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Technology is Major Challenge for Cybercrime Investigators – Akindeinde
Oluseyi Akindeinde, chief technical officer, Digital Encode and manager, Centre for Information Security Intelligence, is well grounded in IT security and Connectivity space of Information Technology.
Akindeinde plays a leading role in assisting some banks to acquire PCI DSS certification as required by Central Bank of Nigeria (CBN) and is offering training to Banks on securing their networks against hackers.
He spoke to chike onwuegbuchi on issues around cybersecurity.
Threat of Cybercrime to the Country
Cyberspace is a place of innovation and opportunity, and full of good people. But it is also a place of risk and danger, where bad actors take advantage of security weaknesses to cause harm. Cyberspace is vulnerable to an ever-evolving range of threats, from criminals to nation-state actors, ranging in purpose from identity and data theft to espionage and disruption of critical functions.
As our nation’s reliance on cyber networks has grown, incidents which impact the safety and confidence with which we operate online have become increasingly commonplace
Cybercrime is on the increase. The number of incidents of cybercrime has been increasing in recent years even though there have been a number of concerted efforts by industry stakeholders to raise awareness of the problem.
We need to understand that cybercrime is very lucrative and is a relatively easy way for criminals to make money.
The tools, techniques and services to perpetrate crimes can easily be found or purchased through the Internet, while mobile technology and the trend towards outsourcing and sharing data potentially heightens exposure
Nigeria’s Effort in Tackling Cybercrime
At the moment, a lot more needs to be done to curb the menace of cybercrime in Nigeria. The legal system is neither adequate nor sufficient to prosecute offenders in the areas of electronic communications and transaction in Nigeria.
Whilst the Evidence Act appears to support the admissibility of computer-generated evidence in court, enforcement still remains a major problem because of the various conditions attached.
Another challenge facing cybercrime investigators is that the evolution of technology is dynamic and at the introduction of new technologies, the fraudsters devote time and resources to detecting the inherent vulnerabilities. The cyber criminals are well organized and vast in the use of technology. They are well ahead of the crime investigation agencies in Nigeria.
Impact of Cyber Security Law When Signed
The Cybersecurity Act proposes to create a set of government-imposed, top-down regulations to combat cybersecurity threats. It further recognizes that it is a major offense. When someone steals physical cash the person gets prosecuted.
It should be the same for anything electronic because most transactions these days are electronic.
Secondly, it impacts the principal tension in cybersecurity – which involves computers, networks and data and is between the need to protect citizens, property and infrastructure and the need to respect legal, civil and property rights.
Level of Preparedness of Banks to Put hackers in Check
There are different types of cybersecurity threats, each of which target different parts of a financial institution’s information technology infrastructure and each with its own goal. Broadly, they can be divided into three categories:
◾Theft/fraud, where the motive is profit.
◾Espionage/exposure, where the motive is to acquire private or protected information.
◾Disruption/destruction, where the motive is to cause harm or loss through an attack designed to slow, disable or destroy critical systems and operations.
Each of the categories represents different objectives and motivations for attack, and most banks have put in place solutions that can appropriately address the threat and therefore combat it effectively. In it’s efforts to promote compliance, the CBN has mandated the banks and all financial institutions to comply with all international information security standards from the Payment Card Industry Data Security Standard (PCI DSS) to the ISO 27001 Information Security Management System (ISMS)
Challenges in Fighting Hackers
One major challenge is capacity building. The cyber security landscape is an ever changing one and defenders need to be well informed to combat sophisticated cybercrimes.
To reduce the rate of cybercrime in Nigeria, therefore, adequate training of those who run and manage the investigation incident response departments of the various financial institutions is a must.
In the move to a cash-less economy, regulatory agencies and lawmakers should equally as a matter of urgency, collaborate to pass a Cybercrime law in order to protect consumers in the cash-less scheme.
All financial institutions should, as a matter of urgency, build and equip digital forensics and incident response units.
