Experts Task Businesses On Cyber Security Investment

Vivian Ihechu
Jul, Thu, 2023

Business , Defence/Security

Experts task businesses on cyber security investment

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By Rukayat Moisemhe

A cybersecurity leader, Ms Confidence Staveley, says businesses must scale-up investments in cybersecurity to guard against cybercrime and other technological threats.

Staveley, also Founder, CyberSafe Foundation, said this at the Nigerian-British Chamber of Commerce (NBCC) Tech Event/ Graduation Ceremony on Thursday in Lagos.

She urged businesses to improve their cybersecurity posture.

The News Agency of Nigeria NAN reports that the NBCC event had as its theme: “Emerging Trends in Tech and its Impact on Nigerian Businesses: Cyber Security and Data Analytics.”

The tech expert noted that Artificial Intelligence (Al) was making it easier for criminals to create convincing targeted phishing emails leading to a lot more business compromise attacks.

She added that cybercriminals were unleashing problems using stolen credentials and causing havoc for Nigerian businesses by breaking into multiple accounts.

Staveley emphasised the need for businesses to have the right culture and empower employees to protect against cyber threats to implement essential cybersecurity controls.

“Businesses must have a cybersecurity strategy and budget in place and must ensure that their cybersecurity posture is independently validated.

“They must also know all their digital assets and which assets are most important to their business and incorporate best practices for cybersecurity into new product designs,” she said.

Staveley also urged individuals to be careful about phishing emails and malwares they log into, saying cybercriminals have found a way to hack human beings instead of systems.

“To this end, individuals and businesses must be trained to be immune to these threats and change their account passwords as much as you can to guide against account compromise.

“Do things like two steps authentication, data encryption, just do the barest minimum to prevent your information from hanging low for criminals to access.

“Also, hire a cybersecurity professional to analyse where you are now and where you ought to be and create a road-map to safeguard against cybercrime,” she said.

Ms Bisi Adeyemi, President, NBCC, noted that several emerging trends in technology had the potential to impact business, especially in the areas of cybersecurity and data analytics.

She listed some of these trends as AI, Machine Learning, 5G technology, Internet of Things, edge computing, blockchain, cybersecurity automation and orchestration, data privacy and compliance.

Adeyemi noted that these emerging trends could have profound impact on businesses, offering both opportunities and challenges.

“It is thus crucial for organisations to stay updated on these trends, invest in cybersecurity measures and adopt data analytics to remain competitive and secure, in an ever-changing technological landscape.

“It also gives me immense pleasure that we are today graduating 22 participants from the second cohort of the NBCC Tech Academy, after three months of intense learning.

“I congratulate all our graduands and wish you all the very best in your various endeavours,” she said.

Mr Abimbola Owoeye, Country Lead, Del Technologies, urged organisations to be aware that their business footprints were left to whatever platforms they subscribed to.

According to him, to be unaware meant exposure to risks.

Owoeye charged Small and Medium Enterprises (SMEs) to leverage some AI tools to lower the costs of running a business.

“In doing this, you would need platforms that would consistently keep your data secure and you can subscribe to Enterprise Resources Planning software as better and cheaper entry for you,” he said.

Mr Steve Asemota, Chief Data Officer, FirstBank, stressed the need for SMEs to leverage data to know the profiles to target and how to price products in emerging markets.(NAN)(www.nannews.ng)

Edited by Chinyere Joel-Nwokeoma

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