Africa 2016 cybercrime losses hit $2B: Nigeria at $550M is 27% of total, reports Serianu

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March 10, 2017

A Nigeria Cyber Security Report has been released. The report has also suggested various ways to mitigate the impacts of cyber-crimes which which cost Nigerian businesses a whopping $550 million in 2016.

The Nigeria Cyber Security Report 2016 was researched, analysed, compiled and published by the Serianu Cyber Threat Intelligence Team in partnership with Demadiur Systems Limited and the USIU’s Centre for Informatics Research and Innovation (CIRI), at the School of Science and Technology.

The estimated cost of cybercrime in Nigeria has soared to $550 million. This cost continues to grow as many organisations automate their processes. This is particularly so for the Ecommerce and financial services sector where the introduction of e-services has introduced new weaknesses that have allowed loss of money through these channels.

The increase in cybercrime in Nigeria can be attributed to the rising poverty levels, greed (on both the perpetrators and sometimes even the victims), easy access to gullible targets by the criminals and lack of adequate legal and regulatory polices to prevent and prosecute the perpetrators when identified.

Way Forward

Based on the research findings, most Nigerian organisations are ill-equipped to respond to information security threats. Although there are different initiatives (regulators, government and private organisations) in place set out to address information security issues in Nigeria, these initiatives cannot adequately address the current information security issues.

Public and private organisations need to rethink their whole approach to information security and establish security practices needed to protect critical IT infrastructure. They also need to train and grow security experts needed to secure this infrastructure. Most organisations now recognize that it is imperative that local organisations take action before the situation worsens and the cost of inaction becomes even greater.

The Roadmap

The challenges faced by Nigeria and in essence African countries, present great business opportunities for entrepreneurs, researchers and vendors. In order for us to stay ahead of the threat curve, we need to continually invest in research, build local cyber threat management infrastructure and enhance our ability to anticipate, detect, respond and contain information security threats.

In our current state, we are unable to build these capabilities. Nigerian entrepreneurs need to step up, work together to build and provide information security services that address these challenges. Nigerian entrepreneurs and researchers should leverage their local presence and understanding of the environment to provide a clear indication of the security problems on the ground.

This local presence combined with partnerships with global players will provide globally tested solutions and approaches to address identified security problems.

Training

The report noted the important of training and awareness. One of the organizations helping in that area is First Atlantic Cybersecurity Institute (Facyber) which offers programs in cybersecurity policy, technology, management and more.

Why Nigerian regulators are stopping banks from taking over Etisalat Nigeria

By

Ajayi Bode

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March 10, 2017

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We hope Central Bank of Nigeria (CBN) and Nigerian Communications Commission (NCC) continue to step in to stop banks from taking over Etisalat because if Etisalat goes under, we are left with fewer choices and that will mean higher broadband costs.

The two regulators have decided to intervene into the $1.72 billion loan issue between Etisalat Nigeria and a consortium of commercial banks which include Access Bank and Zenith Bank.

According to a statement signed by Mr. Tony Ojobo, Director of Public Affairs, the meeting, which was held at the Central Bank Headquarters in Abuja was convened by the financial regulator at the instance of NCC, the telecom regulator, to further deliberate on how best to stave off the attempt by the banks to take over Etisalat.

The statement disclosed that the Central Bank of Nigeria agreed to invite Etisalat management and the banks to a meeting today, Friday, towards finding an amicable resolution.

It added that the NCC as a regulator of the telecom industry decided to move quickly to intervene as a result of the negative impact such a bank take over will have on the industry. “NCC is worried about the fate of the over 20 million Etisalat subscribers and the wrong signals such a takeover may send to potential investors in the telecom industry,” the statement said.

The Loan

A consortium of some foreign and Nigerian banks, including Guaranty Trust Bank, Access Bank and Zenith Bank have been having a running battle with Etisalat over a $1.72 billion (about N541.8 billion) loan facility obtained in 2015.

The loan, which involved a foreign-backed guaranty bond, was for Etisalat to finance a major network rehabilitation and expansion of its operational base in Nigeria.

