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Curbing N127bn Cybersecurity Annual Losses via Tardigrade’s ERA Roadmap

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With cyber attacks on the rise, organisations across the globe are contending with loss of reputation, loss of customers, potential financial liabilities, regulatory notification requirements and sometimes, litigation. To address this menace, however, Tardigrade, a Nollysoft’s Enterprise Risk Assessment (ERA) solution, has been identified by experts as a veritable roadmap that would provide the better understanding of the cybersecurity space and a good grasp of the internal control mechanisms to organisations towards cyber threats.

The greatest war that countries in the 21st Century currently face and which they must prepare to win headlong to actively participate in the global economy largely driven by the Internet is cyber warfare.

As such, the need for organisations to deploy a security solution that helps to identify factors contributing to and determining the organisation’s overall cyber risk; assess the organisation’s cybersecurity preparedness; evaluate whether the organisation’s cybersecurity preparedness is aligned with its risks; determine risk management practices and controls that are needed or need enhancement and actions to be taken to achieve the desired state and offers informed risk management strategies to organisations cannot be under-estimated.

Indeed, local and regional authorities, professional IT associations and various reports home and abroad have raised the sentiments around the danger posed by cyber threats and the need for each organisation to get its IT infrastructure weaponised through effective internal controls and security solutions.

Rising wave of concerns

For instance, the telecoms industry regulator in Nigeria, the Nigerian Communications Commission, has noted that cybersecurity has become an essential component of the human activity. This was the position of the Executive Vice Chairman of the Commission, Prof. Umar Danbatta, at a cybersecurity forum in Lagos,where he noted that cyber attacks’ high level of complexity requires action at different levels (both virtual and physical) and by different actors, including governments, private sector, civil society, intergovernmental organisations, among others.

According to him, the current scale and growth of ICT applications transcend all spheres of social and economic boundaries worldwide. “Whether it is broadcasting (digital TV) or social networking, e-Commerce (mobile banking and financial services), e-Governance (government services management, e-education, e-health, e-taxation, e-commerce), governments, institutions and the society, in general, are increasingly embracing these technologies and at the same time becoming exposed to vulnerabilities of cyber-attacks,” he said.

He, therefore, strongly advocated that technical measures such as theNollysoft’s Enterprise Risk Assessment (ERA) solution and appropriate legal instruments must be put in place to enhance the resilience of cybersecurity infrastructure and safeguard cyber technologies users.

In the same vein, Secretary-General of the Commonwealth Telecommunications Organisation (CTO), Mr. Shola Taylor, has also raised serious concerns about the dangers of cyber attacks and the need for a synergy by stakeholders to mitigate and, if possible, prevent their potential risks on organisations IT infrastructure.

According to Taylor, “Cyberspace contributes significantly to achieving countries’ national development goals, and so international organisations, national security services, operators, intelligence and data protection agencies, as well as citizens all, have a role to play in making cyberspace safer and more resilient,” he said, while sharing the CTO’s experience in developing national cybersecurity strategies for Commonwealth member countries as well as other countries, including Senegal last year.

Potential risks, exposures and losses

In Nigeria, over N127 billion is lost annually by mostly business organisations and ministries, departments and agencies (MDAs) of government, translating to 0.08 percent loss in the `country’s annual Gross Domestic Product (GDP), according to the country’s Minister of Communications, Adebayo Shittu.

Also,62 percent of firms are being attacked weekly, according to a 2017International Data Corporation (IDC) InfoBriefsponsored by Splunk. In the report, it was noted that with malware becoming more advanced with encrypted ransomware, the security breach impacts on organisations may include loss of reputation, loss of customers, potential financial liabilities, regulatory notification requirements and sometimes litigation instigated by victim customers.

President, Cyber Secure Conference organised by the Cyber Security Experts Association of Nigeria (CSEAN), Mr. RemiAfon quoted another statistics, which puts the cost of cyber-crime globally at $700 billion per year.He said the loss is projected to rise to about $2 trillion by 2019, due to the rapid digitisation of consumer lives and company records. Breaches like these have steadily been on the rise as according to reports, the number of incidents has increased by more 38 percent annually since 2015.

According to U.S. State of Cybercrime survey, Ponemon Institute, and Juniper research, cybersecurity events and costs are increasing, data breaches are expected to reach $2.1 trillion globally by 2019.

Thus, Afon argues that there is a need for Nigeria to implement the National Cyber Security Strategy and Policy and ensure effective implementation of the Cybercrime Act 2015 as well making organisations embrace newest solution. One of such security solutions ready to tackle cyber attacks on organisations in the country is Tardigrade, a Nollysoft’s Enterprise Risk Assessment (ERA) solution.

This is instructive as industry experts have said organisations in Nigeria are in dire need of cyber experts that could help secure the cyberspace and one of the ways to boost protection is to embrace and deploy innovative solutions offered by security company/experts.

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TD Africa Inks Distribution Agreement with Vertiv

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Technology Distributions Ltd, Sub-Saharan Africa’s biggest Information and Communications Technology (ICT) distributors and Vertiv, an American multinational corporation on yesterday announced their partnership to distribute Vertiv solutions in Nigeria.

 

Speaking at the official launch of the partnership, Wojtek Piorko, Director,Sales Middle East and Africa, Vertiv, Said that, the reason they choose Technology Distributions (TD) is because they are very experienced in IT channel distribution.

