E-Business
CWG, MAG Tech Introduce Effective Approach to IT Risks and Security
Computer Warehouse Group (CWG PLC), the leading technology Company in Africa and MAG Tech, a specialized information security and intelligence Company, recently organized an information security session in Lagos where all the decision makers charged with security in financial sector, and technology experts converged to deliberate on the new concept that will curb Cyber-attacks and fraud in the industry.
This is in a bid to reduce the level of threat and Cyber- attack in the financial sector.
The session themed, ‘Security Operations Centre (SOC) – Financial Services in the Cyber Attack Era’ created a rich avenue for the stakeholders to extensively discuss and understand the new concept, Security Operations Centre (SOC) as the ultimate information security platform required to drastically minimize the Cyber-attack and threats currently being encountered by the financial institutions.
Speaking at the session, James Agada, chief technology officer of CWG, said that CWG as a Technology Company goes beyond enabling businesses with products and solutions to concepts that will ensure 100% security of all the customers’ transactions.
According to Agada, product and product knowledge are not adequate to achieve the end result of any business solution, and hence the need for the new concept, which is centered on how to detect and react to fraudulent transactions.
Agada further expressed that 50% of the transactions in the industry are running on the servers that are being managed by CWG’s seasoned and trained engineers.
“Our aim is to ensure that these skills are internalized in Africa as information security is crucial to us and our customers” He said.
Nadav Arbel – MAG Tech’s chief technical officer, in his presentation on Darknet and Crime stated that Cyber-attack is originated from the Darknet which is the illegal part of the internet.
According to Arbel, Cyber-attack occurs when there is data leakage which may be caused by misconfiguration of a server or other sources.
He stated further that no one can run a business efficiently without being on the internet and as long as your business is connected on the internet, you will experience some form of cyber-attack and threat. Hence the solution is your ability to detect and prevent it.
“Security Operations Centre has been conceptualized for detection and prevention of darknet’s negative impact on businesses” He added.
One of the highlights of the session was a testimonial from one of the leading banks in Africa where Mag Tech has implemented a SOC.
According to the testimony, the bank was struggling with Cyber-attacks and threats until a Security Operations Center was designed and implemented.
Presently, they can monitor all the transactions on their network across the globe through the SOC concept from their office in Lagos.
The number of intra-bank and inter-bank Cyber-attacks and threats detected and prevented can also be tracked through SOC.
The testifier concluded by encouraging the other banks to have a strategic roadmap to tackle IT Risks & Security issues by looking at implementation of a standard & effective Security Operations Center.
In his words, “Any bank that wants to be in business and roll out innovative products powered by IT infrastructure must take into consideration the Security Operations Centre, as information security is very key in the financial industry”.
He further explained that the concept enables the bank to help their customers from being defrauded and the banks can jointly eliminate or maximally reduce the level of Cyber-attacks and threats in the system when all the banks are monitoring through SOC.
This SOC concept is effective and is a necessity for all the banks that want to remain in business considering the huge amount of losses banks incur as a result of cyber-attacks. “The cost of implementing SOC concept is very minimal compared to the losses through Cyber-attacks” he said.
The event was attended by almost all the banks in Nigeria, and has provided a platform for banks to share information on effective security operations centre implementations to curb fraud and enhance the growing use of the internet for banking and financial inclusion within a safe and secure framework.
South Korean authorities have temporarily blocked new downloads of the DeepSeek artificial intelligence (AI) app, citing concerns over the company’s handling of user data.
The country’s Personal Information Protection Commission (PIPC) announced the decision on Monday, saying that the Chinese AI startup had failed to fully comply with South Korea’s data protection laws.
According to PIPC, DeepSeek recently appointed legal representatives in South Korea and admitted to partially neglecting regulatory considerations regarding user privacy.
“The Chinese startup appointed legal representatives last week in South Korea and had acknowledged partially neglecting considerations of the country’s data protection law,” the PIPC said.
The commission added that the app’s service would resume once the company implements improvements in accordance with national privacy laws.
According to Reuters, when asked about South Korea’s move, a spokesperson for China’s foreign ministry said the Chinese government prioritises data privacy and security, ensuring compliance with legal standards.
The spokesperson also said China does not require companies or individuals to collect or store data in violation of laws.
The ban follows similar actions by other governments.
