to expand by 4.3% in 2026, while global forex turnover already hit an estimated $9.6 trillion daily in April 2025. However, there’s more to it than macroeconomic figures.

Africa's Forex Market in 2026: Key Trends Every Trader Should Watch

The trends reshaping the market are happening from within. Here are six worth paying close attention to.

1. Trading Has Moved to the Phone

The number of people accessing the market via mobile phones exceeds those accessing it via traditional bank systems. GSMA states that in Sub-Saharan Africa alone, there are more than 1.1 billion registered mobile money accounts.

The International Monetary Fund states that digitalisation and increased usage of the internet are changing payment systems in the Sub-Saharan Africa region.

Mobile access changes traders’ behavior. It lowers the barrier to entry and speeds up deposits and withdrawals. Therefore, brokers who can provide a quality mobile trading experience will have a huge advantage.

2. Regulators Are Watching

The market is becoming more structured and more transparent. In South Africa, the FSCA regulates market conduct for financial institutions. In Kenya, the Capital Markets Authority regulates capital markets and maintains a licensing system that includes online forex brokers.

Nigeria’s SEC has publicly warned that online retail forex trading can be subject to abuse when unregulated. It also provides tools for investors to check operators’ registrations.

As a result, in 2026, more traders are likely to favour brokers that can show clear licensing, transparent operations, and stronger investor safeguards.

3. Volatility Varies by Country

A common mistake is perceiving the African market as one entity. In reality, according to RegTech Afrika, there are 21 countries out of a total of 54 that have a chance of seeing their currencies depreciate in 2025, with some of them losing value by as much as 6% or more.

A trader watching the rand, naira, shilling, or cedi, regional headlines needs more than regional headlines. Country-level macro data, central bank moves, and the US dollar will still play a major role.

4. Cross-Border Payment Infrastructure Is Quietly Improving

Platforms like PAPSS are helping make payments across African countries faster and easier to complete in local currencies. According to official announcements of PAPSS, it has become operational in 18 countries across Africa, with its latest launch in Algeria in 2025. It has also become operational in Kenya through a partnership with KCB Group, as well as in Rwanda through a partnership with Bank of Kigali.

Step by step, Africa is becoming a more financially connected continent.

5. Execution Quality Is the New Standard

Data from the BIS shows that in April 2025, three-quarters of FX trades were intermediated by the global centers of the United Kingdom, the United States, Singapore, and Hong Kong. Therefore, the best liquidity and best prices are still linked to global conditions.

For local markets, this raises the bar. Forex traders are becoming increasingly aware that tight spreads, while important, mean little without reliable prices and execution. Brokers like JustMarkets that can bring all of these elements together are in a much stronger position than competitors.

6. Education as a Necessity

Regulatory disclosures from major global brokers illustrate how tough it is to trade without proper knowledge. According to publicly available disclosures, between 70% and 80% of retail investor accounts lose money when trading CFDs.

Forex traders who understand risk management and which financial news to follow have a better chance of surviving the market. Brokers who invest in education are more likely to be seen by traders as valuable partners rather than mere facilitators.
The Market Rewards the Prepared

Africa’s forex market in 2026 is shaped by volatility, stricter rules, and mobile-first trading. The traders who combine market knowledge with the right tools and the right broker will find real opportunity here, while those who don’t adapt will find the market increasingly unforgiving.


Kindly share this post
Continue Reading

Trending