E-Business
Taking Enterprise Security to the Board
It’s that time of year, again, with many companies busying themselves in the art of budgeting and forecasting for 2018.
In some companies, this means the Chief Information Security Officer (CISO) having to communicate the importance of including enterprise security in this planning, using a language that the members of the board will understand.
“For some, this will mean being given a short amount of time to make sure a group of non-technical people understand the company’s business risks and believe that your plan to mitigate them is comprehensive, necessary and worthy of investment,” said Anton Jacobsz, managing director at Networks Unlimited.
“The keyword here is ‘business’ – we have got to translate our on-the-ground security concerns into business terms, risks and outcomes. We’re all very good at listing statistics but the ability to translate this into business outcomes, which is the language your board understands, is what will win the day.
“Your board’s time, attention span and ability to consume ‘geek speak’ is limited, but there are steps you can take to ensure the time you spend with them matters,” Jacobsz explained.
Time for a few home truths
Is your exco one of the many that thinks their organisation is not going to be of interest to cyber criminals? If yes, then it may be time to explain clearly that every single organisation, regardless of size or business focus, is likely to experience a cyber security breach at one point or another. The reason for this is data.
If your business processes payments of any kind, for example salaries or online payments, or if you transmit or store records, or if you’re developing a cure for a dread disease like cancer, then you have information that a hacker can sell.
Ryan Kearney, Executive Vice President of Product Development and Chief Technology Officer of F5 Networks, advised that telling a compelling story about a security breach, preferably in your industry or locale, will help board members understand the risks here.
“Give examples from your own company. Identify critical information assets – intellectual property, sensitive customer data – and paint a picture of what would happen and what it would cost if they were compromised,” he said.
Use statistics to convince, not just frighten
There are ways to move the statistics conversation from one that leaves exco with a feeling of dread to one where they truly understanding the real potential impact to the enterprise.
F5’s Kearney says the following types of statistics could be used to educate and surprise board members:
- 73 percent of companies suffered at least one security breach in the past year.
- About a third of employees targeted for phishing will open fraudulent e-mails.
- More than one in 10 take the bait – and it only takes one.
- Less than two minutes can elapse from the hacker hitting send to your systems being compromised.
- Hackers are inside your organisation, on average, for at least four months before they’re discovered.
- Web apps are the number one entry point for breaches.
“As the C-suite leader in charge of cyber defence, it is up to the CISO to explain the impact of this to the board,” says Jacobsz. “This is the point where you should be talking in terms of tangible and intangible losses, which are sure to resonate with them.”
Tangible costs as a result of security breaches include fines as a result of breaks in customer SLAs, revenue losses due to downtime, compliance/audit fines, potential legal fees and incident response costs, which incorporate unplanned costs for hiring third party breach experts.
Less immediately obvious damage could include issues like the impact a breach could have on your company’s brand; existing and potential customer perception/loss; the loss of your competitive advantage and even the potential for the board’s personal reputation being affected.
Introduce security awareness to the company culture
If you talk of such things around the braai, you might have heard somebody complaining about how their company doesn’t allow Dropbox or Wetransfers – how archaic, right? Wrong, said Jacobsz.
“These policies are enforced because someone, somewhere along the lines, opened a mail, clicked on a Dropbox link and downloaded a file from an unknown, untrusted source resulting in a cyber security breach. But this can be avoided. A secure business is one where everyone is educated about threats and does their part to reduce risk.”
F5’s Kearney agreed, saying it starts with rigorous and repeated training and continues with individual buy in.
Furthermore, as a key participant in creating the company culture at the outset, the board members themselves must also be challenged to champion efforts that have no received budget approval, he said.
“You have done your homework and secured funds for some of your efforts but if you have risk areas that need addressing but have no budget allocation, board members need to know this and either accept the risk or champion a solution. There’s no better way to get something accomplished than by saying the board requested it get done.”
Discuss incident response and cyber insurance
As mentioned earlier, the likelihood of organisations remaining untouched by security breaches is minimal. Being prepared is the best line of defence, and employing the services of a good incident response firm is the first step.
The second is considering options in cyber insurance, which is the fastest growing insurance in the world and is projected to grow by 300 percent from $2.5 billion today in annual premiums by 2020. Here, show your work and do the maths for your board – calculate how much your business can absorb and insure the rest.
“Use your board-facing time wisely,” said Jacobsz.
“Make sure you prioritise and focus on the top cyber risks bringing solutions to the table. Above all, demonstrate your burning issues in small, easy to digest chunks. Do this and you and your boards will soon be singing in harmony and protecting the company at the same time.”
E-Business
Hisense Electronics Unveils Flagship Showroom in Abuja
By Fabian Tarpael, Abuja
Hisense electronics unveiled a flagship showroom in Abuja over the weekend. Speaking at the event, Mr. Mustapha Khries, the Abuja Branch Manager of the Fouani Group, highlighted the significance of the flagship store, describing it as the first of its kind in the entire West African region.
He also addressed the challenges facing businesses in Nigeria, particularly the high exchange rates and transportation costs.
“The Fouani Group remains resilient and ready to overcome challenges, unlike others who often exit the market when faced with similar issues.”
