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E-Business

7 Cyber Security Myths that Could Cost Your Business Dearly

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Cyber-security is a major threat to every business today. This reality is amplified by our increasingly inter-connected world which makes dependence on digital services an absolute necessity. Despite the increasing global spend on cyber-security, cyber criminals are still having a field day.
In this piece, the Research/Development Unit of Yudala – Nigeria’s fastest growing e-commerce outfit – dissects the myths that prevent businesses and other individuals from taking effective measures to counter imminent cyber-security threats, with attendant huge losses and costs.

Strong passwords keep me protected
This is one of the myths that often leads to a hacking breach. While strong passwords are good, they are more effective when combined with other measures such as a two-factor authentication. This provides a second layer of security for your account(s). Furthermore, strong passwords may expose the user to self-imposed dangers. When passwords become difficult to remember or too complicated, the user may have no choice than to change them too frequently. As a result, you may be forced to write these passwords down since you can no longer memorize them, thereby opening the door to unauthorized access to your account.

My small business is not a target. Only big businesses are at risk
If you think that small businesses are not at risk of cyber-attacks, then think again. According to a recent report by Radware, 98% of organizations experienced cyberattacks in 2016. Small and mid-sized companies with less than 250 employees were the target of a reported 31% of these attacks. Organizations on the lower end of the scale are much more attractive to hackers as it is widely believed that less is being done by these companies to protect their sensitive data. This has manifested in an increasingly popular mode of attack known as Ransomware, where attackers encrypt data taken from the victim and in return for decrypting the data, they ask for an acceptable amount from the victim as ransom. These victims include individuals, small or medium-sized enterprises (SMEs) and large corporates.

The website is HTTPS, so I am secure from attacks
Hyper Text Transfer Protocol Secure (HTTPS) is the secure version of HTTP, the protocol over which data is sent between your browser and the website that you are connected to. The ‘S’ at the end of HTTPS stands for ‘Secure’. It means all communications between your browser and the website are encrypted.  While it secures your website at a minimal level, it is important to note that HTTPS does not prevent the hacking of a website, server, or a network. By diminishing Distributed Denial of Services (DDOS) attacks, hackers can force their way into your access controls exposing a website’s availability. Hence, every activity you carry out online must be done with this knowledge at the back of your mind.

Hackers will find nothing worth stealing
Many individuals and small business owners have this mind-set when confronted with news of the global effects of cyber-security. This myth or mind-set is, however, debunked by the potentially costly effects of enduring a breach, whether on a personal or corporate level. On a personal level, every individual has sensitive personal data that we would not wish to fall into the wrong hands. Pictures, video files or other personal information could expose us to grave danger or loss when unauthorized persons gain access to them. And on the corporate level, several small business owners who feel they have nothing worth stealing have had their fingers burned.
Research from Kaspersky Lab notes that a single cyber security incident now costs small and medium businesses (SMBs) an average of $86 500 per incident, mainly through loss of data. This data ranges from information about clients, customer details, bank details or access to your customers’ systems through e-commerce links or via email.

My computer is at risk only when I connect to a network or the internet
In addition to external attacks launched when a device is connected online, internal threats are also a major source of hacks or data breach. Users working inside your firewall with laptops, tablets, USB drives and other removable media that have been exposed to malware represent one of the most common access points for hackers. It is therefore, not surprising that many cyber-security specialists see the USB drive as the biggest hazard to cyber security. One out of every 8 attacks on computers these days, is believed to enter via USB devices.

Firewalls and network security are in place. I can go to sleep
For hackers, the art of circumventing a firewall is not an alien skill. Most hackers find it easy to disrupt codes or capitalize on loop-holes to gain access to your system, so the existence of a firewall is not a sure-fire guarantee of security. While it is clear that most cyber security threats are avoidable, your organization can not rely solely on firewalls for protection. Research also shows that, despite the huge outlay on network security, cyber-attacks are more severe at the application layer of your system infrastructure as network security does not often pose much resistance to cyber- bandits.

Security is assured since my website is externally hosted
Web hosting providers abound in their numbers. The likes of HostGator, Blue Host, Web.com, GoDaddy, DreamHost, InMotion and eHost, among others, have thousands of websites on their client list. As a result, effectively monitoring each site may be a herculean task. A significant majority of all external attacks occur as a result of poorly administered, misconfigured or inadequately managed systems. These loop-holes are easy for any eagle-eyed hacker to take advantage of. Hence, while a host is guaranteed to provide server level security; the major responsibility for managing the security of your website resides with you, the site owner.


