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Short on Skills, Big on Threat. The Security Challenges

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e-banking fraud

The cybersecurity skills shortage is worsening. This is the definitive view of the ESG report ‘The Life and Times of Cybersecurity Professionals 2020′, and that of multiple other surveys, reports and industry analyses. Organisations are facing an unprecedented threat.

Cyber attacks, fraud, phishing, breaches, hacks have increased in sophistication, focus and capability. Every front is vulnerable, every corner at risk and the skills required to support organisations in the battle are rare, expensive and hard to find.

According to Anna Collard, SVP of Content Strategy and Evangelist at KnowBe4 Africa, this is not the time to behave like an ostrich or spend more money on that skilled and expensive individual, it is an opportunity to engage in local skills development that can make a long-term difference to both economy and skills availability.

“Organisations across Africa must care about skills development to overcome the skills shortage predicament,” she adds. “This is the time to invest into initiatives like GovX or Cyber Heroines that actively encourage people to become part of the cybersecurity industry, and that help to develop their skills. This is one career that is set to grow and evolve over the next few years, and we need to inspire people to recognise it as such.”

Amidst the challenge of limited skills, there is a pressing need to empower women within the cybersecurity space.  With far more males than females currently in the industry, security is a sector that would benefit from not just volume, but diversity. Creating a space that is attractive to women would not only benefit the sector in terms of adding fresh flavour to security thinking and approaches, but could significantly change some of the urgent issues that have arisen around women’s rights during the pandemic.

“There is a growing body of research that points to how women have been set back by decades thanks to the global pandemic,” says Collard. “This makes the connection between empowering women and connecting them to an industry that sorely needs their talent even more relevant. This is the time for organisations and industry to tackle inequality alongside skills diversity and to potentially resolve two problems at the same time. It is never going to be a quick fix, but it is an intelligent one.”

Women are often the sole breadwinners in their families, and they often work in roles that will be replaced in the future – or have already been replaced. The average ratio of women in the cybersecurity industry is 20%, in Africa it is only 9% and in executive management, women only take up 1% of the roles according to Nir Kshetri, professor of management at the University of North Carolina.

Women are facing a real danger of being left behind and considering that the current cybersecurity skills shortage is sitting at 3.12 million and that job vacancies are gathering dust and cobwebs, it is a superb opportunity for organisations to invest into new ways of attracting women to join the industry.

“It is a fascinating industry to be in,” says Collard. “The perception that you have to be a math genius or a technology wizard to thrive in security is just that – perception. The truth is that it requires the ability to think laterally, to collaborate and to be willing to learn. These are boxes anyone can tick, given the right opportunity.”

KnowBe4 currently works with government and other leading industry players on the Gov-X innovation challenge to promote skills development across the country. This collaboration with senior security professionals and enterprises is allowing for younger people to connect with mentoring opportunities and to really understand what the cybersecurity industry truly offers.

“In addition to these formal projects and initiatives that are designed to motivate and inspire students to join the industry, there needs to be a massive focus on cybersecurity within education,” concludes Collard. “This needs to become a part of the school curriculum, giving students the opportunity to develop relevant life and career skills that will stand them in excellent stead down the line. Cybersecurity is not a flash in the pan career, it is here for the long haul and now is the time to inspire people to join.”

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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Fintech

From Trading to Credit: Robinhood Launches No-Fee Credit Card with Gold Membership Perks

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Robinhood Markets Inc. has announced the launch of its highly anticipated no-fee credit card and it was accompanied by exclusive perks for Gold membership subscribers.

This bold move is a step in the company’s mission to evolve into a comprehensive financial services provider.

The Robinhood Gold Card boasts an array of enticing features. Chief among them is the absence of annual costs or foreign transaction fees, positioning it as an attractive option for consumers seeking financial flexibility.

Moreover, cardholders stand to benefit from a generous 3% cash back on all categories of purchases, a competitive offer in comparison to industry rivals.