 

He explained that they in Vertiv intend to work with TD not only in Nigeria but in other countries in Africa.

 

He said, “Today’s event is to work with our local partners to grow their business, especially in channel business.

 

“We need very experienced partners that have wide audience and many resellers to sale to, and that’s why we have chosen Technology Distributions, they are our IT channel distributor and we work with them not only in Nigeria but in other countries of the region.

 

“Technology Distributions have wide reach of the market, we have great product but we also understand each other very well, we communicate where necessary, he said.

 

He noted that, Vertiv Products have been in Nigeria for the past 20 years delivering top quality products to its customers.

 

“We’ve been in Nigerian market for the past 20 years, is not like we are completely new, although Vertiv brand name is new to the market but all critical product lines that we offer you are products that were already in the market delivered by Emerson Electric, but now Vertiv brand is with completely new opening, new team, new structure that is dedicated to this specific market.

 

 

Stanley Okpalaeke, Group Executive Director, Technology Distributions (TD) said that TD’s major strategy in this partnership is to build deeper relationship with its partners, to seek how they at TD will help grow their businesses, adding that, if they are able to grow their partner businesses, their business will grow also.

 

“Our major strategy is our partners; we want to build deeper relationship with our partners.

 

“We are seeking how TD will help you grow your businesses because if you grow, we will grow too,” he said.

 

He explained that their partner ecosystem cut across all Africa, adding that they also have major hubs in Dubai and UK.

 

He added that, they have at every point in time N12 billion worth of stocks to cater for their customers’ needs.

 

“At every point in time we have N12 billion worth of stocks, the reason is because we do not want to disappoint our partners,” he stated.

 

Speaking earlier, Mrs. Chioma Chimere; Managing Director, Operations, Technology Distributions, said that Vertiv have come to help Nigerians solve the challenges we face with power with their range of high end UPS solutions.

 

She noted that, even the power we have now is not clean and that is why Vertiv is here to give us maximum protection.

 

TD is the first manufacturer-accredited local distributor for the sub-region, TD, with the support of the OEMs, successfully confronted the myriad challenges posed by the hitherto unstructured market.

 

Among the first measures they embarked on was the formulation of a clear policy on the channel of distribution that led to the adoption of the prevailing four-tier market structure comprising Manufacturer (OEM), Distributor, Reseller and End-User.

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Publiseer, Nigerian Digital Publishing Startup Reports Profitability

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Publiseer, Nigerian digital publisher has reported a profit for its first quarter in 2018, adding over 200 new releases in the past 30 days.

 

The company posts a first-quarter profit of $10,877.58, comfortably ahead of its expectations. Following the profits, Publiseer has launched its ‘Premium Distribution Service’ that will distribute books and songs for an upfront fee, allowing its authors and musical artists to keep 100% of their earnings.

 

Nevertheless, old and new clients can still use its ‘Freemium Distribution Service’ that gives Publiseer a 25% commission on sales.

 

It’s taken just 8 months for Publiseer to become a money-maker. The digital publishing company reported its first profitable quarter today, driven by a 20% rise in submissions and a faster reputation growth overseas.

 

Publiseer has thrived since its launch in August 2017, and traction has grown drastically. Since its international popularity is growing exponentially, the company is making moves to expand its services outside of Nigeria.

 

In response to this, Publiseer has distributed the works of Canadian Youtuber Heidi Shai, American Jazz musician Ragtime Joe, and Missouri producer ANB Beats.

 

In Africa, Publiseer has distributed the books of  Cameroonian writer Juan Gutied and Zimbabwean author Godfrey Masanga.

 

As of writing, Publiseer has distributed 92 books and 374 tracks by 73 authors and 154 artists, having received over 1,000 submissions since August 2017.

 

Chidi Nwaogu, Publiseer’s CEO said: “Starting Publiseer, we weren’t focused on profitability as an early-stage company, rather, we were focused on customer satisfaction and retention. But at the beginning of the first quarter of this year, submissions doubled and thus our releases too. It’s good building something that meets a growing need, and which eventually makes lots of money.”

 

Publiseer is a digital publishing platform for unsigned and independent writers and musicians with low-income or from low-income families.

 

However, the platform is open to well-established authors and musicians looking for new avenues to distribute and monetize their creative works on the World Wide Web.

 

Publiseer has distributed the works of A-list Nigerian artists like CDQ, Klever Jay, Erigga, and DJ Jozenga of RayPower FM.

 

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FG to Partner Cuba on Science & Technology

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The Minister of Science and Technology, Dr. Ogbonnaya Onu, said on Thursday the Federal Government would be partnering with the Republic of Cuba on science and technology.

Onu said he would visit Cuba with his team to ensure Nigeria benefits from its relationship with the Caribbean nation.

The minister stated these when the Cuban Ambassador to Nigeria, Carlos Sosa visited him in Abuja.

He said Nigeria can no longer depend on foreign commodities but would begin to use its resources for the production of what it needs.

His words: “Nigeria appreciates the Republic of Cuba for its contributions particularly in the health care system. We believe that the relationship between Nigeria and Cuba will continue to grow.

“Cuba has used its vast technology in developing vaccines that helps in the prevention of diseases and Nigeria looks forward to partnering with Cuba on the development of our science and technology sector.

“I and my team will soon visit Cuba to make sure we strengthen our relationship with Cuba. Nigeria can no longer depend on just imported commodities but will use its resources for local production.”

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