E-Business
Strengthening Financial Services Industry with Cognitive Security
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.
Dexude, a leading edtech platform with operations in Nigeria, has announced that it has been awarded the prestigious Business Finland TEMPO funding.
Charles Emembolu, founder of Dexude,
This significant funding injection marks a pivotal moment in Dexude’s journey towards transforming education through its AI-powered, live-first, expert-led, and community-driven platform.
The Business Finland TEMPO funding is specifically designed to support startups and SMEs aiming for international growth by building their expertise and solutions into international success stories in innovative ways.
Dexude’s commitment to innovation, coupled with its vision to enable a billion learners worldwide, aligns perfectly with the objectives of the TEMPO funding.
Commenting on this milestone achievement, Charles Emembolu, founder of Dexude, remarked, “We are incredibly honored and excited to receive the Business Finland TEMPO funding. This funding is not only a validation of Dexude’s mission to reinvent education but also a testament to the hard work and dedication of our team. With this support, we are poised to accelerate our efforts in democratizing access to quality education and empowering learners across Nigeria and beyond.”
L-r; Kelvin Chikezie, co-founder of Dexude; Kashifu Inuwa Abdullahi, Director-General/CEO of the National Information Technology Development Agency (NITDA); and Charles Emembolu, founder of Dexude
Kelvin Chikezie, co-founder of Dexude, added, “Securing the Business Finland TEMPO funding is a significant milestone for Dexude. It underscores our commitment to leveraging technology and innovation to revolutionize the way people learn and grow. We are grateful to Business Finland for believing in our vision, and we are excited to embark on this next chapter of Dexude’s journey.”
Dexude is on a mission to redefine education by providing learners with access to influential experts and thought leaders, live interactions, and a vibrant community-driven learning experience.
Through its platform, Dexude aims to break down barriers to learning and empower individuals to pursue their passions and unlock their full potential.
SOPHiA GENETICS, a cloud-native software company in the healthcare space and a leader in data-driven medicine, has announced that Nigeria-based Syndicate Bio has signed on to implement MSK-ACCESS® powered with SOPHiA DDM™.
Syndicate Bio is the first lab in Africa to adopt the MSK-ACCESS® assay via the SOPHiA DDM™ Platform, and the first company to make comprehensive genomic profiling and liquid biopsy widely available to patients throughout the entire continent.
The implementation of this new technology will further existing work from SOPHiA GENETICS, Memorial Sloan Kettering Cancer Center (MSK), and Syndicate Bio to advance health equity on a global scale.
There are roughly 1 million new cancer patients each year in Africa and currently, comprehensive genomic profiling and liquid biopsy testing options are not widely available.
This means that patients are forced to forego this testing or travel out of continent for these testing options. Syndicate Bio’s implementation of this new offering will provide cutting-edge liquid biopsy testing to many of these patients and will help progress the company’s goal of advancing genomics and precision medicine in an area of the world that has been historically underserved in these areas.
“Partnering with SOPHiA Genetics to bring MSK-ACCESS® powered with SOPHiA DDM™ to our lab is a monumental step in accelerating the cancer treatment and research landscape across Africa, beginning in Nigeria. Next-generation sequencing technologies in oncology and liquid biopsy, which this collaboration enables, hold the potential for creating a leapfrogging opportunity in the oncology treatment and research landscape in Africa,” said Abasi Ene-Obong, PhD., Founder, Syndicate Bio.
“Through this collaboration, we aim to enable the widespread application of precision medicine in oncology across Africa, and thus contributing to the improvement of patient outcomes across the African continent.
“We believe our scientific expertise, combined with AI-enabled technologies and data-driven solutions enabled by SOPHiA GENETICS, presents a unique opportunity to fundamentally transform the journey of cancer patients through non-invasive cancer analysis, predictive genetic testing, and effective precision medicine.”
Syndicate Bio is driving genomics and precision medicine initiatives across the world’s most diverse regions through large-scale partnerships with governments, industry, and other stakeholders. Through its work, Syndicate Bio is making local impact while accelerating drug discovery and development.
By focusing on Africa, Syndicate Bio is poised to make a significant impact, starting with Nigeria, by introducing its pioneering clinical oncology offerings in an underserved region.
Through this endeavor, Syndicate Bio aims to improve cancer diagnosis and treatment for African patients. This initiative not only facilitates local next-generation sequencing (NGS) testing and liquid biopsy testing but also extends access to clinical trial participation, empowering patients and healthcare providers alike.
MSK-ACCESS® powered with SOPHiA DDM™ is a decentralized version of a highly validated ctDNA test developed by MSK that involves the deep sequencing of 146 key cancer-associated genes, and will augment Syndicate Bio’s tumor profiling capabilities, allowing them to utilize a small blood sample to generate a comprehensive report in an efficient and expedited time frame.
The use of liquid biopsy is less invasive than traditional biopsy, and can help simplify patient monitoring, whilst driving the uptake of precision medicine.
