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Cybersecurity Experts Call On Review Of Cybercrime Act Of 2015

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Experts Call On Review Of Cybercrime Act Of 2015

…“What we see on the horizon is that Business Email Compromise (BEC) attacks are becoming alarming – President ISSAN

Olushola Okunlade Writes

Cybersecurity stakeholders under the auspices of the Information Security Society of Africa – Nigeria (ISSAN), have called for an urgent review of Nigeria’s Cybercrime Act of 2015 to meet with current realities.

This was the highlight of quarter 1, 2022 ISSAN Cybersecurity Conference that ended recently in Lagos with the theme: “Payment Systems Platform Security”. It was a unanimous call by all in attendance for robust collaboration and coordinated efforts by all stakeholders including the government to stem the rising wave of cyber threats on the nation’s payment system platforms.

They reiterated the need for a Cyber Insurance Policy for the industry. The Panel of discussion at the event was moderated by Dr. Bode Oguntoke, Head Internal Audit, FBN Holdings Plc.

Dr. David Isiavwe, President of ISSAN, who spoke on behalf of the association, stated that as the Covid-19 pandemic is gradually easing out, organizations are now settling for a hybrid way of working and providing services for customers while being mindful of the enlarged cyber threat.

He noted that new forms of attacks are being contrived and implemented by criminals through various means on individuals, nation-states, and corporate bodies, stressing that cyber security gatekeepers are not spared as large sums of money are usually at risk in every successful attack.

According to him, “What we see on the horizon is that Business Email Compromise (BEC) attacks are becoming alarming; Ransomware attacks are not relenting. There are more phishing and password-targeted attacks. Denial of Service (DoS) and Distributed Denial-of-Service (DDoS) attacks remain a growing problem. The loss globally is colossal. In Africa, Nigeria is expected to lead in terms of estimated loss due to our size. There is, therefore, the urgent need to brainstorm on how to keep payment systems platforms safer,” he said.

On the way forward, Dr. Isiavwe who is also a General Manager at Ecobank Nigeria emphasized that banks and organizations need to be proactive, keep customers educated and updated on new threats and trends in the cyberspace, automate and continuously monitor their systems and infrastructure, and also place a high premium on artificial intelligence, machine learning, robotics, and data analytics.

In his keynote address, the special guest of honor, Musa Jimoh, Director, Payment System Management Department, Central Bank of Nigeria (CBN), commended the activities of ISSAN at enhancing a safer and secured payment ecosystem, stressing that the apex bank is committed to initiatives that would promote and enhance payment system security to check cyber fraud in the nation’s financial system.

He maintained that the financial sector cannot afford to fail as the payment system is vital to the functioning of any economic system.

According to him, “Data security is important for customers and a tool for financial inclusion. Banks are the custodian of customers’ information based on trust and should therefore put structures in place to prevent breaches and information theft.  They should not compromise customers’ credentials as it would give cybercriminals access to defraud them.”

Jimoh further stated that the entrance of Fintechs to the financial landscape has engendered stiffer competition, noting that “all responsible officers in charge of information security in organizations should keep track and always check and see the right things are done for the entities that are allowed to connect to their infrastructure. Banks should address infrastructure deficiencies, ensure operational resilience, introduce second or multi-factor authorization, ensures banking payment infrastructure are formidable, address privacy violations, carry out end-to-end encryption to protect stored data, and also adhere to KYC provisions to avoid terrorism financing and money laundering,”

In her technical presentation, Dr. Jameela Ayedun, Managing Director, CreditRegistry Plc, recommended a collaborative approach by banks, CBN, government agencies such as National Identity Management Commission (NIMC), Nigerian Communications Commission (NCC), Nigeria Inter-Bank Settlement System (NIBSS) and others to enhance cyber security.

According to her, “Cyber security is the responsibility of all. The cybercriminals are still on a rampage therefore we must protect our payment systems and not give anything to chance. We must educate our consumers and should not be silent victims. The payment service providers must have the basic requirements. The government also has a role to play in this regard. We should emphasize privacy and integrity of our payment systems.”

Also, in his technical presentation titled: Anatomy of the New Fraudsters – A Nigeria Perspective, Emmanuel Obinne, Head, Growth and Partnership – West Africa, BPC Technologies, observed that cyber frauds transcend borders and boundaries. He gave a rundown of different types of frauds and maintained that relevant cyber laws should be put in place to check cyber criminality.