Ms. Haifa Du, Senior Sales Manager for Hisense Electronics, emphasized the brand’s commitment to affordability and innovation, stating that Hisense offers the most cost-effective and advanced solutions in the market.
The event underscored Hisense’s dedication to technological innovation and sustainability while reaffirming its leadership position in the consumer electronics market.
Mr. Robbin Wei, Senior Sales Manager of Hisense Group, supported by Mr. Greg and Ms. Haifa Du, showcased various innovative products from the new flagship store.
Among the standout products showcased include; The Hisense 110″ Smart Ultra AMOLED TV, featuring unique capabilities such as a solar-powered remote control and a “locate remote” function to find misplaced remotes easily.
E-Business
PalmPay, Jumia Partner to Launch Integration for Shoppers in Nigeria
PalmPay, Africa-focused fintech operating Nigeria’s most used mobile wallet, and Jumia, Africa’s e-commerce giant, today announce a strategic partnership to enhance the digital payment ecosystem on the continent, starting with payment integrations and co-marketing efforts in Nigeria.
This partnership underscores both parties’ commitment to developing the digital payment ecosystem in Nigeria and grow the use of the cashless economy.
WIth PalmPay now available as a payment method, shoppers on Jumia will now be able to pay for their purchases with the option to check out with their PalmPay wallet, ensuring a seamless user experience and transaction reliability through the direct integration.
“We are proud to partner with Jumia as we bring together the best of fintech and e-commerce to redefine the online shopping experience,” said Sofia Zab, Chief Marketing Officer, PalmPay. “This strategic alliance aligns perfectly with our shared commitment to delivering a superior user experience and exceptional value to our customers.”
Speaking on the partnership, Sunil Natraj, CEO, Jumia Nigeria added: “At Jumia, we are dedicated to creating value for our customers by ensuring a convenient, reliable, and secure shopping experience.
“This partnership with PalmPay strengthens our commitment to enhancing the digital payments within our platform. By integrating PalmPay, we are providing more options for customers to access affordable and quality goods with the convenience of cashless transactions.”
This alliance marks the beginning of a long-term collaboration between two industry giants, aiming to drive innovation, increase convenience for consumers, and foster the adoption of digital payments across Africa.
To celebrate the launch of the partnership, PalmPay and Jumia are launching a special Christmas campaign, running from December 11th to 30th. During this period, customers who make purchases on Jumia using the PalmPay payment method will stand a chance to win exciting cash rewards. More details can be found on the brands’ respective social media pages. @palmpay_ng and @JumiaNigeria.
E-Business
Aero Contractors Launches “12 Days of Christmas” Campaign
Aero Contractors is thrilled to announce the launch of its “12 Days of Christmas” campaign, a festive and engaging social media initiative designed to spread holiday cheer and reward loyal customers.
Running from December 13 to December 24, 2024, this exciting campaign underscores Aero Contractors’ commitment to connecting families, friends, and communities during the holidays.
The “12 Days of Christmas” campaign invites travel enthusiasts, loyal customers, and holiday travelers to participate in fun and interactive activities on Aero Contractors’ social media platforms, including Instagram, Facebook, and X (formerly Twitter). Each day will feature engaging posts such as trivia, puzzles, and challenges designed to ignite the festive spirit and encourage community participation.
Participants are encouraged to follow Aero Contractors’ social media pages, engage with the daily posts by liking, commenting, or sharing, and follow the specific instructions for each day’s activity.
Winners will be selected daily and announced on the respective platforms. Exciting prizes await participants, with the grand reward of a free return economy class ticket—a perfect gift for reconnecting with loved ones or exploring new destinations this holiday season.
“At Aero Contractors, we believe in the power of togetherness, especially during the holidays,” said Capt. Ado Sanusi, Managing Director of Aero Contractors.
“Our ‘12 Days of Christmas’ campaign is our way of giving back to the community that has supported us throughout the year. It’s an opportunity to engage, celebrate, and reward our customers while spreading joy and festive cheer.”
This campaign targets travel enthusiasts, loyal Aero Contractors customers, and families looking to make the most of the holiday season. Through this initiative, Aero Contractors reaffirms its dedication to safe, reliable, and efficient air travel, bringing people closer when it matters most.
Follow Aero Contractors on Instagram, Facebook, and X to join the “12 Days of Christmas” campaign. Engage daily for a chance to win a free return economy class ticket and other exciting offers.
- News2 days ago
RCCG Turns Former Barclays Banks’s Branch Building into Church
- E-Financial2 days ago
UBA Supports Lagos State Security with N500m Donation
- Telecom2 days ago
Travellers on Glo Roaming Bundles Get Attractive Offers
- Telecom2 days ago
Mastercard Partners with Allawee to Enhance Financial Access in Nigeria
- E-Financial2 days ago
FirstBank Spreads Joy with DecemberIssaVybe campaign
- Telecom1 day ago
Abuse of Trusted Applications Grows by 51% in Latest Sophos Report
- News2 days ago
FEC Approves 161.3m Euros for Phase 1 Siemens Power Project
- Telecom2 days ago
Tizeti Launches New Fibre Broadband Service in Nigeria, Ghana