E-Business
IOT Security Spending to Reach $1.5bn in 2018
Global IOT security spending will reach $1.5 billion in 2018, a 28% increase from 2017.
This is according to an IOT security spending report conducted by Gartner, which found that IOT security initiatives by global organisations will increase from last year’s spending of $1.2 billion to $1.5 billion this year, as organisations seek to improve IOT software and hardware security asset management initiatives.
By 2021, regulatory compliance, notes Gartner, will become the prime influencer for IOT security uptake. According to the report, IOT-based attacks are already a reality, with nearly 20% of global organisations observing at least one IOT-based attack in the past three years.
Despite the steady year-over-year growth in worldwide spending, Gartner predicts that through 2020, the biggest inhibitor to growth for IOT security will come from a lack of prioritisation and implementation of security best practices and tools in IOT initiative planning. This will hamper the potential spend on IOT security by 80%.
“In IOT initiatives, organisations often don’t have control over the source and nature of the software and hardware being utilised by smart connected devices,” says Ruggero Contu, research director at Gartner.
“We expect to see demand for tools and services aimed at improving discovery and asset management, software and hardware security assessment, and penetration testing. In addition, organisations will look to increase their understanding of the implications of externalising network connectivity.”
These factors will be the main drivers of spending growth for the forecast period with spending on IOT security expected to reach $3.1 billion in 2021.”
By 2021, Gartner predicts that regulatory compliance will become the prime influencer for IOT security uptake. Industries having to comply with regulations and guidelines aimed at improving critical infrastructure protection are being compelled to increase their focus on security as a result of IOT permeating the industrial world.
“Interest is growing in improving automation in operational processes through the deployment of intelligent connected devices, such as sensors, robots and remote connectivity, often through cloud-based services,” says Contu.
“This innovation, often described as industrial Internet of things or Industry 4.0, is already impacting on security in industry sectors deploying operational technology, such as energy, oil and gas, transportation, and manufacturing.”
Earl Perkins, research vice president at Gartner, says the biggest challenge security and risk managers will face is shifting their perception of how to manage and assess risk.
“Security managers are accustomed to taking a calculated risk on how to mitigate threats in their organisation, but the rise of IOT introduces new variables to the risk formula, variables that need to be incorporated into traditional means of assessing and calculating IT risks.
As a whole, the industry will need to acknowledge IOT’s pervasive presence and adopt new strategies that consider our digital world,” notes Perkins.
According to a 2018 Thales Data Threat Report, organisations around the world are facing increasing pressures to secure their data, driven by escalating cyber attacks, traditional insider threats, privacy requirements and data residency regulations.
“This year we found that organisations are dealing with massive change as a result of digital transformation, but this change is creating new attack surfaces and new risks that need to be offset by data security controls,” says Garrett Bekker, principal security analyst, information security for 451 Research and author of the report.
“While times have changed, security strategies have not: security spending increases that focus on the data itself are at the bottom of IT-security spending priorities, leaving customer data, financial information and intellectual property severely at risk.
If security strategies aren’t equally as dynamic in this fast-changing threat environment, the rate of breaches will continue to increase.”
Cyber security firm FireEye, predicts that the shortage of skilled workers, an increase in cloud adoption as well as IOT are some of the challenges that await the cyber security industry in 2018.
National Information Technology Development Agency (NITDA) and the National Identity Management Commission (NIMC) have announced a collaboration on National Public Key Infrastructure (PKI) and Digital Public Infrastructure (DPI) to enhance synergy between digital identity, payment ecosystems and secure seamless data exchange capabilities for Nigeria.
l-r: Kashifu Inuwa, Director General of NITDA, and Bisoye Coker-Odusote, Director General of NIMC, during the meeting at the NIMC headquarters in Abuja..
NITDA, which made the announcement on its X handle, said that the collaboration was to further strengthen Nigeria’s digital economy in line with President Bola Tinubu’s Renewed Hope Agenda,
During the meeting, Kashifu Inuwa, director general of NITDA, and Bisoye Coker-Odusote, director general of NIMC, with some management staff of both organisations, discussed various initiatives, which include building DPI stacks for a secured and seamless data exchange and forming partnerships to transform the national identity system.
This collaboration also aims to harness the potential of the innovative ecosystem and emphasise the use of public-key infrastructure (PKI) to drive digital transformation in Nigeria.
To ensure a smooth implementation, a 12-man committee was set up.
This committee will play a crucial role in kickstarting and harmonising the initiatives and is expected to deliver a comprehensive implementation report within the next 4 weeks.
Noble Ajuonu, head, Sydani Technologies Ltd., has urged the Federal Government to harmonise National Identification Number (NIN) and Bank Verification Number (BVN) to tackle crimes and insecurity in the country.
Ajuonu made the call at a media roundtable, organised by Sydani Group in Abuja.
The News Agency of Nigeria (NAN) reports that the roundtable focuses on driving sustainability through a comprehensive analysis of Nigeria’s key development areas.
