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Short on Skills, Big on Threat. The Security Challenges

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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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ALTON and ATCON Call for Tariff Review and Regulatory Independence

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The Association of Licensed Telecoms Operators of Nigeria (ALTON) and The Association of Telecommunications Companies of Nigeria (ATCON), representing Mobile Network Operators (MNOs) and telecommunication firms in Nigeria, have jointly raised concerns over the current state of the telecom industry.

In a unified call to action, they have urged the federal government to address critical issues such as tariff review and regulatory independence to ensure the sector’s sustainability and growth.

Despite facing significant economic challenges, Nigeria’s telecommunications industry has not adjusted its general service pricing framework upwards in over a decade.

ALTON and ATCON attribute this stagnation to regulatory constraints that have hindered the industry’s ability to align pricing with economic realities.

They argue that the current price control mechanism, which does not reflect market conditions, poses a threat to the sector’s viability and investor confidence.

In a statement released over the weekend and jointly signed by ALTON Chairman Gbenga Adebayo and ATCON President Tony Izuagbe Emoekpere, the associations highlighted a range of challenges plaguing the telecom sector.

These include unsustainable tariff structures, lack of regulatory independence, infrastructure deficits, a harsh business environment, multiple taxation and regulations, prohibitive Right of Way (RoW) charges, inadequate power supply, and vandalism of telecommunications infrastructure.

The industry leaders stressed the urgent need for collaborative efforts between the public and private sectors to overcome these obstacles.

They called for constructive dialogue with industry stakeholders to address pricing challenges and establish a framework that balances consumers’ affordability with operators’ financial viability.

Furthermore, ALTON and ATCON emphasized the importance of regulatory independence in fostering a conducive environment for the telecom sector.

They advocated for the sustenance of a culture of independence within the regulatory landscape to safeguard against undue influence and ensure the impartiality of regulatory decisions. Regulatory neutrality and independence, they argued, are crucial for maintaining public confidence and encouraging investment in the sector.

ALTON and ATCON reaffirmed their commitment to working collaboratively with the government to address the challenges facing Nigeria’s telecommunications industry.

They urged the government to prioritize infrastructure development, enhance security measures, and facilitate pricing adjustments to unlock the sector’s full potential.

The call by ALTON and ATCON underscores the pressing need for regulatory reforms and policy interventions to drive sustainable growth and development in Nigeria’s telecom sector.

As stakeholders await government action, the industry remains hopeful that concerted efforts will pave the way for a more resilient and competitive telecommunications landscape.

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Startups

Madica Empowers African Startups with $200,000 Investments Each

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Madica, a structured investment program dedicated to nurturing pre-seed stage startups in Africa, has announced its inaugural investments in three innovative ventures.

Each of these startups is set to receive up to $200,000 in funding from Madica and will participate in the program’s comprehensive 18-month company-building support initiative.

The investment program provides a personalized curriculum, hands-on mentorship, founder immersion trips, executive coaching, and access to Madica’s extensive global network of investors for follow-on funding.

The primary objective of this support is to drive growth and ensure the long-term success of the startups.

Emmanuel Adegboye, Head of Madica, expressed his excitement regarding the investments, highlighting the abundant talent and innovation present in the African tech ecosystem.

He said Madica is committed to supporting African founders who often face challenges in accessing necessary support due to perceptions of risk among global investors.

Madica employs an open application process, collaborating closely with local ecosystem players such as incubators, accelerators, and angel networks to identify and support promising entrepreneurs.

The selection process remains rigorous, with investments made on a rolling basis throughout the year.

With plans to invest in up to 10 additional startups this year, Madica aims to expand the reach of venture capital and founder mentorship across Africa, addressing the existing imbalances in funding availability.

The announcement of these investments marks a significant milestone for the selected startups, providing them with vital financial support as well as access to invaluable resources and networks to propel their growth and success in the competitive landscape of the African startup ecosystem.

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Meta’s Revenue Woes Shake Tech Industry Confidence

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The tech industry faced a wave of uncertainty as Meta Platforms Inc., formerly known as Facebook, delivered a disappointing earnings report that sent shockwaves through the market and dented investor confidence.

Meta’s forecast of weaker-than-expected sales for the current quarter, coupled with plans for higher capital expenditures, rattled investors who were eagerly anticipating robust results.

Shares of Meta plummeted by as much as 19% in after-hours trading to trigger a cascade effect across the tech sector.

The tech-heavy Nasdaq 100 Index experienced a decline of up to 1%, reflecting broader concerns about the health of the industry.

Analysts and investors alike expressed dismay at Meta’s inability to meet revenue expectations, citing uncertainties surrounding the company’s adoption and monetization of artificial intelligence (AI) technologies.

Jack Ablin, Chief Investment Officer at Cresset Wealth Advisors, highlighted the disappointment on the revenue front, overshadowing any optimism about AI adoption.

Questions lingered regarding the efficacy of AI investments and their potential benefits to users, leading to increased skepticism among stakeholders.

The repercussions of Meta’s earnings miss extended beyond its own stock, impacting other tech giants slated to report earnings in the coming days.

Alphabet Inc., Amazon.com Inc., and social media companies like Snap Inc. and Pinterest Inc. all witnessed notable declines, signaling a broader sentiment shift within the industry.

The fallout from Meta’s revenue woes reverberated across the tech landscape, affecting chipmakers, server manufacturers, and software firms. Nvidia Corp., Micron Technology Inc., and International Business Machines Corp. were among the companies affected, as investor concerns over AI investment and revenue growth cast a shadow over the sector’s outlook.

As the tech industry grapples with Meta’s disappointing results, stakeholders are left to ponder the implications for future investments and strategic decisions.

The episode serves as a stark reminder of the inherent volatility and uncertainty within the tech sector, underscoring the importance of diligent risk management and strategic foresight in navigating turbulent markets.

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