Connect with us

E-Business

Strengthening Financial Services Industry with Cognitive Security

Published

on

fintech ag.jpg

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.

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.

Continue Reading
Advertisement
Comments

E-Business

Right To Privacy? Nigeria Needs A Data Protection Law

Published

on

By ‘Gbenga Sesan

“The privacy of citizens, their homes, correspondence, telephone conversations and telegraphic communications is hereby guaranteed and protected.” – Section 37 of the Nigerian constitution.

Nigeria’s constitutional promise of data protection is far from being fulfilled. This is especially true for transactions involving the transfer of personal data from individuals to governments and businesses. Despite the increasingly important role that data plays as the currency of the country’s emerging digital economy, Nigeria does not have a Data Privacy or Data Protection law.

Even though Nigeria lacks a robust data management infrastructure, several government agencies and sector regulators collect citizens’ private data with little respect for their rights.

Not only is the same data collected by different agencies, citizens have little control over what is collected, how it is used and have no clear course of action should their data be abused.

The Nigerian Communications Commission, Independent National Electoral Commission, Nigerian Immigration Service, Central Bank of Nigeria, National Identity Management Commission, Federal Road Safety Corps, and other bodies routinely collect or oversee the collection of biometric and other data in their respective silos.

Unfortunately, the conversation around the need to harmonize such sensitive data remains just that — a conversation. Various legislative proposals that could protect people’s data are making little progress, exposing citizens to the real risk of data disasters.

Sensitive data including email addresses and phone numbers are frequently advertised for sale online. In one recent case, information of registered voters appeared online following a data breach. In an equally worrying example, sensitive health data processed by a bank on behalf of a hospital was made available online.

In another case, laptops were sold still holding subscriber information that was captured during the SIM card registration process. In all of these breaches, the lack of a clear data protection law meant that those responsible for handling the data were not held accountable.

However, there is hope for better data control and protection in Nigeria. Various government agencies recently resumed discussions on duplicate data collection, control and use. In addition, a Data Protection Bill passed by the House of Representatives is now being considered by the Senate.

The Digital Rights and Freedom Bill, that has made good progress in the House of Representatives, also has a section on data and information privacy. Clearly, the problem we face is not lack of proposals but lack of follow-through.

The National Identity Management Commission, responsible for the management of citizen data, must work with other agencies and stakeholders to secure the appropriate legislative environment that Nigeria needs for personal data protection and privacy. Citizens, who are new to the concept of data ownership, need to be made aware of their rights — including the proposals that could soon become the law of the land.

Until a robust, enforceable law is in place, Nigerian citizens will continue to be denied the protections that their constitution grants them.

‘Gbenga Sesan is the Executive Director of Paradigm Initiative

Continue Reading

E-Business

IT Leaders’ Challenges: A Shortage Of Talent And A Need To Reinvent Cultures

Published

on

By Keith Fenner, VP: Sage Enterprise Africa & Middle East

African CIOs must master the difficult balance between managing the risks of deploying immature technologies and those of being left behind by emerging, disruptive trends if they are to help their businesses drive profitable growth in the years to come.

That’s one of the key insights I took from Gartner Symposium/ITxpo in Cape Town, where many speakers focused on the state-of-play in the Internet of Things (IoT), the blockchain, artificial intelligence (AI) and machine learning.

These disruptive technologies will transform the way we do business over the next five to 10 years, yet they are not quite ready for prime-time deployment. African organisations have a few years to experiment with the tech in non-critical applications so that they are ready when the technologies burst into the mainstream.

IoT plus blockchain will enable a wide variety of new business opportunities in the future. Though they are evolving, they have a decade or more before they are truly mature.

A lack of standardisation, the business process changes it will demand, and the impact of large ledger sizes on network and computing resources are among the challenges for blockchain. IoT, meanwhile, raises concerns of the diversity of the hardware in use, power consumption, network performance and privacy.

It’S Time To Experiment (And Learn)

Those factors preclude massive investment and wide deployment for business-critical applications. This is a time to conduct many small proofs of concept to develop best practices and build the organisational capacity and infrastructure for tomorrow’s digital business models. Constant experimentation and innovation are essential if companies are to keep up with the rate of change.

We recommend doing 6-8-week experiments to start the digital transformation journey. Fail fast, fix, and move on. But organisations that start this journey will find themselves challenged by a shortage of digital talent, difficulties in scaling up small-scale experiments and a need to reinvent organisational cultures for constant innovation.

Where Is The Talent?

The shortage of skills in emerging technology areas was a key theme of the conference and of the conversations I had with many attendees. Organisations need strong in-house technical knowledge and skills in IoT and blockchain to manage vendor risk in these emerging areas. Companies need people able to evaluate the specialist offerings from niche vendors so that they can make good choices in a complex and constantly changing landscape.

One thing’s for sure: top quality IT talent has never been in more demand, so make sure your business is set up to attract and retain it.

Innovation As Part Of The Culture

Many large organisations are treating innovation and disruption as separate disciplines because of the challenges of driving change in an established business and securing the right skills.

