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Technology Companies Urged to Build Cyber Resilience

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cybercrime - Investors King
  • Technology Companies Urged to Build Cyber Resilience

Nigerian technology companies that are racing into the digital future by adopting technology-enabled operating and business models have been advised to build cyber resilience in order to forestall attacks capable of hurting their operations.

The Country Managing Director, Accenture Nigeria, Mr. Niyi Yusuf who gave the advice in Lagos, said most organisations were not prepared for the new cyber risks that come with the connected, data-driven future enterprise.

He therefore advised small and medium scale enterprises’ operators (SMEs), fintechs, and corporate organisations to begin to seek new ways of protecting their cyberspace through cyber resilience.

“To be cyber resilient, companies need to infuse security into everything they do and every new thing they are preparing to do. Future business relies upon constant, intimate digital connections with suppliers, partners, virtual workforce and customers to stay relevant and competitive.

“It uses intelligent technologies and big data in all facets of business operations—from C-suite decision making to crafting custom offers for internet shoppers in pursuit of profitable growth,” Yusuf said.

He cited a recent survey conducted by Accenture, where over 1,400 C-suite executives, including Chief Information Security Officers (CISOs), were asked how they prioritise security in new business initiatives, and whether their security plans address future business needs, what security capabilities they have, and their level of internal and external collaboration on security.

According to him the survey result showed that 38 per cent of the companies bring the CISO into all discussions at the beginning stage of considering new business opportunities.

Additionally, half of the CISOs admit that their responsibilities are growing faster than their ability to address them.

“Business will continue to have more intimate digital connections with suppliers, partners, virtual workforce and customers to stay relevant and competitive. This comes with additional cyber risk.
“All that sensitive data, connectivity and automation multiplies the opportunities for hackers by expanding the “surface area” exposed to cyber-attack.

“And, because digital systems are so embedded in daily operations, the potential damage from even a single security incident is magnified,” Yusuf said

He, however said organisations do not need to roll back their digital agenda as there are ways to build the cyber resilience that they need to grow confidently.

He listed three key things needed to build into business to achieve cyber resilience to include: Develop a “bend, but don’t break,” approach to securing the enterprise that combines the disciplines of cybersecurity, business continuity and enterprise resilience; the ability to operate while under persistent threats and sophisticated attacks, that will enable your business embrace disruption safely, strengthen customer trust and boost shareholder value; and thirdly, the need to elevate the role of security in every organisation, which he said, would require leaders to communicate its importance and manage its application accordingly.

He explained that corporate security experts had made great progress in the war against cybercrime but insisted that winning the next war would require both new strategies and new weapons.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Starlink Pulls Plug on Ghana, South Africa, and Others

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Starlink, the satellite internet service operated by SpaceX, has announced the cessation of services in countries including Ghana and South Africa.

This decision comes as a significant blow to users who have come to rely on Starlink for their internet connectivity needs.

The decision, set to take effect by the end of April 2024, will disconnect all individuals and businesses in unauthorized locations across Africa, including Ghana, South Africa, Botswana, and Zimbabwe.

While subscribers in authorized countries such as Nigeria, Mozambique, Mauritius, and others can continue to use their kits without interruption, those in affected regions face imminent loss of access.

One of the reasons cited by Starlink for the discontinuation is the violation of its terms and conditions.

The company explained that its regional and global roaming plans were intended for temporary use by travelers and those in transit, not for permanent use in unauthorized areas. Users found in breach of these conditions face the termination of their service.

Furthermore, Starlink’s recent email to subscribers outlined stringent measures to enforce compliance.

Subscribers who use the roaming plan for more than two months outside authorized locations must either return home or update their account country to the current one. Failure to do so will result in limited service access.

The decision to discontinue services in certain countries raises questions about the future of internet connectivity in these regions.

Also, concerns have been raised about Starlink’s ability to enforce the new rules effectively. Reports indicate that the company has previously failed to enforce similar conditions for over a year, raising doubts about the efficacy of the current measures.

Starlink’s decision to pull the plug on Ghana, South Africa, and other nations underscores the complexities of providing satellite internet services in diverse regulatory environments.

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Nigeria’s Broadband Penetration Stalls at 42.53% Amid Connectivity Challenges

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Nigeria’s broadband penetration has stalled at 42.53% as of January, according to the latest report.

Subscriptions currently stand at 92.19 million, indicating a significant gap in connectivity, particularly in rural areas.

The Nigerian National Broadband Plan 2020-2025 aims to increase broadband penetration to 70% by 2025, with the ultimate goal of achieving 96% mobile broadband coverage by 2030.

However, this ambitious target requires substantial investment—approximately $461 million, according to a recent report by the Global System for Mobile Communications Association (GSMA).

While the country’s major telecommunications companies, such as MTN Nigeria and Airtel Africa, have invested heavily in expanding their network infrastructure, much of this development has been concentrated in urban areas. Rural and underserved regions face a significant coverage gap, exacerbating the digital divide.

Despite these challenges, Nigeria has made progress in improving its broadband infrastructure. Since 2012, the mobile broadband coverage gap across Africa has decreased from 56% to 13% in 2022, due to significant investments in network capacity and new technologies.

Nonetheless, millions of Nigerians, particularly those in rural regions, remain without access to essential telecom services.

To address this issue, Nigeria’s government established the Universal Service Provision Fund (USPF) in 2006, aimed at bridging the connectivity gap and expanding broadband access to unserved and underserved areas.

The fund provides resources for deploying telecommunications infrastructure in economically unviable regions.

The success of these initiatives, along with increased investments in broadband infrastructure and policies to incentivize internet expansion in remote areas, will be crucial in closing the connectivity gap and improving digital access for all Nigerians.

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iPhone Shipments Drop Amid Resurgence of Android Rivals

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Apple Inc. reported a significant drop in iPhone shipments during the March quarter, reflecting a downturn in sales across China amid the resurgence of competition from Android-powered rivals.

According to market tracker IDC, the tech giant shipped 50.1 million iPhones in the first three months of the year, a 9.6% year-on-year decline that fell short of the average analyst estimate of 51.7 million.

The steep decrease in iPhone sales marks Apple’s most significant quarterly dip since 2022, when Covid-19 lockdowns disrupted supply chains.

This time, the Cupertino-based company faces challenges from resurgent competitors such as Huawei Technologies Co. and Xiaomi Corp.

These firms have rebounded strongly in recent quarters, and their innovative product lines have begun to reclaim market share from Apple in China.

Samsung Electronics Co. regained its position as the top smartphone supplier globally, while Apple ranked second. Xiaomi closed the gap on Apple, shipping 40.8 million units, an impressive 33.8% increase year-on-year.

Transsion Holdings, another key player in the budget smartphone segment, nearly doubled its shipments, showcasing the competitive environment Apple faces.

Nabila Popal, research director at IDC, highlighted the broader shift in the smartphone market, which has recovered from the supply chain disruptions and challenges of recent years.

“While Apple has demonstrated resilience and growth in recent years, maintaining its pace and share in the market may prove challenging as Android manufacturers make strides,” Popal commented.

Apple has a strong brand and loyal customer base, yet its market position may be tested further by the aggressive pricing and innovative products offered by Chinese rivals.

The company’s efforts to sustain its premium pricing strategy may also be challenged as more customers consider switching to Android alternatives.

As the tech industry looks ahead to the rest of the year, Apple’s upcoming earnings report and strategic moves to address this competitive pressure will be closely watched by investors and industry observers alike.

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