According to him, “Fraud management is a journey and not a destination. Proper laws should be in place to punish cybercriminals. Organizations should regularly upgrade their payment systems and security to avoid vulnerability. This will also fast-track authorization and authentication of transactions. Second-factor authorization is also important to check fraud. The customers must constantly be educated to make them have more confidence in the payment system.”

Other Panelists at the hybrid summit apart from Dr. David Isiavwe, include Chairman, Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), Yinka Tiamiyu; Chief Information Security Officer, Heritage Bank, Ighoakpo Eduje, and Managing Partner, Technology Advisors LLP, Basil Udotai.

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The Impact Of E-commerce On Supply Chain

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The Impact Of E-commerce On Supply Chain

….as Jumia leads the fast and reliable digital market hub

Olushola Okunlade Writes

The rise of E-commerce and the digital marketplace has changed the composition of consumers buying behavior and expectations, as consumers now expect fast, free shopping and competitive pricing.

This demanding delivery schedule challenges traditional logistics and supply chain models, and companies are now forced to adjust their strategies to provide the low-cost and on-demand delivery service that consumers now demand.

Technological advances in many aspects of our lives have resulted in buying, selling, and other forms of transactions being executed online. Once the consumer makes an online purchase, the work begins to transport the products from the seller to the consumer – and that’s where the logistics sector comes into play.

Statista claims that the logistics sector is one of the pillars of global trade, valued at more than 5.7 trillion euros.

In Nigeria, the logistics and supply sector is growing exponentially. According to the 2018 Logistics & Supply Chain Industry Report, Nigeria’s logistics industry was worth 250 billion naira ($696 million) as of 2018, which represents an increase of 50 billion naira ($140 million) from 2017 statistics. This value has increased over the years. The industry is currently expanding because of improved aviation and rail infrastructure, stronger international relations, expansion in the manufacturing and export industries, and continuous e-commerce growth.

E-commerce and the Supply Chain Sector

The Impact of E-commerce on Supply Chain

The supply chain links numerous parties and organisations, including consumers, enterprises, merchants, financial, and information flows. To deliver high-quality services and products, managing various groups and activities requires a method that can effectively and efficiently integrate interactions among the entities, particularly when organisations use resources from different regions of the world.

The supply chain has grown more adaptable and effective as a result of e-commerce. It has given businesses fresh and creative ways to connect with consumers. E-commerce also has made it possible for companies to offer goods directly to consumers instead of through conventional retail channels.

The increase in e-commerce adoption has made logistics services a necessary component of daily living in Nigeria’s major commercial cities. Access, cycle time, dependability, and cost of logistics are directly impacted by the state of the available infrastructure and the degree of integration. High-performance government agencies, funding, and industry expertise are also essential. Therefore, logistics is a primary marker of economic advancement as represented in trade facilitation and company competitiveness.

How E-commerce is Revolutionising the Supply Chain Sector

The Impact Of E-commerce On Supply Chain

E-commerce has several advantages in the supply chain sector. Firstly, it offers real-time data on inventory levels and order status. This lowers the possibility of stockouts or overstocks by helping businesses to make better decisions about when to produce or order products.

Collaboration between businesses and their suppliers and consumers is also made simpler by e-commerce. For instance, a business can quickly place orders and submit estimates to suppliers. This lessens the amount of paperwork required and helps to speed up the ordering process.

A company like Jumia in the supply chain sector, through e-commerce, connects vendors with consumers across a broad delivery area. As a result, local vendors and international brands can effectively reach more consumers across the country using the platform. In addition, consumers’ shifting preferences, lifestyles, and behaviours have led companies like Jumia to introduce quick commerce to make online shopping more convenient than ever before.

With speed and convenience becoming more important than ever, Jumia opened its logistics services to third parties. Its logistics network smoothly connects hundreds of logistics partners across Nigeria, from small business owners to significant logistics service providers. It offers merchants the advantage of a distributed and scalable logistics service and gives consumers quick access to the products they desire.

What Does the Future Hold for Logistics?

The Impact Of E-commerce On Supply Chain

Technology remains a strategic imperative for supply chain organisations. In the next three to five years, we will see an increase in the adoption of digital supply chain technologies, including those that improve human decision-making.