Computer Emergence Response Team (Cert) in the Fight Against Cybercrimes
A CERT is very important to a nation like ours. CERTs, law enforcement, users, and security organisations all play a role in fighting cybercrime.
Whilst law enforcement is pretty much involved in prevention and prosecution of crime, A CERT is responsible for coordinating services in the event of a security breach and to help affected organizations recover from a breach.
Organizations often go to their CERT first in the event of a breach for fear of the legal ramifications and public embarrassment of a breach.
If law enforcement isn’t being informed about security breaches and impacts, they don’t get any intelligence on what’s going on, and that intelligence could be used to prosecute.
About Digital Encode
Digital Encode is a leading consulting and integration firm founded in 2003 that specializes in the design, management, and security of business-critical networks, telecommunications environments and other Information Technology (IT) infrastructures, recognized in the industry for its vendor independent perspective, the firm’s expertise lies in solving multifaceted, complex enterprise network security, and audit problems.
Protecting Networks against Hacker
It isn’t so much about what to or what not to put in place. There needs to be a top-down approach to cyber security.
Processes and procedures need to be instituted to complement the various technologies that are already in place.
To this end organisations should consider and adopt the ISO 27001 ISMS as a framework to safeguard customer data.
The .ng domain name, Nigeria’s country code top-level domain (ccTLD), is the nation’s critical resource in the digital space, says Adesola Akinsanya, the president of the Nigeria Internet Registration Association (NiRA).
Akintola Owolabi, Professor of Cost and Management Accounting at Lagos Business School (front – third from left; Adesola Akinsanya, the president of the Nigeria Internet Registration Association (NiRA) (Front – fourth from right), flanked by members of EBOD and Management Team of NiRA during a training programme at LBS.
The .ng domain extension is unique to Nigeria, and it can give businesses a strong local identity.
This can help establish trust with customers, which is especially important for businesses that rely on local customers.
Mr. Akinsanya made the comments at NiRA Executive Board of Directors (EBOD) and Management Training held at the Lagos Business School (LBS).
The NiRA Executive Board and Management Training at LBS spanned a series of intensive interactive sessions designed to address critical challenges and opportunities in the digital domain.
The training program emphasized the importance of strategic vision, ethical decision-making, and resilience in the face of digital disruptions.
Participants gained insights into global best practices in digital governance, risk management, and leveraging digital technologies for business growth and societal impact.
Mr. Akinsanya, highlighted the significance of the collaboration with LBS, stating, “The NiRA EBOD/Management Training at LBS underscores our commitment to fostering a robust digital ecosystem in Nigeria. It equips leaders with the expertise to address complex digital challenges especially in accounting and financial management while harnessing the immense opportunities of the digital age.”
The program featured distinguished speakers, industry practitioners, and faculty members from LBS, providing a holistic learning experience enriched with real-world case studies and practical insights.
Participants commended the program for its relevance, depth of content, and interactive learning approach, noting its immediate applicability to their roles and responsibilities.
The NiRA EBOD Training at LBS represents a milestone in advancing digital leadership and governance in Nigeria.
“By equipping leaders with cutting-edge knowledge and strategic insights, the program contributes to building a resilient and innovative digital ecosystem that drives sustainable growth and societal development, especially from NiRA perspective. We must fashion out ways of increasing .NG domain name adoption which is our national pride in the digital space”.
Speaking further on why Nigerians and businesses should adopt the .NG domain name, the NiRA president said, “.NG domain name gives your brand special recognition both on and offline.
“Using a .ng domain name can help your business stand out in the Nigerian and global market. It is a great way to differentiate your brand from competitors and establish a unique identity. A .ng domain name is easier to remember, which can make it more likely that customers will return to your website in the future”, he said.
“It instantly communicates to internet users that your business is located in Nigeria. This can be especially helpful if you operate in a niche or industry where location is important to customers”, the NiRA boss added.
He added that Google and other search engines prioritize local content in search results, hence using a .ng domain name can help improve your website’s search engine ranking for local searches.
