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IBM, Nokia, Others Launch IoT Cybersecurity Alliance

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IBM, Nokia, AT&T, Palo Alto Networks, Symantec and Trustonic have announced that they are collaborating to help address IoT security challenges.

The “IoT Cybersecurity Alliance” said the combination of industry-leading security providers and IoT experts will research and raise awareness of ways to better secure the IoT ecosystem.

“The explosive growth in the number of IoT devices is only expected to continue; therefore, so must the associated cybersecurity protections,” said Mo Katibeh, SVP of Advanced Solutions at AT&T. “Today’s businesses are connecting devices ranging from robots on factory floors to pacemakers and refrigerators. Helping these organisations stay protected requires innovation across the whole IoT ecosystem to enable sustainable growth.”

In the past three years, AT&T said it has seen a 3,198 per cent increase in attackers scanning for vulnerabilities in IoT devices.

When AT&T surveyed companies in 2016, 58 per cent of respondents said they were not confident in the security of their IoT devices.

The Alliance members believe the key to IoT security lies in protecting all devices at the endpoint, network, cloud and application layer, and using overarching threat analytics to study the overall ecosystem and designing products with a built- in, always-on security approach.

The members want to advise customers and educate the industry on the cybersecurity measures needed to create a safer IoT ecosystem, foster collaboration and advance innovation with top cybersecurity and IoT thought leaders.

Specifically, goals of the IoT Cybersecurity Alliance are to:

Collaborate and research security challenges of IoT across verticals and use cases such as automotive, industrial, smart cities and healthcare. The Alliance will take use cases or business challenges in IoT cybersecurity to dissect and advance security concerns and identify ways to implement security across the value chain.

Dissect and solve for IoT security problems at every critical layer of security. These include the endpoint, connectivity, cloud, and data/application layers, and the Alliance says it includes experts at each of these layers to help educate businesses and consumers on how to protect their connections.

Make security easy to access across the ecosystem. Security needs to exist across the value chain, and the Alliance says users will benefit from innovative IoT services and infrastructures that can withstand the ever-evolving threat landscape.

Influence security standards and policies. Using each group member’s leadership and expertise will raise awareness of cybersecurity, with the Alliance engaging regularly with policymakers and other organisations.

“Be it a connected car, pacemaker or coffee maker, every connected device is a potential new entry point for cyberattacks,” said Bill O’Hern, Chief Security Officer at AT&T. “Yet, each device requires very different security considerations. It’s become essential for industry leaders and innovators like those in the founding members of this Alliance, to work together to help the industry find more holistic security approaches for IoT.”

The IoT Cybersecurity Alliance intends to bring together market leaders in device security, connectivity, data, cloud, and applications, creating the opportunity for end-to-end IoT security to help businesses continue to grow and compete in the ever-changing market. Its members say they will help the industry maximize the advantages of IoT while educating about how to keep companies and consumers more secure.

 

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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E-Business

Nigeria’s Online Travel Booking Space in Search of Real Value

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Although boasting a lot of potential, Nigeria’s travel and tourism industry has remained in a state of near-misses and failed projections occasioned by the glaring gap and huge vacuum in the online travel booking space.

 

According to available statistics, the direct contribution of Travel and Tourism to Nigeria’s Gross Domestic Product (GDP) was N2,29bn, approximately 1.9% of total GDP in 2017 –  a figure that is expected to rise by 2.9% in 2018 and 4.3% per annum from 2018-2028, to N3,605.7bn, effectively representing 1.9% of total GDP in 2028.

 

On the other hand, the total contribution of Travel and Tourism to GDP was N6,205.8bn representing 5.1% of GDP in 2017 and is forecast to rise by 1.6% in 2018 and 4.8% per annum to N10,094.5bn from 2018-2018, representing 5.4% of GDP in 2028.

 

While the figures appear promising, it is worth considering where the Nigerian travel industry stands in the global scheme of things.

 

Ranked on a global list of 185 countries, Nigeria presently stands at positions 48 in total contribution and 163 in relative contribution respectively to GDP from the Travel and Tourism sector. In terms of expected real growth in the sector, Nigeria stands at a poorly 168 position and 59 in long-term growth forecast (2018-2028) in the sector.

 

Compared with global indices, Travel and Tourism represents 10.4% of global GDP while one-tenth of jobs worldwide are supported by the industry, representing 9.9% of global employment. Furthermore, one-fifth of all of all global net jobs created in the last decade have been within the Travel and Tourism sector.

 

It is an open secret that travel and tourism is an important global economic activity, with the potential to contribute significantly to a nation’s GDP.

 

Added to this is the immense employment-generation opportunity it holds when harnessed efficiently – a point aptly embellished by Gloria Guevara Manzo, President & CEO of the World Travel & Tourism Council when she enthused that “inclusive growth and ensuring a future with quality jobs are the concerns of governments everywhere. Travel & Tourism, which already supports one in every ten jobs on the planet, is a dynamic engine of employment opportunity.”