It is predicted that the future of the supply chain sector will be defined by data, analysed by artificial intelligence, and driven by machines. Gartner has predicted that by 2023, AI techniques will be embedded across 50% of all supply chain technology solutions.

Already, Jumia Logistics is leading the forefront, as the company has invested in machine learning and several data science techniques. This has helped to offer more precise delivery times based on multiple factors, and even to predict the ideal routes that delivery agents can rely on to meet their targets. Consequently, online consumers will have better experiences on the mobile app with greater certainty about the progress of their orders from purchase to delivery.

Furthermore, the company’s move into drone delivery with its recently announced collaboration with Zipline, the world’s largest instant delivery service, is another game changer for the industry. Using the latest instant logistics technology, Jumia will be able to offer consumers living in rural or remote areas on-demand delivery of the products they need.

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Sanwo-Olu To Intending Investors; Lagos Ready For You

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SANWO-OLU TO WOULD-BE INVESTORS: LAGOS READY FOR YOU

Olushola Okunlade Writes

Lagos State Governor Babajide Sanwo-Olu played the quintessential salesman on Monday, reeling off his administration’s achievements in the past three years to woo investors to the state.

Mr. Sanwo-Olu met a group of would-be investors in New York on the sidelines of the 77th session of the United Nations General Assembly at a roundtable organized by the Business Council for International Understanding (BCIU) at Park Lane Hotel in the heart of the city. He got an exciting response from the group of corporate giants who urged him to see himself as an ambassador of the private sector to the Federal Government.

With confidence, the Governor spoke of the major strides Lagos State has made in the past three years, despite COVID-19. He used the THEMES Agenda – the six-pillar development plan of his administration – as a guide.

According to the Governor, the state’s GDP has gone up by $5b to about $145,141b, the budget has doubled to about %N1.7tr and infrastructural development has been tremendous. He cited landmark developments in transportation, the first pillar of THEMES, saying the Red Line and Blue Line rail projects were on track to be commissioned by the end of the year. The rolling stocks for the Red Line, which his administration started, he said, are on the way to Lagos and work is going on as scheduled on the stations and the overpasses that will ensure a good transportation experience. There are about four other lines to be built for the state to be covered by rail so as to ease the pressure on roads.

Mr. Sanwo-Olu minced no words on the purpose of the meeting – to attract more investors to Lagos, which has 80 per cent of Foreign Direct Investments coming into Nigeria. He spoke of opportunities in water transportation, saying from seven ferries, the state’s fleet has risen to 21, besides many others run by private operators. Investors can double the fleet, Sanwo-Olu said.

Many of the 15 jetties being built by the state are ready for commissioning, he added, stressing that the aim is to have an integrated urban transportation system, strengthened by strategic road infrastructures, such as the Lekki-Epe Expressway and the Fourth Mainland Bridge, which attracted many investors, among which one will be chosen before the end of the year.

The state, said the Governor, plans to build an Infectious Diseases Research Centre to tackle health challenges, such as COVID-19.

Over 1000 school projects have been completed and “we have introduced technology to make teaching and learning an exciting experience”.

“We are seeing the results. We used to have about 36% pass in School Certificate Examinations; now we have about 80%,” Sanwo-Olu said.

“We are opening brand new schools and introducing technology by giving teachers tablets to aid their job.”

He spoke about the 6,000 km fibre optic cable being laid around the state, saying the first phase of 3,000 km was almost completed. This, he said, will aid faster and cheaper internet connectivity, thereby boosting service in hospitals and schools, besides boosting the impressive activities of the youth in the tech ecosystem.

Mr. Sanwo-Olu described Lagos as the “entertainment capital of Africa”. He cited the recent Headies Awards in Atlanta and added that a Film Village was on the way. He mentioned opportunities in housing and assured would-be investors of “the sanctity of contracts”, with the state appointing new judges to aid smooth operations of the Judiciary.

On security, Mr. Sanwo-Olu described Lagos as “the safest state in Nigeria”. He said small businesses were being supported with grants, even as the youth and women are being encouraged.

It was, however, not all a matter of passing marks. The Governor spoke of challenges, such as refuse disposal, saying about 4000 metric tons were being generated daily. This, in his view, should attract investors, who are willing to turn waste into wealth – a path the state is willing to tread. There are also challenges in water, power, and other sectors, which are awaiting investors, Mr. Sanwo-Olu said.