On February 4, Australia prohibited the use of DeepSeek on government devices due to security concerns.
Italy’s privacy regulator recently blocked the AI service, citing the company’s failure to address data policy issues.
Taiwan has also warned about potential risks related to cross-border data transmission and information leaks.
Also, regulators in Ireland and France have launched investigations into DeepSeek’s data-handling practices.
DeepSeek gained global adoption for its advanced human-like reasoning capabilities and open-source model.
In January, it surpassed OpenAI’s Chatgpt as the most downloaded free app on the Apple store.
The African Union (AU) has officially designated Nigeria as the Digital Trade Champion under the African Continental Free Trade Area (AfCFTA) Digital Trade Protocol, citing the country’s leadership in digital enterprise and innovation.
The endorsement came at the 38th Ordinary Session of the Assembly of Heads of State and Government, which concluded on Sunday in Addis Ababa.
Nigeria’s proactive role in advancing the digital trade protocol, adopted in February 2024, was a key factor in the decision.
The AfCFTA Digital Trade Protocol encompasses eight annexes covering crucial areas such as rules of origin, digital identities, cross-border data transfers, online safety, and financial technology. The protocol is expected to provide a robust framework for Africa’s digital economy.
According to a statement issued on Monday by Special Adviser to the President on Information and Strategy, Bayo Onanuga, former President of Niger Republic and AU AfCFTA Champion, Mahamadou Issoufou, praised Nigeria’s leadership, particularly for convening the Digital Economy Roundtable in January.
“No organization, region, or continent has negotiated or adopted such a comprehensive legal instrument on digital trade, positioning the African continent to benefit from the digital economy for innovation and job creation,” Issoufou said in his progress report to the AU Assembly.
He also highlighted Africa’s growing influence in digital innovation, particularly in mobile banking and financial technology, and noted that the protocol would create an enabling environment for young African entrepreneurs.
“The AfCFTA Protocol on Digital Trade will establish a conducive environment for these young people to fully participate in Africa’s digital economy,” Issoufou added.
Reflecting on the roundtable in Abuja, he commended President Bola Tinubu and his administration for facilitating discussions with key stakeholders.
“The Roundtable was attended by young pioneers in Fintech, mobile banking and other areas of the digital economy. It was evident from the discussions that young people are eager to take advantage of Africa’s digital economy through the AfCFTA Protocol on Digital Trade”, he said.
Speaking at the AU summit, Nigeria’s Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, described the AU’s endorsement as a milestone in Africa’s economic development.
“Africa has demonstrated global leadership by pioneering the first-of-its-kind AfCFTA Protocol on Digital Trade—establishing a comprehensive regulatory framework,” Dr. Oduwole stated.
She emphasized that the protocol is a “game changer” for the continent, predicting that it would generate millions of jobs, contribute billions to Africa’s GDP, and attract significant investments in digital infrastructure.
Eric Schmidt, former Google CEO has expressed concerns about the extreme risks posed by artificial intelligence (AI) falling into the hands of terrorists or rogue states.
Eric Schmidt, former Google CEO
He warned that nations such as North Korea, Iran, and Russia could adopt AI technologies to develop weapons capable of causing significant harm, including biological weapons.
Schmidt urged governments to oversee private tech companies, emphasising, “The real fears I have are not the ones most people discuss about AI, I talk about extreme risk.”
“I’m always worried about an ‘Osama Bin Laden’ scenario, where truly evil individuals take control of some aspect of modern life to harm innocent people,” he added.
With private companies driving AI advancements, he stressed the need for careful government monitoring and regulation. “It’s really important that governments understand what we’re doing and keep their eye on us,” he said.
His remarks followed a two-day AI summit in Paris, where the UK and the U.S. declined to sign a communiqué outlining the future direction of AI. The declaration on “inclusive and sustainable artificial intelligence for people and the planet” was endorsed by 57 countries, including India, China, the Vatican, the EU, and the African Union Commission.
The UK justified its decision, stating that the agreement lacked “practical clarity” on global AI governance and national security concerns.
Schmidt supports U.S. export controls restricting the sale of advanced AI microchips to certain countries, aiming to slow adversaries’ progress in AI research.
He also highlights the importance of international collaboration on AI safety, suggesting that cooperation with nations like China is essential to addressing global AI challenges.
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