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How Cybersecurity Readiness Prevents Small and Medium Businesses (SMBs) from Fuelling Supply Chain Attacks

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By Pankaj Bhula

Supply chain attacks aren’t new. If the past couple of years have taught businesses anything, it’s that the impact of supply chain cyber attacks is now universal, from the fallout of the SolarWinds software breach to the exposed Apache Log4j vulnerability and Kaseya last year.

Unfortunately, when such supply chain attacks hit smaller businesses, who are usually the suppliers to larger enterprises, their impact is especially prohibitive.

For SMBs already feeling the prolonged impact of the pandemic, the added pressure of dealing with sophisticated and frequent cyber attacks in real time are a heavy burden, as they try to protect their business against financial, legal and reputational damage, as well as their own suppliers and larger clients’ security.

It is now more important than ever for SMBs to implement strict security hygiene and effective cybersecurity processes to ensure their business is prepared for the event of cyber attacks happening.

SMBs as an indirect avenue of cyber attacks

The ‘new normal’ opened the door to several new vulnerabilities; cyber attacks globally increased by 50% on average in 2021, compared to 2020.

Our Check Point Threat Intelligence report revealed that an organisation in South Africa experienced a cyberattack 1,675 times per week, compared to 1,117 attacks per organisation globally.

While security breaches are on the rise, the top threats impacting SMBs have remained the same. In Check Point’s Small and Medium Business Security Report from 2020/2021, we revealed phishing, malware, credential theft and ransomware to be the top four threats impacting these businesses. So, what does this mean for them?

The reality is threat actors have taken advantage not only of the now-entrenched remote working model to target organisations, but also the usual limits preventing SMBs from bulking up on their cyber security defences – mainly lack of budget and expertise. SMBs often do not have a dedicated IT or security department.

With no in-house security expertise and reduced focus on security patching, these companies are easier to socially engineer and infiltrate.

Adding to this, SMBs usually have employees doing multiple roles, and thus a wider access to valuable areas of the business and information is given to them, and so if breached, they pose a  threat to multiple areas within the business.

In addition, the business IT infrastructure is often shared for personal use communication as well, such as social media and personal emails, allowing easier access to hackers as the data is often not secured.

Threat actors often target SMBs as low hanging fruit for their vital role in supply chains. This is especially so as such attacks wreak havoc on not only one organisation but entire businesses within the supply networks.

By leveraging tactics such as phishing, cybercriminals gain access to an organisation to launch a malware attack, steal data and credentials or instigate a ransomware.

Take for example, the attack against Target USA where hackers used stolen credentials from an SMB vendor that serviced the HVAC systems in Target stores, to gain access to the retailer’s network and then laterally move to the systems that kept customer payment information. As a result, the global retailer was breached and 40 million credit and debit cards details stolen.

The key factor to preventing cyberattacks is threat prevention. With minimal time and lack of cyber expertise or manpower, SMBs must adopt a prevention mindset to minimise potential cyber attacks and threats.

Why cybersecurity readiness is paramount for SMBs

Beyond the immediate financial impact and reputational blow as a trustworthy, reliable partner, SMBs can also face legal or regulatory repercussions, operational disruption, flow-on costs for system remediation and cyberattack response, customer churn, and the loss of competitive advantage that can make or break a smaller business.

In fact, a tarnished reputation as an avenue of attack can be even more detrimental to an SMB organisation, as the loss of trust with a larger organisation could mean a loss of potential business and revenue down the line with them or other new, potential customers.

With this in mind, budgetary constraints to keep computers and corporate networks protected should never be an excuse, as keeping sensitive data and information protected will bring many advantages and benefits to companies.

This can range from overall cost savings, compliance with data protection laws, gaining the trust of customers and suppliers, to protecting your documents and information to the maximum by preventing any type of data breach.

How SMBs can prevent supply chain attacks

By applying stronger cyber defences, SMBs are in a position to provide larger organisations with assurance that larger companies they supply to will not be compromised via the SMB partner or third-party vendor.

Whilst there are multiple means to prevent such supply chain attacks, the first step is to have good software capable of covering the entire company, protecting the company’s endpoints and devices, and supported by regular backups so that, in the event of a cyber attack, they have the possibility of restoring all the data.

