Technology

Networked Devices ‘Increase Cyber-attack Risk for Building Systems’

Companies face an increasing but under-recognised threat from cyber-attacks on building systems and facilities managers need to act now with IT professionals to address the issue, leading independent research, and advisory firm Verdantix is warning.

Published

2 years ago

July 11, 2022

Samed Olukoya

It highlights how a sharp rise in the number of connected devices across building systems mean that the operational technology (OT) used to run facilities creates a growing risk of cyber-attack. Connected OT networks are converging with their IT counterparts, blurring traditional lines of responsibility for cyber security, just as ageing building systems require replacement, and the number of attacks rises.

Without sufficient security controls, Verdantix warns, these systems are introducing significant new risks and more entry points for cyber criminals to exploit. The past five years have seen a massive explosion of Internet of Things (IoT) sensors and smart devices deployed with firms frequently selecting these smart devices based on cost and functionality, resulting in facilities having many devices with poor inbuilt cyber security controls.

Cyber-attacks aimed at IT systems cost businesses $945 billion in 2020, it is estimated, through damage to data and systems, lost productivity, and theft of money, intellectual property, and personal data despite $145 billion in cyber security expenditure.

Verdantix’s Best Practices: Enhancing Your Smart Building Cyber Security Programme found firms are not aware of the full extent of their risk exposure from their OT, as they often do not keep registers of connected devices, or the level of cyber security protection provided.

Compiled after interviews with experts from the cyber security, IT and building technology sectors, the report shows how companies can adapt. Its publication comes as more connected devices via the Internet of Things (IoT) transform the landscape, but just 32% of firms evaluate IoT security risks as part of the onboarding process for third parties and just 54% run penetration tests on their IoT devices.

Rodolphe D’Arjuzon, Global Head Of Research at Verdantix said: “The first step for rebooting a smart building cyber security strategy is defining clear responsibilities and embedding cyber management into facilities operations across procurement, technology management and staff training.

“Facilities managers should not develop a siloed cyber programme on their own, but rather partner with their IT and security peers to integrate cyber security into different building management processes.”

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Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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E-commerce

Jumia Nigeria Launches Black Friday Offers, Extends Services To Smaller Towns, Villages

Published

5 hours ago

November 4, 2024

Ugwoke Ogbodo

Jumia Nigeria has launched its Black Friday deals and offers as consumers in smaller towns and villages nationwide now have access to its shopping experiences.

The company disclosed that it is expanding e-commerce access bearing in mind that the prevalent economic downturn in the country is having its tolls on many Nigerians, especially those in rural communities.

It disclosed that the campaign will run from November 1st to November 30th, 2024 with the theme ‘No Too Calculate’.

Reiterating its commitment to creating a simpler, stress-free shopping experience for Nigerians amid economic challenges, Jumia promised to allow consumers to enjoy great savings without budgetary worries.

Disclosing that this year’s Black Friday campaign is supported by Xiaomi as the platinum partner, alongside renowned brands such as Oraimo, Nivea, Infinix, Tecno, Itel, Haier Thermocool, Binatone, Pernod Ricard, Diageo, Bacardi, Hikers, Ecoflow, Skyrun, Glamstar, Ledrop, Unilever, Macallan, LG, and others, the CEO, Jumia Nigeria, Sunil Natraj stressed that the campaign is about making e-commerce more accessible to consumers in Nigeria.

Recognising the current economic situation in the country , Natraj said Jumia has worked closely with its brand partners to offer the best possible deals to consumers during this period.

According to him, Jumia expanded its network of Pickup Stations to ensure that even more consumers, regardless of their location, can benefit from the convenience of online shopping.

Harping on the company’s priority of creating real value for both its consumers and sellers through its extensive ecosystem, the CEO said those in rural areas would easily participate in the online shopping and get their delivery seamlessly.

For the Country Manager, Xiaomi Nigeria, Xingyu Yang, everyone deserves access to the latest cutting-edge technology, noting that Jumia Black Friday is the perfect opportunity for consumers to experience Xiaomi’s nnovative products at unbeatable prices.

He said since Jumia introduced Black Friday to Nigeria in 2014, the company has continued to unlock new opportunities for both consumers and businesses, expressing confidence that Nigeria will play a pivotal role in projection that online shopping in Africa will reach $75 billion by 2025.

He added that the Black Friday campaign serves as a powerful platform for international and local brands as well as SMEs to expand their reach and boost sales.

To make the online shopping and delivery easier, Yang stated that Jumia has extended its logistics network and has partnered with hundreds of local logistics service providers that will ensure easy delivery to all corners of Nigeria, including smaller towns and rural areas.

Listed on the New York Stock Exchange (NYSE) in 2019, Jumia is the leading e-commerce company in Africa, operating in 11 countries. The Jumia platform consists of a marketplace, which connects sellers with consumers, a logistics service, which enables the shipment and delivery of packages from sellers to consumers, and a payment service, JumiaPay, which offers a safe and easy solution to facilitate online payment transactions.

The company offers goods across a broad range of categories, such as phones and electronics, home appliances, fast-moving consumer goods, fashion and beauty.

Technology

Google Supports Nigeria With N2.8bn For AI Talent Development

Published

3 days ago

November 1, 2024

Ugwoke Ogbodo

Google, an American multinational corporation and technology company, has given Nigeria the sum of N28.8 billion for the development of Artificial Intelligence in the West African country.

The donation of the money was announced by the Federal Government.

Google, poised to accelerating AI talent development across Nigeria, made the support through a N2.8 billion grant to Data Science Nigeria.

It is believed that the support will strengthen the Ministry of Communications and Digital Economy in its ongoing AI-driven initiatives to empower youth including under and unemployed Nigerians, with a focus on AI skill development and education.