Vlad Tenev, CEO of Robinhood, emphasized the company’s commitment to innovation and industry leadership in an interview.

He expressed the intention to not merely introduce a credit card, but to revolutionize the market with a product that sets new standards for customer satisfaction and financial empowerment.

The announcement has sparked enthusiasm among investors, with Robinhood’s shares witnessing a 6.9% surge in early market trading following the news.

This surge further underscores the market’s confidence in the company’s strategic direction and its potential to disrupt traditional financial services.

Beyond the credit card venture, Robinhood has been steadily diversifying its offerings. With the introduction of retirement products and the expansion of commission-free trading services internationally, the company is positioning itself as a formidable player in the global finance landscape.

As Robinhood continues to innovate and expand its suite of services, its trajectory suggests a promising future as a leading force in democratizing access to financial tools and services.

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Telecommunications

NCC Files Copyright Infringement Charges Against MTN Nigeria and Others

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The Nigerian Copyright Commission (NCC) has taken legal action against MTN Nigeria Communications Ltd. and four individuals, including its Chief Executive Officer, Karl Toriola, over alleged copyright infringement.

The charges, filed in the Federal High Court, Abuja Division, revolve around the unauthorized use of musical works belonging to artist Maleke Idowu Moye.

According to the NCC, the defendants are accused of offering for sale, selling, and trading musical works of Maleke without his consent between 2010 and 2017. These works were allegedly used as Caller Ring Back Tunes without proper authorization.

The musical pieces in question include popular tracks such as “911,” “Minimini-wanawana,” and “Stop racism,” among others.

The commission further alleges that the defendants distributed these musical works to subscribers without authorization, infringing upon the rights of the artist.

The charges are based on provisions of the Copyright Act, Cap. C28, Laws of the Federation of Nigeria, 2004.

As the case awaits assignment to a judge and a fixed date for mention, it marks a significant development in the ongoing efforts to uphold copyright protection in Nigeria’s telecommunications sector.

This legal action underscores the NCC’s commitment to safeguarding the intellectual property rights of artists and creators within the country.

MTN Nigeria, a major player in the telecommunications industry, now faces a legal battle that could have broader implications for how intellectual property rights are respected and enforced within Nigeria’s digital landscape.

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Telecommunications

MTN’s MoMo Sees 32.2% Surge in Transaction Volumes

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MTN Group’s mobile money platform, MoMo, has experienced a 32.2% surge in transaction volumes.

With 72.5 million active users, MoMo continues to solidify its position as a leading fintech service provider in Africa, tapping into the continent’s burgeoning mobile banking sector.

The company’s success underscores the growing trend of Africa’s young and tech-savvy population embracing mobile technology to address financial needs.

Mobile phones are increasingly becoming a tool for bridging gaps in services, particularly in banking, presenting a lucrative opportunity for wireless carriers like MTN to capitalize on the burgeoning fintech market.

MTN’s achievement comes as it finalizes a deal with Mastercard Inc., valuing its fintech business at an impressive $5.2 billion.

This strategic partnership further enhances MTN’s position in the digital finance space, positioning it for continued growth and innovation.

However, MTN is not alone in its fintech endeavors. Rivals such as Airtel Africa Plc, Safaricom Plc, and Vodacom Group Ltd. are also making strides in digital transformation, with plans to separate and monetize their fintech businesses in the long term.

Airtel Africa, for instance, is reportedly considering an IPO for its mobile money unit, indicating the high stakes and intense competition within the sector.

Despite the remarkable success in its fintech ventures, MTN faced challenges in its core telecommunications business, with service revenue growth slowing to 6.8%.

Inflation and currency devaluation in key markets, particularly Nigeria, impacted profitability, highlighting the complexities of operating in diverse African markets.

As MTN continues to expand its fintech footprint and invest in infrastructure to enhance connectivity across the continent, it remains poised to capitalize on the immense potential of Africa’s digital economy.

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