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OpenAI Eyes Chrome Acquisition if Google is Forced to Sell

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Nick Turley, OpenAI’s Head of Product, testified in Washington that the company would be interested in acquiring Google’s Chrome browser if antitrust enforcers succeed in forcing Alphabet to sell the popular web browser.

This testimony was part of a high-profile trial in which the US Department of Justice is pushing to break up Google’s monopoly in the online search and advertising markets, Reuters reported on Tuesday.

The DOJ’s case centres on Google’s dominance in online search, which it argues unfairly stifles competition. A key aspect of the DOJ’s proposed remedies includes requiring Google to divest assets, including its Chrome browser, to restore a more competitive search environment.

According to the report, Turley’s statement provided insight into OpenAI’s competitive positioning within the generative AI space.

He noted that Google’s refusal to partner with OpenAI for access to its search technology within ChatGPT had pushed the company to explore alternative partnerships, particularly with Microsoft’s Bing.

Turley had previously written that ChatGPT leads the consumer chatbot market and did not consider Google its biggest competitor, according to an internal OpenAI document presented by Google’s lawyers during the trial.

He clarified that the document was meant to inspire OpenAI employees and emphasised that the company would still benefit from distribution partnerships, Reuters reported.

Earlier in the day, Turley testified that Google rejected OpenAI’s bid to use its search technology within ChatGPT.

OpenAI had reached out to Google after experiencing issues with its own search provider, Turley said, though he did not identify the provider. ChatGPT currently uses Microsoft’s Bing for search.

“We believe having multiple partners, and in particular Google’s API, would enable us to provide a better product to users,” OpenAI had told Google in an email shown at the trial.

OpenAI first reached out in July, but Google declined the request in August, citing concerns about competition. “We have no partnership with Google today,” Turley said.

The trial also highlighted Google’s internal strategy, including efforts to secure exclusive search agreements with major Android device manufacturers like Samsung.

According to Turley, such exclusivity could hinder the development of competing AI technologies, like ChatGPT, which depend on a range of search and data sources.


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Digital Consumers are Driving a New Era of Online Shopping, Transforming how Nigerian Youth Buy

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The digital revolution is hitting Nigeria’s retail scene fast, and it’s being powered by the country’s youth. Armed with smartphones and a demand for affordability, they’re shaping the e-commerce industry where convenience reigns supreme.

Nigeria’s internet users, reaching more than half its population, creates a strong foundation for e-commerce growth. This growth is significantly fueled by the nation’s youth, a substantial 160 million (70% of the population), whose tech-forward nature drives the popularity of platforms like Temu, satisfying their demand for accessible and budget-friendly online retail.

This generation has flipped the retail script. Value is their compass, price comparisons their weapon, social media their guide, and convenience their non-negotiable. This isn’t just shopping; it’s a calculated pursuit of savvy options, the widest selection, and the best value-for-money deals.

The power of finding a good deal is undeniable, especially for these shoppers watching their wallets. Social media is a testament to this, filled with posts celebrating the newfound ability to purchase items once considered luxuries.

Take Anwulika Udanoh (@Anwulika Udanoh on Facebook), for example. Her recent post, detailing her shopping experience on Temu, is a perfect snapshot of this online shopping revolution. She stumbled upon affordable jewelry on the platform, swayed by glowing reviews, and took a chance. What followed was a delightful surprise: customised earrings bearing her name, a feat once thought impossible.

Even her son’s friend jumped on the personalisation trend with custom pendants. ‘Their prices will shock you,’ she wrote, with genuine excitement. And despite any concerns about longevity, the sheer joy of affordable, personalised style at good quality won her over. That’s the power of this shift.

This goes beyond mere bargain hunting; it’s about empowerment. It’s about unlocking the ability to express your unique style without sacrificing your financial stability. It’s about finding those small sparks of joy, like personalised jewelry that feels uniquely yours. For many, these platforms are a portal to a more colourful and individually tailored life.

Then there’s the spirit of adventure, captured in a simple tweet by Steph (@steph on X): ‘ordered a couple of desk items, wish me luck.’ It’s the essence of a generation eager to discover new ways to elevate their everyday life.

Launched in the country in November 2024, Temu offers a diverse selection that aligns with the dynamic needs of young Nigerians. The direct-from-factory online marketplace is known for cutting out layers of middlemen and their associated markups and costs, passing on savings to consumers. Serving more than 90 markets globally, Temu has become one of the most visited e-commerce sites worldwide and a top Apple-recommended app of 2024.

Let’s be real: budgets matter. In a country where every naira is carefully considered, competitive pricing and accessible payment methods, aided by partnerships like Temu and Verve, empower Nigerian shoppers with greater choice and freedom to embrace trends while making the budget go beyond. It’s like opening up a world of possibilities.

Adding to the appeal is a user experience designed for the mobile age. With 193.9 million cellular connections, smartphones are the gateway to this digital world, and intuitive platforms allow for seamless browsing and purchasing on the go, perfectly aligning with the dynamic rhythms of young Nigerian life.

This mobile-first approach is further amplified by the power of social proof. In a nation of 31.60 million social media users, reviews and recommendations carry significant weight, transforming satisfied shoppers into passionate brand advocates.

A growing digital environment, particularly in urban areas, presents a rich opportunity for platforms that resonate with the aspirations of young people. They seek more than just products; they want to build online communities, create digital identities, and shape their lifestyles.

Real stories like those of Anwulika and Steph show that Temu isn’t just a place to shop, but a platform that’s unlocking joy, creativity, and financial freedom for Nigeria’s youth. Whether it’s personalised jewellery, playful desk accessories or everyday essentials, Temu is turning everyday purchases into moments of empowerment — proving that with the right platform, anything is possible.


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Gold Hits Record High Amid U.S. Dollar Weakness and Trade Tensions

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Gold prices surged to a fresh record high on Monday, April 21, while the dollar weakened and global stock markets presented a mixed picture, as concerns mounted over former President Donald Trump’s escalating tariff strategy and his ongoing confrontation with the Federal Reserve.

Amid subdued activity due to continued Easter holiday closures in several markets, investors focused on the potential fallout from Trump’s latest trade moves and looked ahead to key economic data releases later this week that may shed light on the broader impact of the evolving U.S.-led trade war.

The administration’s tariff campaign has triggered swift responses from major economies. While some, like Japan, are reportedly seeking accommodations to ease Washington’s trade levies, China issued a sharp warning to governments not to negotiate at the expense of its interests. A spokesperson for China’s commerce ministry said Monday that appeasement and compromise would fail to win peace or respect, calling on nations to avoid sacrificing broader interests for temporary gains.

Beijing’s tone contrasted with Trump’s comments last Thursday in which he signaled ongoing discussions with China, expressing optimism about reaching a deal. However, tensions remain high, with China facing tariffs of up to 145 percent on some goods, and retaliating with duties of 125 percent on U.S. exports.

The growing uncertainty over the global economic outlook has driven investors toward safe haven assets. Gold climbed above $3,384 per ounce, buoyed both by the geopolitical instability and a weakening U.S. dollar. The dollar’s decline has been exacerbated by concerns over Trump’s comments directed at Federal Reserve Chair Jerome Powell, who warned that the tariffs could lead to a temporary rise in inflation and downplayed prospects for interest rate cuts.

Trump criticized Powell for his remarks and hinted at the possibility of removing him from office, stating: “If I want him out, he’ll be out of there real fast, believe me.” Powell has maintained that he will not step down and emphasized the legal foundation of the central bank’s independence.

The dollar fell against major currencies, with the yen and euro gaining strength. France’s finance minister Eric Lombard said Trump’s tariff policies had already damaged the credibility of the U.S. currency and warned that undermining the Federal Reserve would further shake investor confidence. Chicago Fed President Austan Goolsbee underscored the importance of central bank independence, calling it a near-universal principle among economists.

Asian stock markets reflected the uncertainty, with Tokyo’s Nikkei falling 1.2 percent, while gains were seen in Shanghai, Seoul, Singapore, Manila, and Jakarta. Oil prices declined amid renewed fears over global demand, with West Texas Intermediate and Brent crude both dropping 1.7 percent.

Investors are now watching closely for April manufacturing data from key economies, which are expected to provide early signals about the tangible effects of the tariffs. Analysts warn that U.S. fiscal and monetary policy are increasingly being viewed as volatile geopolitical forces rather than stable economic anchors. Stephen Innes of SPI Asset Management said the reputational damage to the U.S. economic brand is becoming entrenched, with global markets and allies adjusting expectations accordingly.


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