Ajuonu said that Nigeria could overcome its security challenges and pave the way for a safer, more secure future for all Nigerians by embracing technology and implementing practical solutions,
“We need to harmonise data, prioritise seamless integration of databases like NIN, BVN, and security agency records, establish clear protocols for data sharing and access, with robust safeguards against misuse,’’ expert said.
According to him, the unified data pool will empower intelligence gathering and targeted operations.
He also called for investments in smart surveillance, intelligent video analytics software, training of personnel in data analysis, interpretation of data in real-time to combat crimes.
“There is need to implement a legal framework for call interception in criminal investigations, with strict oversight to prevent abuse, encourage community cohesion, training of tech savvy security personnel with tech-enabled tools.’’
Ajuonu also urged the government to address infrastructure deficit in technology, saying that technology was all encompassing to address insecurity.
“According to the National Identity Management Commission (NIMC), as of December 2023, only 104.2 million Nigerians had been enrolled for the National Identity Number (NIN).’’
Ajuonu added that over 122.2 million citizens left uncaptured for NIN were people in rural areas where enrolment centres, digital services were limited.
“Most crimes are being perpetuated from rural communities and this lack of comprehensive identification creates a gap where elements not captured in the national database can constitute public nuisance, crimes.
“There is the inadequacy in the integration of NIN, BVN and Voters Identification Number (VIN).
“Advanced call interception and analysis tools, used successfully in other countries, could provide invaluable insights into criminal networks and operations but infrastructure is lacking,’’ he said.
Also, Mr Godfrey Petgrave, the Agricultural Expert, Sydani Group, called for empowerment of smallholder farmers with access to finance and training to enhance productivity.
According to Petgrave, Nigeria requires policy reform and institutional strengthening to improve agricultural practices and embrace digital agriculture solutions to address food insecurity.
Mr Akolade Jimoh, another expert of the group on health, advocated for expanded community-based health insurance programmes for rural and underserved areas.
Jimoh added that the country needed to encourage Public Private Partnership to revolutionise products design and quality improvement on health services.
Konga, Nigeria’s leading composite e-commerce group, is thrilled to announce the launch of amazing deals at its Infinix Brand Week. Infinix, a leading global smartphone brand known for its innovative products and cutting-edge technology promises exclusive discounts and special offers on select smartphones, marking an exciting milestone in the realm of online shopping.
Shoppers can expect nothing short of extraordinary deals on a wide range of Infinix products, all available exclusively on the Konga online platform. With discounts of up to 30% off, this partnership between Konga and Infinix aims to redefine the shopping experience for tech enthusiasts across Nigeria.
Konga Brand Week has become synonymous with excitement and unbeatable deals, and this year’s edition is no exception. In addition to exclusive discounts on Infinix smartphones, shoppers can explore a diverse array of products across various categories, including electronics, fashion, home essentials, and more.
“At Konga, we are dedicated to providing our customers with the best shopping experience possible,” said Rita Ohaedoghasi, VP Marketing at Konga. “The Infinix Week during Konga Brand Week allows us to continue delivering on that promise by offering incredible discounts and special offers on some of the most sought-after smartphones in the market.”
To stay updated on the latest developments and exclusive deals during Konga Brand Week, shoppers are encouraged to connect with Konga across all platforms, including social media and the Konga website. Don’t miss out on this opportunity to score big savings and elevate your tech game with Infinix and Konga.
NELFUND Says UTME, NIN, BVN Mandatory for Student Loans
Sun International Finalizes $14.4M Exit from Nigeria, Sells Interests to RFC
Sam Darwish, US-Nigerian Businessman Suffers $6m Loss as IHS Shares Plunge
NITDA, NIMC Partner for Seamless Data Exchange Capabilities
FG Plans EO to Criminalise Fiber Cable Damage Costing Telcos Billions
See Full List of Fake Loan Apps Blacklisted By CBN
FIRS Files Tax Evasion Charges against Binance
IFC Invests in New 4DX Ventures Fund to Support Tech Startups in Africa
AXA Mansard Empowers Female SMEs with Financial, Digital Skills
Moniepoint Study Reveals How Strong Cultural Bonds, High Levels of Trust Drives Nigerian Family Businesses
News3 days agoBankers, Officials Colluding to Re-loot Recovered Abacha’s Fund- EFCC
News2 days agoQNET Raises Alarm over Fraudulent Use of Foundation’s Name in Nigeria
News2 days agoSoftTalk Messenger Introduces Chat and Make Calls without Sharing your Phone Number
Telecom2 days agoNCC Advises Subscribers to Opt for Strong Passwords to Beat Hackers
Telecom2 days agoStarlink Users in SA to be Cut Off April 30
E-Financial2 days agoFidelity Bank Reports N124.3Bn Pre-Tax Profit for 2023
Broadcasting2 days agoCanal+ Offer for MultiChoice Gains Shareholders’ Support
E-Financial3 days agoRecapitalisation: UBA Seeks Shareholders’ Nod to Raise Capital