Companies are pursuing a range of strategies to drive innovation in their businesses, ranging from setting up venture capital funds and incubators, investing in tech and digital companies, running innovation challenges and forming strategic alliances with tech companies.

However, it’s not enough for the techies to know about the technology, or to build innovation hubs within the business to play with disruptive new solutions. Blockchain and the IoT will one day affect everyone from risk and compliance to production to sales to finance. Every team needs to start to understand what these technologies mean for the company’s future, and adopt innovation as part of its mandate.

It can’t be stressed enough that innovation can’t happen in isolation — it must be part of the organisation’s culture. The IT team needs to develop new skills and change its culture to support the organisation as it integrates new technologies into the business. They will need vision and storytelling skills to help the organisation prepare for this change.

Continue Reading

E-Business

5 Ways To Make Your Laptop Battery Last Longer

Published

on

By Gideon Ayogu

We have all been in that position where our laptop battery starts to malfunction; that moment when a 10-hour battery life device depreciates to serving you for one hour or less.

Insight from the Research and Development Unit of Yudala, Nigeria’s fastest growing composite e-commerce outfit, shows that while laptop batteries often depreciate with constant use over time, misuse or wrong usage often leads to this happening within a short period of time and at a time when you should still be deriving optimum utility from your laptop battery.

Laptop batteries are usually made from lithium-ion: a lightweight, high-power battery often used in computers and mobile phones.

Lithium-ion batteries come in various shapes, although a flat rectangle is most common in smartphones.

It is lighter than the nickel cadmium battery and the nickel metal-hydride battery, thus accounting for its lightweight nature. Lithium-ion batteries work by the movement of lithium ions through a membrane and are clearly different from lithium batteries.

Whereas lithium batteries contain lithium metal and are not rechargeable, lithium-ion batteries do not contain lithium metal and are rechargeable.

However, lithium-ion batteries do not last forever. Each lithium-ion battery will have an average of 600 charge cycles and will work optimally for about 4-5 years without a drastic depreciation on battery life.

Hence, your laptop battery should serve you well for at least 3-4 years depending on how frequently you use the device and recharge the battery.

Research shows that frequent travelers only get a couple of years out of their laptop battery because they tend to charge intermittently and keep their laptop unplugged when on the move which kills the laptop battery faster.

To help you get maximum life out of your laptop battery, the following tips from Yudala will go a long way in helping you save the cost of investing in a new battery at short intervals:

Avoid Putting Your Laptop On Soft Surfaces

It is easy to place your laptop on your thighs or bed while working at home or during your rest time. Many of us are guilty of this.

However, if you need your battery to last long or have a stronger life span, it is advisable to place the device on hard surfaces such as tables or desks in order to avoid over-heating.

Research has shown that heat is one of the biggest obstacles to your battery’s longevity because your laptop fan can’t circulate air properly when your laptop is placed on a soft surface.

Be Careful How You Store Your Laptop Battery

This cannot be over-emphasized. It is advisable to store your laptop in a cool place with less heat. This tip is directed especially at people who keep their laptops in their cars where it can get really hot when it’s sunny. Laptop batteries do not work well with heat and might stop working if exposed to excessive humidity. Research shows that, if a stored battery is not charged, it starts to lose it energy and might get damaged. Also, for travelers who leave their laptops behind, it is advisable to store your battery with a 40 – 60% charge instead of a full charge. Study shows that fully charged batteries depreciate faster than half-charged batteries.

Do Not Leave Your Laptop Dead Before Plugging It In

There is said to be a problem called ‘battery memory’ which, cause batteries to ‘forget’ their full charge capacity and start charging at lower levels; charging to 100% and discharging to 0%.

Current research indicates that this problem doesn’t exist anymore and we have the modern lithium-ion battery to thank for that. It is important to point out that the problem here is not over-charging your laptop, which makes us believe that letting your battery charge more than 100 percent will make the battery wear out faster.

A research study by Battery University shows that, modern devices are designed to stop charging at 100 per cent hence, keeping them plugged in doesn’t impact the battery’s lifespan.

However, a lot of us wait until our laptop dies before we plug it in, which isn’t good for our battery. You should avoid letting your battery drain and discharge below 20 per cent, else, it would reduce the charging capacity of your battery.

Show Your Laptop Some Love

This starts with your battery. Your battery is the powerhouse of your laptop. Abandoning your laptop battery and just letting it do its job without paying much attention to it won’t cut it.

Make sure to take care of the battery contact points; the battery contact connects the battery to the laptop.

If the contact point gets dirty or damaged, it may reduce or disrupt the flow of power to the laptop.  If you have a removable battery, you can carefully wipe your battery with a soft cloth to get rid of dust. However, you have nothing to worry about if your laptop battery is sealed.

Update Your Laptop

As underrated as this may sound, an outdated hardware may reduce the performance of your laptop thereby affecting the laptop battery.

The cells in laptop batteries degrade over time, and it is totally normal for old laptop batteries to hold charge less than an hour.

Current laptops can achieve up to 10 hours of standard usage because of the software that comes with the perk of a new laptop. Henceforth, upgrading your laptop hardware will significantly improve your laptop battery life.

Continue Reading

Trending

Copyright © 2017 Communication Week Media Limited.