The applause was loud as Mr. Sanwo-Olu ended his speech.

Replying, the Managing Director (Africa) of McLARTY Associates, Amb. (ret.) Terence P. McCulley, praised Mr. Sanwo-Olu for an insightful account of his administration’s policies and projects. He said many “people who have returned from Lagos have spoken of how they no longer recognize the state because of the developments taking place there. He is of the view that the Governor has done well “because good governance is about providing services.”

Amb. McCulley said: “You can be the ambassador of the private sector to the Federal Government, providing an enabling environment for manufacturing, agriculture, and technology, which are drivers of diversification.”

A participant spoke about the discovery of talents among Nigerian youths in the tech space. He said such talents were being lost to other countries because they could not be retained in Nigeria. Mr. Sanwo-Olu said the government was doing so much to link young graduates to companies that train them to make them employable under its Graduate Internship Programme, which has absorbed thousands of youths. There are other programs, he said, agreeing that a retention strategy for talents was necessary.

At the meeting were Stephen Jennings, founder and CEO of Rendeavour, the organisers, Country Head, Nigeria, Rendeavour, Eyong Ebai, CEO, Africa, GE Healthcare, Mr. Patrick Santillo, Senior Vice President, BCIU, Mr. Biodun Dabiri, Chairman, Lekki Worldwide Investment and many others.

With the Governor were Economic Planning and Budget Commissioner Sam Egube, Energy and Mineral Resources Commissioner Lere Odusote, Information and Strategy Commissioner Gbenga Omotoso, Special Adviser on SDG and Investments Mrs. Solape Hammond, Special Adviser on Public Private Partnership Ope George and Mrs. Ibilola Kasumu, Permanent Secretary, Ministry of Science and Technology.

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ABIS 2022: African British Investment Summit, And Awards In London To Hold Nov 11-14 Due To Queen Elizabeth’s Burial Rite

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ABIS 2022: Africa British Investment Summit, And Awards In London To Hold Nov 11-14 Due To Queen Elizabeth's Death

Theme: ’Changing the narratives to make Africa the future that everybody glamours for through Connecting, Innovating, transforming’’, with a focus on ‘’Nigeria as a pilot project for the whole of Africa’’

Olushola Okunlade Writes

The African British Investment Summit earlier planned to hold on October 13-14th in London has received a change in date to 11th-14th November 2022 due to the British Monarch, Her Majesty Queen Elizabeth ll (1926-2022) who exit the world recently.

The Committee for the investment summit announced the change in date in a statement made available to BusinessEcho Magazine, that the new date for the Summit changed to allow the burial ceremony of the late British Monarch announced to take effect as many event centres and hotels booked for the ceremony.

The Investment Summit tagged ABIS LONDON 2022, with the theme,’ Changing the narratives to make Africa the future that everybody glamours for through Connecting, Innovating, transforming’’, with a focus on ‘’Nigeria as a pilot project for the whole of Africa’’ was designed as a platform to connect potential investors with the numerous opportunities across the globe especially Africa in the power sector, the manufacturing and agricultural value chain.

The Committee, however, said that all activities leading to the investment summit and awards of recognition, including registration and partnership are still ongoing. The statement urged the intending participants, partners, and sponsors of the investment summit, to log on to www.africanbritishgroup.com

It equally expressed regret over the inconveniences the change in date might have caused intending participants and partners of the investment summit.

ABIS 2022: Africa British Investment Summit, And Awards In London To Hold Nov 11-14 Due To Queen Elizabeth's Death

Otunba Jafaru Braimoh, Chairman/CEO of African British Group in his statement said “Due to the spate of cancellations of several key events and activities all over the world as a mark of respect in memory of her Royal Majesty, The Queen of England, Queen Elizabeth II, we hereby seek an apology of all participants, sponsors, and investors on the change of date in our Awards of Recognition and Business Investments Summit Events to 11-14th November 2022 at Marriot Hotel in London UK.

In light of the British Queen’s burial ceremony taking place from 18th September- 30th October 2022 all the Hotels, Hospitality, and Entertainment Centres had been hiked in prices three times current quotes due to a surge in Tourist, Visitor of International Delegates to pay Condolences to the late Queen family.

We have new arrangements in November 2022 unfailingly… for more details www.africanbritishgroup.com, he assured.

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