 

Here in Nigeria, the engine of economic prosperity inherent in the Travel and Tourism is yet to be unleashed, owing predominantly to the vacuum in the online travel booking space which holds the key to transforming the sector.4

 

In real terms, only a small proportion (about 13%) of Nigerian air travelers currently book travel products online – a damning statistic for a country boasting a population grossing over 190 million.

 

For the four components of the Travel and Tourism sector which include Leisure travel (inbound and domestic), Business travel, Domestic travel and Foreign travel, the outlook remains the same: total contribution of the sector to GDP is nearly three times greater than its direct contribution.

 

Aligned to this is the poor experience of most Nigerians, many of whom have expressed their dissatisfaction with the level of service in the online travel booking space, despite the existence of a glut of players. For many corporate travelers, a segment that represents the overwhelming majority of online travel service consumers, the prevailing opinion is a glaring lack of real value. Same sentiment dominates among leisure travelers – many of whom are frustrated by sub-standard service and the limited choices of packages/offers available among current players – two of the most recurring pain-points that have drained confidence among customers in the sector.

 

Considering the nexus between technology and value-offerings in the online travel booking space, there is a growing need for a strong player backed by cutting-edge technology to fill the vacuum in the sector and take the industry to the next level. Further justifying this need is the undoubted influence of a world-class online platform and innovation in service delivery which has transformed the entire value chain of an allied sector such as e-Commerce in Nigeria, as seen in the rise and dominance of strong local players such as Konga which has re-defined the scope of offerings and customer experience in the industry.

 

The global travel and tourism industry is a multi-billion-dollar establishment which relies heavily on innovative technology and world-class customer experience in delivering a wide range of value offerings to all classes of travelers.

 

Nigeria is due for this disruption which has the potential of growing the sector’s contribution to GDP. Digital innovation is the way forward.

 

 

 

 

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E-Business

TechX Innovation Hub Unveils Office in Enugu

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Technology Extra, TechX, Innovation Hub, a global organization that is concerned with the slow adoption of technology in the developing countries especially Africa has opened office in Enugu, South Eastern part of Nigeria.

Tech X is focused on four key areas of technological advancement; Awareness, Access, Adoption and Application.

Speaking at the unveiling of the office, Tony Ojobo, founder, TechX Innovation Hub, said that a key strategy that addresses the issue of low ICT penetration is awareness.

“People need to be aware of the power of ICT to transform lives, businesses and the economy at large. The most capitalized firms in the world today are playing in the ICT space. The capacity of technology to lift peoples and nations out of poverty is phenomenal.

In recognition of these tested facts, we decided to start from the area where penetration is low and scale up to other regions in the country.

“Nigeria however, has the market, the people and local innovations that can disrupt business models around the world. We are on track to making this happen,” he stated.

According to him, “TechX shall create a platform for people with ideas to incubate, startups, business developers, coders, programmers and techies to perfect and scale up their innovations through a structured mentoring process, training and knowledge development programs.

“Our focus will encompass the following; Coding, Gaming, Data Analytics, Artificial Intelligence, Internet of Things (IoT’s) Robotics, Digital Innovations, Business Development, ICT Training, Software Development, Cyber Security, Digital Marketing etc.

“Our teeming youths can focus their creative energies more positively with a platform such as TechX Innovation Hub to give them a head-start in live. ICT has become the new oil and countries that have depended on oil as the economic main stay are beginning to embrace technology.”

“We have examples from UAE, Qatar and other countries in the Gulf region. The federal government has been making efforts towards diversification of the economy; however more still needs to be done through the encouragement of innovations, startups and SMEs.

“In realization of this need, TechX was set up to play our part towards the economic development of our people and thus contribute to poverty reduction in the region in particular and the country at large,” he said.

Ojobo noted that TechX will be collaborating with relevant Stakeholders, such as; the Media, Regulators, Hub owners, Tertiary Institutions, State Governments, Federal Government, SME’s, Multilateral Agencies, Embassies, Equipment Manufacturers, Ministries Departments and Agencies.

 

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NSE Trading Platform Suffers 4 Hours Technical Glitch

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Nigerian Stock Exchange (NSE) on Monday encountered a technical glitch which impacted trading activities for about four hours.

 

Mr. Bola Adeeko, head of Shared Services Division, NSE, said the glitch was resolved and market transactions continued at 1:45pm.

 

Due to the lost trading time, Mr. Adeeko explained that a decision was taken to extend the trading hours on Monday to 3:30p.m, from the usual time of 2:30p.m.

 

He further confirmed that the root cause of the disruption has been fully rectified.

 

According to Mr. Adeeko, NSE has a robust business continuity framework in place with processes designed to forestall and reduce the impact of such unpredictable technical glitches when they occur.

 

“The Bourse has a solid track record of high availability and systems resilience, whilst working with some of the cutting edge technologies required to power up a modern Exchange and will continue to work to enhance this”.

 

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