Climate Action Africa (CAA), a leading advocate for climate resilience and sustainable development, has announced the opening of applications for the Deal Room at the 2024 Climate Action Africa Forum (CAAF24). The Deal Room is a groundbreaking platform that aims to connect high-impact climate innovators in Africa with potential investors seeking to accelerate sustainable solutions.
The CAAF Deal Room is a strategic initiative that aims to create opportunities for innovators in the climate-tech domain focusing on emission reduction, energy, agriculture, transportation, circular economy, and building and construction.
The goal of the Deal Room is to select finalists who will have the opportunity to pitch their innovative ideas and solutions at the upcoming 2024 Climate Action Africa Forum, which will be held on June 19th in Lagos, Nigeria.
The Deal Room aims to boost investments in Africa’s green economy by galvanising a community of innovators, entrepreneurs, and investors to create applicable solutions that can mitigate the challenges of climate change on the African continent.
The Deal Room session will facilitate financing for solutions contributing to the growth and sustainability of Africa’s green economy. These deals may encompass prize money, equity plans, debt financing, mergers and acquisitions, and other investment options.
“Through the CAAF24 Deal Room, we aim to bridge the critical gap between promising climate ventures and the essential resources they need to thrive,” says Grace Oluchi Mbah, Co-founder and Executive Director of Climate Action Africa (CAA). “By facilitating connections between passionate entrepreneurs and dedicated investors, we can collectively unlock the immense potential of climate solutions in Africa.”
The eligibility criteria for applying include:
● The company must be African-owned and operate in any of the 54 African countries.
● It must be a for-profit company, between 1-5 years post-incorporation, post-MVP (minimum viable product), and post-GTM (go-to-market).
● The company should leverage digital technology to deliver its business model.
● Female ownership is an added advantage.
Those eligible to apply include venture capitalists, impact investors, climate tech startups, Green SMEs (small and medium-sized enterprises), philanthropic organisations, and government representatives.
Following the CAAF24 deal-room will be a post-event accelerator in partnership with the Silicon Valley-based Founder Institute and IDEA Africa. This Africa-wide initiative is specifically designed to further accelerate and enhance support for promising Climate Tech startups and founders who participated in the Deal Room.
The official unveiling of this accelerator will take place at the Climate Action Africa Forum 2024 (CAAF24), marking a significant step forward in driving Climate Tech innovations throughout Africa.
Applications for the CAAF24 Deal Room are open from April 22nd until May 17th. Interested applicants can register at https://deal.caaf.africa/register.
The Lagos Chamber of Commerce and Industry (LCCI) has said that the government needs to simplify and harmonize trade procedures and address bottlenecks in order to boost economic growth in the country.
President of LCCI, Mr. Gabriel Idahosa, gave the charge at a Quarterly media briefing on the State of the Economy yesterday in Lagos.
He said that the government has to create an atmosphere that promotes export growth and competitiveness, which is projected to boost export earnings, raise domestic revenue, improve citizens’ welfare, and increase business productivity.
“We recommend that reforms must include simplifying and harmonizing trade procedures as well as addressing bottlenecks such as port logistics, congestion, and transportation costs. This is expected to position the country as the commercial centre of the region and a springboard into regional value chains,” he stated.
On managing the persistent high inflation, the LCCI president said both monetary and fiscal authorities should focus on the factors driving the inflation rates by tackling the supply-side deficiencies instead of focusing too much attention on the demand-side management.
“We urge the Central Bank of Nigeria (CBN) to continue with its foreign exchange (forex) market reforms with intense discipline, as the high exchange rate against the naira is a major driver of the skyrocketing inflation rates.”
Idahosa acknowledged the improvement in the naira exchange rate in the last few days, moving towards the level of N1000 per dollar or lower.
“CBN needs to sustain its policy and regulatory reforms in the FX market, adopt policies that would attract more FX inflow into the economy as well as build market confidence in the performance of the FX market,” he added.
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