This grant is part of Google’s broader $5.8 million commitment to support digital skills programmes across sub-Saharan Africa.

Nigeria’s Minister of Communications, Innovation & Digital Economy, Dr ‘Bosun Tijani, while announcing the grant in a statement, underscored the importance of the Google’a support in driving the nation’s digital transformation.

President of Google for Europe, the Middle East, and Africa, Matt Brittin, in his remarks disclosed that the company’s commitment to Africa’s innovation ecosystem is to ensure entrepreneurs harness the power of technology, including AI, to proffer solutions to large-scale societal challenges.

He said Google remains committed to supporting these innovators, helping them expand their impact across the continent and beyond.

Brittin stated that Google’s efforts in Africa have always been about unlocking the digital economy’s benefits for more people, adding that the synergy with Nigeria further attests its mission.

Giving insight to the grant, he said it is part of Google.org’s broader $5.8million commitment to support digital skills programs across Sub-Saharan Africa, adding that the financial support will bolster Data Science Nigeria’s work with the Federal Ministry’s AI talent development programs, including: DeepTech Ready Upskilling Programme aimed at providing 20,000 young Nigerians with advanced technical skills in data science and AI, preparing them for careers in this rapidly growing field.

Another area he mentioned is Experience AI Programme which is aimed at equipping 25,000 educators with the tools and resources to teach 125,000 young people about AI, inspiring the next generation of AI innovators.

According to Brittin, Government AI Campus Programme is to upskill policymakers and public servants in AI policymaking, ensuring that Nigeria’s AI policies are developed and implemented responsibly for economic transformation of the nation.

Telecommunications

MTN Nigeria Posts 33.6% Revenue Growth Despite Subscriber Drop in 2024

Published

3 days ago

November 1, 2024

Samed Olukoya

MTN Nigeria Communications Plc’s total subscribers decreased by 0.9% to 77 million in the nine months ended 30 September 2024.

In the company’s unaudited financial statements, active data users increased by 5.1% to 45.3 million while mobile money wallets decreased by 21.8% to 2.8 million.

Service revenue rose by 33.6% to N2.4 trillion. See other details below.

Key Financial Highlights points:

● Total subscribers decreased by 0.9% to 77.0 million, impacted by the NIN-SIM regulations
● Active data users increased by 5.1% to 45.3 million
● Active mobile money (MoMo PSB) wallets decreased by 21.8% to 2.8 million
● Service revenue increased by 33.6% to N2.4 trillion
● Earnings before interest, tax, depreciation and amortisation (EBITDA) decreased by 5.3% to N860.2 billion
● EBITDA margin decreased by 14.9 percentage points (pp) to 36.3%
● Loss after tax was N514.9 billion (Q3 2024 profit after tax of N4.1 billion)
● Profit after tax (PAT) adjusted for the net forex loss was N118.5 billion, down 59.2%
● Earnings per share (EPS) was negative N24.51 kobo (positive N5.65 kobo adjusted for the forex loss, down 59.2%)
● Closing retained earnings and shareholders’ funds of negative N723.0 billion and N573.6 billion, respectively
● Capital expenditure (capex) excluding leases was down 27.8% to N217.6 billion
● Positive free cash flow of N536.8 billion, an increase of 21.9%

Commenting on the company’s performance, MTN Nigeria CEO Karl Toriola “In the first nine months of 2024, we sustained the growth in our underlying operating performance – underpinned by our resilient business model and operational agility –despite challenging conditions.

The inflation rate remained elevated amidst rising energy prices and naira depreciation. Inflation averaged 32.8% in the nine months (Q3 2024: 32.8%) compared to an average of 24.5% in 2023 (Q3 2023: 25.5%). To curb inflation, the Central Bank of Nigeria (CBN) increased the Monetary Policy Rate (MPR) by 8.5pp to 27.25% during the period, resulting in higher funding costs, although this helped reduce volatility and improve liquidity in the forex market.

The higher inflation and interest rates weighed on consumers’ spending power and impacted business activity. However, we remain focused on enhancing operational efficiency and driving the growth of our commercial operations.

Additionally, the naira closed at the Nigerian Autonomous Foreign Exchange Market (NAFEM) in September 2024 at N1,542/US$ (December 2023: N907/US$), exerting pressure on business activity. The improvement in liquidity in the foreign exchange (forex) market has helped us reduce our exposure to foreign currency-denominated
obligations.

We continued to manage the effects of the Nigerian Communications Commission’s (NCC) industry-wide NIN-SIM directive, which has impacted the evolution of our customer base. Having implemented the directive with all our subscribers fully compliant, we continue our drive towards reconnecting those affected to reduce churn
while extracting increased value from the market.

Sustained commercial momentum notwithstanding the macro headwinds

Our commercial momentum drove broad-based growth across all revenue segments, demonstrating the underlying strength and resilience of the business. We recorded an increase in service revenue of 33.6%, which was ahead of the average inflation rate in the period. This growth was led by data and supported by voice, fintech and digital
services.

We recorded a 9.8% increase in voice traffic and a 42.1% increase in data traffic. In addition, data usage per user grew by 31.2% to 11.3GB, supported by the rising demand for data and digital services, which has contributed to revenue growth.

In the fintech business, we focused on executing our growth strategy, prioritising increasing wallet quality, focusing on advanced services and the MoMo PSB app to enhance the user experience and engagement. We have introduced cross-border remittances with thirteen fellow African countries to boost adoption and monetisation.

Taking advantage of their interoperability, we are now leveraging the existing network of agent and merchant ecosystem in the industry to bring our services closer to our customers.