The offering combines the sophisticated analytics, state-of-the-art algorithms, and decentralized, cloud-based offerings of the SOPHiA DDM™ Platform, with the scientific and clinical expertise of MSK in cancer genomics to provide a best-in-class liquid biopsy solution.
“In our mission to democratize data-driven medicine, our decentralized global network and unique set of partnerships enable us to help reach underserved populations, just as those that are served by Syndicate Bio,” said Philippe Menu, MD, PhD., Chief Medical Officer, SOPHiA GENETICS.
“By implementing this solution, Syndicate Bio will make a measurable impact throughout Africa, while also helping to generate an unparalleled and comprehensive dataset and provide invaluable insights and knowledge to shape the future of global healthcare.”
In late 2023, SOPHiA GENETICS and MSK announced they are working in partnership with AstraZeneca to bring the world-class MSK-ACCESS® powered with SOPHiA DDM™ testing solution to countries and regions around the globe, including underserved areas where access to testing remains scarce.
Mallam Kashifu Abdullahi, director-general, National Information Technology Development Agency (NITDA), has reaffirmed the importance of collaboration in advancing Nigeria’s digital transformation agenda.
L-R: Mallam Kashifu Abdullahi, director-general, National Information Technology Development Agency, with Brig. Gen., Abdulrahman Idris, team lead of the Senior Executive Course 46 2024, National Institute for Policy and Strategic Studies, Kuru, Jos during a strategic tour visit to the agency headquarters in Abuja.
Abdullahi disclosed this during a strategic engagement with participants of the 2024 Senior Executive Course 46 from the National Institute for Policy and Strategic Studies (NIPSS), a delegation led by Brigadier General Abdulrahman Idris.
Abdullahi emphasised that no organisation can achieve its goals in isolation, stressing the need for collaborative efforts to harness ideas, experiences and insights for national development. He highlighted the potential of collaboration between NITDA and NIPSS to leverage technology and digital innovation for driving economic growth, creating job opportunities and attracting foreign direct investment (FDI).
“At NITDA, we have re-imagined our social contract with Nigerians, focusing on improving service delivery and fostering the swift growth of the ICT sector,” said Abdullahi. He emphasised the agency’s commitment to serving Nigerians and outlined the strategic direction outlined in NITDA’s Strategic Roadmap and Action Plan (SRAP 2024-2027) 2.0. The SRAP is structured around eight pillars aimed at fostering digital literacy, building a robust technology research ecosystem, strengthening policy implementation, promoting inclusive access to digital infrastructure, enhancing cybersecurity, nurturing innovation and entrepreneurship, forging partnerships and cultivating a vibrant organisational culture.
The brigadier-general provided insights into NIPSS’s role as Nigeria’s foremost policy think-tank, tasked with developing top-class technocrats to drive national development initiatives. He highlighted NIPSS’s contributions to policy formulation and implementation over the years, emphasising the institution’s mandate to address issues of national interest, particularly in the digital economy sector.
The collaboration between NITDA and NIPSS underscores the importance of synergistic efforts in harnessing technology and innovation for national development. By leveraging each other’s expertise and resources, both organisations aim to drive economic growth, foster job creation, and position Nigeria as a leading player in the global digital economy.
Through strategic partnerships and collaborative initiatives, NITDA and NIPSS are poised to chart a path towards sustainable development, leveraging digital innovation as a catalyst for socioeconomic transformation and inclusive growth.
Dexude Secures Funding to Revolutionize Education in Nigeria, Beyond
FG Recovers N57Bn Debt from 10 MDAs
Nigerian Banks Lost over N8Bn to Internet Fraudsters in 2022- EFCC
Secure Identity Alliance: OSIA Becomes Official ITU Standard
SOPHiA GENETICS Announces Syndicate Bio as First Liquid Biopsy Customer in Africa
See Full List of Fake Loan Apps Blacklisted By CBN
AXA Mansard Empowers Female SMEs with Financial, Digital Skills
IFC Invests in New 4DX Ventures Fund to Support Tech Startups in Africa
FIRS Files Tax Evasion Charges against Binance
CBN Sacks another 50 Staff, 117 Disengaged in 20 Days
Telecom3 days agoTelcos Record N27Bn Loss from Damaged Fibre Cables
News3 days agoFG to Secure Fresh $2.25Bn World Bank Loan
Telecom3 days agoNCAIR Relaunch: Pantami, Tijani Fight for Credit
News3 days agoWema Bank Launches 5th Edition of Youth-Focused Hackathon, “Hackaholics”
Telecom3 days agoABoICT Lecture 2024 to Focus on Artificial Intelligence (AI) In A Digital Economy
News2 days agoNERC Cedes Regulatory Oversight of Enugu Electricity Market to State Government Agency
News2 days agoGPA Raises Alarm, Says Malaria Vaccine Can Cause Meningitis
News2 days agoStudents Loans’ Beneficiaries to Start Repayment 2 Years after Graduation- NELFUND: