Deposit money banks have reportedly initiated the process of repaying a $132 million (N200 billion) debt owed to telecom operators for the use of unstructured supplementary service data (USSD) for banking services.

The outstanding amount has been a point of contention between the financial and telecommunications sectors for the past six years .

The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) intervened in late 2023 to facilitate a resolution.

Sun Newspaper said that a repayment plan was established during a meeting, and banks have begun settling their debts.

Olayemi Cardoso, governor, Central Bank of Nigeria is credited with playing a key role in pressuring the banks to commence repayment.

However, Gbenga Adebayo, president of the Association of Licensed Telecommunication Operators of Nigeria (ALTON), expressed concerns about the slow pace of repayment.

Gbenga Adebayo, president, ALTON

He highlighted that the debt, which includes both principal and interest, is not decreasing and may even rise if delays persist.

Adebayo urged the banking sector to expedite the repayment process.

The root of the conflict lies in the initial absence of a clear agreement on USSD fee-sharing between banks and telecom operators.

A bank CEO, who requested anonymity, revealed that banks were unaware of the telecom companies’ claim to USSD fees until threats to discontinue the service surfaced.

While telecom companies argued that USSD was a vital service for banks and they should be responsible for collecting and remitting fees, banks saw little financial incentive.

Lower transaction values compared to other channels and the lack of profit from USSD transactions made them prioritize alternative methods.

Now, as the banking sector grapples with security concerns and combats fraud, USSD has become less of a focus.

This shift could potentially slow down further debt repayment.

An anonymous banking expert suggested that telecom companies consider writing off the debt, reflecting a broader industry sentiment of resignation towards the ongoing stalemate.

Sophos, a global leader of innovative security solutions for defeating cyberattacks, recently released findings from its survey, “Cyber Insurance and Cyber Defenses 2024: Lessons from IT and Cybersecurity Leaders.”

According to the report, 97% of those with a cyber policy invested in improving their defenses to help with insurance, with 76% saying it enabled them to qualify for coverage, 67% to get better pricing and 30% to secure improved policy terms.

The survey also revealed that recovery costs from cyberattacks are outpacing insurance coverage. Only one percent of those that made a claim said that their carrier funded 100% of the costs incurred while remediating the incident.

The most common reason for the policy not paying for the costs in full was because the total bill exceeded the policy limit.

According to The State of Ransomware 2024 survey, recovery costs following a ransomware incident increased by 50% over the last year, reaching $2.73 million on average.

“The Sophos Active Adversary report has repeatedly shown that many of the cyber incidents companies face are the result of a failure to implement basic cybersecurity best practices, such as patching in a timely manner.

“In our most recent report, for example, compromised credentials were the number one root cause of attacks, yet 43% of companies didn’t have multi-factor authentication enabled,” said Chester Wisniewski, director, global Field CTO.

“The fact that 76% of companies invested in cyber defenses to qualify for cyber insurance shows that insurance is forcing organizations to implement some of these essential security measures. It’s making a difference, and it’s having a broader, more positive impact on companies overall.

“However, while cyber insurance is beneficial for companies, it is just one part of an effective risk mitigation strategy. Companies still need to work on hardening their defenses. A cyberattack can have profound impacts for a company from both an operational and a reputational standpoint, and having cyber insurance doesn’t change that.”

Across the 5,000 IT and cybersecurity leaders surveyed, 99% of companies that improved their defenses for insurance purposes said they had also gained broader security benefits beyond insurance coverage due to their investments, including improved protection, freed IT resources and fewer alerts.

“Investments in cyber defenses appear to have a ripple effect in terms of benefits, unlocking insurance savings that organizations can be diverted into other defenses to more broadly improve their security posture. As cyber insurance adoption continues, hopefully, companies’ security will continue to improve. Cyber insurance won’t make ransomware attacks disappear, but it could very well be part of the solution,” said Wisniewski.

Data for the Cyber Insurance and Cyber Defenses 2024: Lessons from IT and Cybersecurity Leaders report comes from a vendor-agnostic survey of 5,000 cybersecurity/IT leaders conducted between January and February 2024. Respondents were based in 14 countries across the Americas, EMEA and Asia Pacific. Organizations surveyed had between 100 and 5,000 employees, and revenue ranged from less than $10 million to more than $5 billion.

Read the full “Cyber Insurance and Cyber Defenses 2024: Lessons from IT and Cybersecurity Leaders,” on Sophos.com for additional global findings and data by sector.

SpaceX is on the verge of launching the highly anticipated Starlink Mini dish. This revolutionary device promises to transform internet availability, particularly in underserved areas. It is set to provide satellite-based internet connectivity to people in remote locations where physical connections are impossible and mobile connections offer limited bandwidth.

The Starlink Mini is a game changer. With dimensions measuring 11.4 inches by 9.8 inches, it is significantly more compact and portable than the current 23.4-inch by 15.07-inch Starlink dish. The device is designed to fit comfortably in a backpack, providing users with unprecedented flexibility and convenience. This portability makes it an ideal companion for remote workers, travelers, and those living in isolated areas.

The integrated Wi-Fi router in the Starlink Mini supports Wi-Fi 6 (802.11b/g/n/ax) and operates over the 2.4 and 5 GHz bands. It features 3×3 MIMO built-in antennas, enhancing the connectivity experience. The device has only two connectors: a DC barrel for the external power source and an RJ45 network connector, allowing users to connect up to 128 devices. Weighing only 2.4 pounds (or 3.4 pounds with the kickstand and DC cable), the Starlink Mini is lightweight and easy to set up.

Since TD Africa, the leading distributor of tech products in Africa and the major distributor of Starlink products in Nigeria, introduced Starlink into the Nigerian market, the company has captured the public’s interest with its ubiquitous satellite service. In fact, the latest Internet Service Provider (ISP) data released by the Nigerian Communications Commission (NCC) showed that Elon Musk’s internet company, Starlink, has emerged as Nigeria’s third-largest ISP by subscriber number in the fourth quarter (Q4) of 2023.

For Nigerians eagerly awaiting the arrival of the Starlink Mini, the wait is almost over. Immediately after Starlink launches the Mini, Konga, Nigeria’s leading e-commerce group and Starlink’s exclusive shop-in-shop retailer, will ensure it is available nationwide. The device will be offered on konga.com at the best prices. This partnership underscores Konga’s commitment to providing cutting-edge technology solutions at affordable prices.

Rest assured, the Mini delivers impressive performance. Based on a speed test screenshot shared by SpaceX CEO Elon Musk, the Starlink Mini offers a robust 100 Mbps download speed and a respectable 11.5 Mbps upload speed with a latency of 23 ms. These capabilities are more than enough to power multiple 4K video streams, video calls, seamless voice chats, and speedy file downloads. Users can expect a seamless and high-quality internet experience, regardless of location.

For users needing to extend coverage to a broader area, the Starlink Mini is compatible with Starlink mesh, allowing it to pair wirelessly with another Starlink router. There is also an Ethernet port for those who prefer a direct connection. This versatility ensures that the Starlink Mini can adapt to various user needs and environments.

One of the most attractive aspects of the Starlink Mini is its affordability. The device is likely to be sold at half the price of the standard dish, making it accessible to a broader audience. This pricing strategy is expected to significantly boost adoption rates, particularly in Nigeria, where cost has been a barrier to accessing high-speed internet.

The launch of the Starlink Mini signifies a significant step forward in democratizing internet access. Whether you reside in a remote location, crave internet on the go, or simply yearn for a more affordable and reliable internet solution, the Starlink Mini is here to bridge the gap. With TD Africa and Konga at the helm, a brighter and more connected future awaits Nigerians.