But no matter what, Nigeria must not bail our Etisalat Nigeria – it has tons of money through its parent company and it is not a local company.

This Ugandan app in partnership with Swiss Re will INSURE you if you simply watch adverts on your phone

By

Amarachi Uche

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March 10, 2017

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Very interesting idea to make insurance work in Africa. This is novel as it is an easier way to get insurance than paying money.

SureBüddy, an android application that has today launched into market, brings sponsored insurance and insurance related products to Uganda.

SureBüddy is simple and easy to use – the app renders advertisements, the consumer watches the ads, and then receives free cover as a reward. Ad images are non-intrusive, use very little data, and disappear with a click.

SureBüddy’s cover is sponsored for the user as all costs are paid by the advertiser. SureBüddy then uses the advertising revenue to reward the user directly with cover, and in this instance, the consumer benefits from watching advertisements.

Insurance penetration in Africa is amongst the lowest in the world, even though there is a crucial need for it. SureBüddy has taken insurance offerings to the people via technology – a platform to make these products less-intimidating, understandable and affordable.

To gain consumer trust towards free credible insurance plans, SureBüddy will implement the first phase of its service by providing screen cover in conjunction with Phone Doctor, and have partnered with Africell, one of the fastest-growing mobile telecommunications groups in Africa

Uganda, a country with a high smartphone penetration, is the first-to-market for SureBüddy. SureBüddy plans to roll out into 11 Sub-Saharan Africa countries, as well as India, Turkey, Indonesia, Philippines, Pakistan with South American countries to follow.

SureBüddy will work closely with Swiss Re, one of the biggest Reinsurance companies in the world, to ensure that they find the right insurance partners in every country.

“We are excited to work with an innovative company like SureBuddy and to support them with our expertise in this important growth region. It is clear that we need to consider clever ways of closing the ever increasing protection gap in the world. Swiss Re is committed to make the world more resilient, apply fresh perspectives and create smarter solutions with our clients to help the world move forward. SureBuddy will make sure that we get more protection to more consumers in a very innovative way.” says Thys Nieuwoudt, Swiss Re CEO Life & Health Africa.

For more information, you can go to the SureBüddy Facebook page.

Now the question is this: what is being insured? $10 per year or what. Users may need to ask that question!

This is how Nigerian banks could acquire their next 30 million customers

By

TI Partners

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March 10, 2017

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It is estimated that the Bank Verification Number exercise which links customers with their biometric data like facial features and fingerprints generated about 25 million unique customers in Nigeria. Those 25 million customers accounted for about 45 million bank accounts in Nigeria.

The numbers are relatively poor for a country of more than 180 million people. For the banks to get their next 30 million customers, they need to improve their games.

This is what the banks have to do – they need to practice financial inclusion in the true spirit of it. They need to learn from what is happening in Tanzania.

eKilimo

National Microfinance Bank Pic (NMB) has partnered with Mastercard with an aim to ensure the digitization of the agricultural sector in Tanzania with the rollout of eKilimo, a mobile solution developed by the Mastercard Lab for Financial Inclusion.

eKilimo, which in Swahili means ‘eAgriculture’, is a digital platform that will help, introduce efficiency, security and transparency in the agriculture supply chain. The solution will make transacting faster, safer, and easier for all stakeholders including the farmer, the buyer and the agent.

Powered by the digital platform developed by the Mastercard Lab, farmers are now able to conduct the entire transaction process of receiving payments and selling produce via a feature or smartphone, without having to walk hours to markets.

The Opportunity /Partnership

By providing digital payment to farmers, eKilimo will leverage the existing agency banking structure to facilitate account opening for farmers and joint ideation on new product features. This is in line with the Mastercard vision of a more digitally and financially included Africa.

Using digital technology to provide access to farmers and introducing transparency to the buying and selling process will drive efficiencies into this supply chain, positively impacting the economy. In the long run this should help famers gain access to formal financial services and solutions, enabling them to manage their funds ensuring a better more secure future for them and their families.

The partnership between NMB and Mastercard will see the solution enter a pilot phase in select locations in Tanzania from March 2017. Following the introduction of the same solution in Kenya under the name of 2KUZE, key insights were gathered and will be used to ensure the Tanzanian pilot is a success. This cross pollination of knowledge driven by the Mastercard Lab ensures future rollouts are done so efficiently.

What Nigerian Banks could learn

The pilot will begin with the onboarding of NMB customers that source directly from smallholders. Field agents of the customers will use the eKilimo smartphone app to perform the purchase, including weighing the produce on a Bluetooth-enabled scale and paying the farmer digitally. The farmer will receive information and their payment from eKilimo, and will be able to leverage their transaction history to access credit from NMB.

Nigerian banks could do the same with many farmers union in the nation. Doing that will bring significant number of customers into the banking system. Through this mechanism they can attract the next 30 million customers faster than they had built the first 30 million which took many decades. Zenvus, a local agtech pioneer, has solutions to assist banks drive this opportunity.

Cybersecurity Training Programs in Africa

By

Tekedia Editors

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March 9, 2017

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Our Cybersecurity education is structured around four key pillars of policy, management, technology and digital forensics. This implies that we cover all the core needs of any organization or state institutions. While some staff like corporate lawyers may require training on policy, some staff like IT managers may need technical skills. Others like business leaders will find the management module useful. We deliver all these programs through our web portal – www.facyber.com. The program structure is presented below: certificate programs take 12 weeks; diploma programs which require certificate programs as perquisites take 24 weeks (inclusive of the certificate programs) and the nanodegree programs require a live (virtual) one week training with the diploma programs as prerequisites

Program Descriptions

Certificate in Cybersecurity Policy (CCYP): Certificate in Cybersecurity Policy deals with the policy analysis and implementation aspects of cybersecurity. It presents theory and topical issues, at government and enterprise levels, with both technical and managerial components in the fields of information systems security. The program helps learners develop skills on the policy, ethical, and legal issues associated with cybersecurity and information security.

Diploma in Cybersecurity Policy (DCYP) Capstone: This is a practical-oriented program where learners are tasked with developing solutions for a theoretical or real case cybersecurity policy issue with the guidance of a mentor. A project report is required at the end of the program.

Certificate in Cybersecurity Technology (CCYT): The Certificate in Cybersecurity Technology is designed to provide learners with skills to analyze multi-faceted complex cybersecurity issues, develop capabilities to make strategic decisions to protect organizations from threats and become competent cybersecurity professionals.

Diploma in Cybersecurity Technology (DCYT) Capstone: This is a practical-oriented program where learners are tasked with developing capabilities in the core technical aspect of cybersecurity. Learners will have access to some tools and equipment to work throughout this program. A project report is required at the end of the program.

Certificate in Cybersecurity Management (CCYM): The Certificate in Cybersecurity Management equips and prepares learners with modern skills to become effective managers across the broad nexus of cybersecurity and intrusion preventions in organizations. The central core is developing capacity to prevent anticipated cyber intrusions, using experiences to mitigate future threats, and formulating and implementing enterprise-level cybersecurity roadmaps. The program also explores the roles of regulation, policy developments, legal instruments and civil liberties.

Diploma in Cybersecurity Management (DCYM) Capstone: This is a practical-oriented program where learners are tasked with developing cybersecurity project management capabilities with the guidance of a mentor. Here, learners develop cybersecurity implementation frameworks. A project report is required at the end of the program.

Certificate in Cybersecurity Intelligence & Digital Forensics (CCDF): The Certificate in Cybersecurity Intelligence & Digital Forensics is structured to provide modern skills to those interested in digital forensics, digital intelligence and uncovering digital evidence. The program equips learners with broad analytical frameworks and prepares them to become competent cyber investigators.

Diploma in Cybersecurity Intelligence & Digital Forensics (DCDF) Capstone: This is a practical-oriented program where learners are tasked with developing capabilities in digital forensics, digital evidence and digital intelligence. Learners will have access to some tools and equipment to work throughout this program. A project report is required at the end of the program.