Any device that connects to the network can become a security breach, so it is important to secure all endpoints. It is especially critical for remote or hybrid workforces to avoid security breaches and data compromise.

Also, all employees should be trained in cybersecurity so that they themselves become the first barrier to any attempted attack, such as phishing via email or SMS. Keep in mind that prevention is one of the best protection measures available.

A viable option for SMBs is to also consider engaging an experienced Managed Security Service Provider (MSSP), who will have the skilled resources, updated security software and experienced expertise to monitor for and analyse threats on behalf of the SMB player. This is especially useful for SMBs who have neither the time nor resources to adequately enforce threat detection and response.

Partnering with a cybersecurity expert equipped with best-in-class security and scalable solution such as Check Point Software can put SMBs in good stead to protect against the most sophisticated attacks and generate trust among larger potential players.

Ultimately, SMBs seek a simple plug-and-play solution with best-in-class threat protection, given their lack of financial funding and skills.

With an effective cybersecurity strategy, SMBs are better placed to demonstrate their credibility as secure partners to larger organisations, opening up more business opportunities.

Pankaj Bhula is Regional Director for Africa at Check Point Software

 


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E-Business

NBS Votes N35m for Cybersecurity after Cyber Attack

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National Bureau of Statistics (NBS) has allocated N35 million in its 2025 budget for enhancing cybersecurity measures, following a cyber attack on its website on December 18, 2024.

NBS Votes N35m for Cybersecurity after Cyber Attack

Shortly after releasing its crime experience and security perception survey, the NBS website was compromised.

The bureau had reported that Nigerians paid N2.23 trillion in ransom between May 2023 and April 2024.

In addition to bolstering cybersecurity, the NBS’s N9.85 billion budget includes several significant initiatives.

These consist of N500 million for the Labour Force Survey, N80 million for the production of the Consumer Price Index, and N60 million for compiling quarterly GDP reports.

Other notable allocations are N55 million for the National Agricultural Sample Survey, N50 million for monitoring the 8-Point Agenda, and N45 million for service delivery capacity building.

Additionally, there are projects like N15 million for demographic statistics and N9 million for the Annual Abstract of Statistics.

 

 

Credit: newsdigest


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E-Business

World Bank Raises Nigeria’s NIN Target to 180m

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World Bank has raised Nigeria’s target for National Identification Numbers (NIN) issuance under the Digital Identity for Development (ID4D) project from 148 million to 180 million, reflecting confidence in the country’s progress despite earlier setbacks.

World Bank Raises Nigeria’s NIN Target to 180m

The ID4D project, launched in February 2020 with a $430 million budget, aims to establish an inclusive digital identity system to facilitate access to services, financial inclusion, and participation in the digital economy.

Nigeria has gotten $228.59 million from the $430 million earmarked for the Digital Identity for Development (ID4D) project, which was meant to facilitate the enrolment of 148 million National Identification Numbers by June 2024.

Nigeria failed to meet the enrollment target of 148 million by June 2024, and the World Bank agreed to extend the $430 million facility for the project until 2026.

In a new document detailing the terms of the restructuring, the World Bank noted that the project disbursement rate stood at 53.16 per cent as of November 2024.

The project’s total financing amounts to $430 million equivalent, $115 million of which are from the World Bank’s IDA, $100 million equivalent from the French Development Agency (AFD), and $215 million equivalent from the European Investment Bank (EIB).

The bank disclosed that, so far, 53.16 per cent of the fund has been disbursed but added that Nigeria has made significant progress toward fulfilling the final disbursement condition, which is the amendment of the NIMC Act to promote an inclusive and non-discriminatory legal and regulatory framework.

According to the latest restructuring document, the new target is part of a two-phase extension plan to support Nigeria in completing critical project milestones and expanding its reach to underserved populations.

The National Identity Management Commission (NIMC) has issued 115 million NINs as of October 2024, a significant achievement but still shy of the original June 2024 target.

The World Bank emphasised the importance of closing the existing gap, particularly for vulnerable groups such as women, persons with disabilities, and disadvantaged communities.

To accelerate progress, Nigeria secured a six-month extension earlier this year to design and launch a new national identity management system built on open-source, scalable, and interoperable architecture. Having met this condition, a second-stage extension for an additional 24 months is now proposed, pushing the project’s closing date to December 2026.

The restructuring also prioritises legal reforms, including amendments to the NIMC Act and the introduction of critical bills to bolster Nigeria’s digital economy.

The NIMC Act amendment, which has already passed two readings in the National Assembly, aims to create a non-discriminatory regulatory framework, with final approval expected by February 2025.


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Ozi Launches to Redefine $460Bn Global Package Delivery Market

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Ozi (www.ozionline.com), a pioneer community-driven delivery app, launches, offering users a new way to send packages and earn extra cash.

L-r: Co-Founders of Ozionline.com: Ikenna Ani (CEO), Azubike Augustine (COO) and Engr. Christian Chime (CTO)

By connecting people traveling with those needing package delivery, Ozi turns everyday trips into profitable opportunities, aiming to disrupt the global parcel delivery industry, also known as the Courier, Express, and Parcel (CEP) market, currently valued at around $460 billion.

Imagine this scenario – You’re traveling to Abuja from Lagos and have empty space in your car. With Ozi, that unused capacity can earn you extra cash by delivering a package along the way. Or maybe you’re a small business owner who needs to send a package to another state but balk at the high cost of courier services.

With Ozi, you can find a verified traveler heading in the right direction to handle your delivery, Engr. Christian Chime, Ozi’s co-founder and CEO, said during the startup launch held at Four Point by Sheraton, Victoria Island, Lagos.

“Why travel empty when you can earn?” asks Engr. Chime said. “Ozi allows travelers to make the most of their journeys while helping others get their packages delivered with ease.”

“This simple yet powerful idea leverages the daily movements of millions of Nigerians to create a logistics network that is fast, affordable, and efficient.

“Ozi’s unique approach leverages the everyday movement of travelers to bridge this gap, creating a system where everyone benefits”.

He said that the choice of Nigeria as the first launch-location for Ozi was due the potential the country holds in the parcel delivery sub-sector.

“Actually, we had the opportunity to launch OZI in another country outside Nigeria but for our thrust in the Nigerian dream and its potentials made us choose the country as the first to witness Ozi’s innovation”, Engr. Chime said.

“Travelers can now monetize their journeys by delivering packages along their routes, while senders gain access to an affordable and convenient alternative to traditional courier services”.

Ozi combines convenience, innovation, and community to deliver a win-win solution for Nigerians. From quick intra-city deliveries to long-distance trips, Ozi offers an affordable, efficient solution for all.

Whether you’re a traveler looking to earn on your trips or a sender seeking a reliable delivery option, Ozi offers a solution that works for everyone.

In the words of Azubuike Augustine, the co-founder and Chief Technology Officer of Ozi, “Ozi’s mission goes beyond simplifying package delivery. The app represents a broader effort to create shared value for all stakeholders in the logistics process.

“By connecting senders and travelers, Ozi creates a win-win scenario where costs are reduced, trust is built, and income opportunities are created”.

“Ozi prioritizes safety and transparency. Every user, whether sender or traveler, undergoes a comprehensive verification process that includes ID checks and phone number authentication. This ensures that all participants in the system are trustworthy and accountable”.

To enhance security further, the CTO said that Ozi offers real-time tracking for all transactions. Senders can monitor their packages throughout the delivery process, ensuring peace of mind. For high-value items, optional insurance coverage provides an added layer of protection, reinforcing Ozi’s commitment to reliability.

“At Ozi, we understand that trust is critical in logistics,” the Azubuike added. “That’s why we’ve built a platform where every step is designed to safeguard both the traveler and the sender.”

“Ozi is more than an app; it’s a community where everyone wins,” said Ikenna Ani, co-founder/COO of Ozi.

“From today, travelers across the globe can sign up through www.ozionline.com and start making every trip count”, he said. “We have put measures in place to ensure only genuine and verified travelers or senders use the platform. Security is primary for us”.

Ikenna added that the app will be released on Google Play Store and Apple (iOS) on January 1, 2025.  Ozi Live on Instagram | Facebook.

 

 


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