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Technology Companies Urged to Build Cyber Resilience

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  • 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.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Global Gaming PC Sales Revenue to Hit $39.2bn in 2020, a 60% Jump in Five Years

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U$27 Trillion Locked In Bear Markets

Revenue of Global PC Games Jumps 60% in Five Years

The video games industry is one of a few sectors that have been booming in 2020, with millions of people spending more time indoors and online amid the COVID-19 pandemic. The increasing number of people choosing video games as their main at-home entertainment led to a significant jump in the sales of gaming equipment.

According to data presented by Safe BettingSites, global gaming PC sales revenue is expected to hit $39.2bn in 2020, a 60% jump in five years.

High-end Gaming PCs Account for Almost 50% of Global Sales

In 2015, the global gaming PC market hit $24.6bn in revenue, revealed the Jon Peddie Research data. High-end PC sales accounted for 45% of that value, followed by mid-range and entry-level gaming PCs with 30% and 25% market share, respectively.

During the next twelve months, the global gaming PC sales revenue jumped almost 23% to $30.2bn and continued growing ever since.

High-end gaming computers still represent the largest revenue stream of the global gaming PC market, expected to generate $18.5bn profit or 47% of total revenue in 2020.

Mid-range gaming PC sales is forecast to reach 34% market share this year, a 4% increase since 2015, and generate $13.4bn in revenue.

The revenue of the entry-level gaming computer segment is expected to jump 21.7% year-on-year to $7.3bn in 2020.

The Jon Peddie Research data also revealed that mid-range gaming PCs witnessed the most significant sales revenue growth, 76% between 2015 and 2020. High-end gaming computers follow, with a 72% revenue increase in that period.

Gaming PC Sales in EMEA Countries to Continue Booming in H2 2020

The growing number of people spending more time indoors and online amid the coronavirus lockdown caused a surge in sales of gaming PCs and laptops in Europe, the Middle East, and Africa, revealed the IDC Worldwide Quarterly Gaming Tracker data.

In the second quarter of 2020, the EMEA countries hit 2 million units sold, a 33% jump year-on-year. The increasing trend is set to continue in the third and fourth quarter of the year, resulting in 16.4% YoY growth and 8.2 million sold units for the full year 2020.

Gaming PCs are expected to account for over 36% of that figure, with nearly 3 million units sold by the end of the year. Statistics show that gaming laptops are set to rise to 5.23 million units sold in 2020, or 64% of the total unit shipment in the EMEA countries this year.

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Dell Partners Other Firms to Establish Tech Centre in Nigeria

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Dell, Other Tech Firms Partner to Establish Tech Centre in Nigeria

Dell Technologies said it has partnered other global tech giants to establish Tech Experience Centre that will bridge the gap to technologies for millions of people in Nigeria.

Dell Technologies Director, Central and West Africa, Nicholas Travers, in a statement, said the project expected to be launched on October 1, would help cut costs, reduce capital flight and boost technology adoption in the country.

Travers lauded TD Africa, Sub-Saharan Africa’s foremost tech, lifestyle and solutions distributor, for the landmark initiative.

We believe the Tech Experience Centre will help reduce the decision making cycle and save huge costs and time of traveling to locations outside our continent to visit and experience these technologies at work.

“This is a fantastic initiative by TD Africa, perhaps the first of its kind in the region and we are proud to be part of it,” he said.

According to him, the project will go a long way in helping Dell Technologies showcase its suite of cutting-edge technologies.

The launch of the Experience Centre will support the growth of technology in Nigeria and the West African region.

“Also, it provides a fantastic platform for Dell Technologies to showcase the very many technologies we offer,” Travers said.

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Newly Founded Cybersecurity Startups Raise Over $31m in 2020

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Cybersecurity Startups Raise Over $31m in 2020

According to data presented by the Atlas VPN team, there are 78 new cybersecurity companies founded in 2020 that cumulatively have raised over $31.6 million in funding year-to-date.

Only 15% of cybersecurity startups launched in 2020 secured funding. However, three companies alone collected nearly 96% ($30.3 million) of the total amount of investments.

The startup that scored the most significant investment is Beyond. It secured a total of $21 million in February of 2020, which accounts for more than 66% of total investments into newly launched cybersecurity startups this year.

A cybersecurity company with the second biggest investment is Sevco Security, which raised over $6.7 million in May of 2020.

Also, in the list of top three cybersecurity startups in terms of funding is Soc.OS. It received more than $2.5 million in investments in July this year.

Most of this year’s cybersecurity companies are from North America or particularly the US. They make up nearly 35% (27) of all the cybersecurity startups launched in 2020.

A number of new cybersecurity startups is shrinking each year

While the amount of cyber incidents is increasing and cyberattacks are becoming more sophisticated, the number of new cybersecurity startups is declining each year.

Historical data shows that in 2015 there were 490 cybersecurity companies launched. Together the startups raised over $3.1 billion in investments.

The year of 2016 saw a slightly smaller number of new cybersecurity companies. The launch of new startups in the cybersecurity field decreased by 0.8%, with 486 startups launched that year. The total amount of funding allocated to those startups, however, dropped in half, from $3.1 billion to $1.6 billion.

In 2017 the number of new cybersecurity startups plummeted again by 0.8%. There were 482 cybersecurity companies founded that year, which raised more than $1.3 billion in total — 17% less than in 2016.

The number of new cybersecurity startups dropped by more than a fifth in 2018 compared to the year before. A total of 382 cybersecurity companies were launched that year, which collected over $847 million in investments. The amount of funds invested in the cybersecurity startups also dropped by 35% compared to 2017.

Last year saw a 46% decrease in the launch of new cybersecurity startups. There were 207 these types of companies founded. Together they raised close to $229.5 million in investments — 73% less than the year before.

Finally, this year’s cybersecurity market has welcomed 78 newcomers — the number has shrunk by 62% compared to last year. However, 2020 is not over yet; hence we can expect the numbers of cybersecurity companies to increase slightly.

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