Technology

Experts Advise African Firms Processing EU Personal Data

Published

6 years ago

28/09/2018

By Dipo Olowookere

A piece of advice has been given to organisations in Africa processing the personal information of data subjects from within the European Union (EU).

At an event hosted by Baker McKenzie and Cognia Law in Johannesburg, Head of the Technology, Media and Telecommunications Practice Group at Baker McKenzie in Johannesburg, Mr Darryl Bernstein, warned organisations doing such to already have effective General Data Protection Regulation (GDPR) compliance procedures in place, including Data Breach Security Checklists, impact assessments and subject data requests procedures.

Mr Bernstein said this due diligence is not only required by the GDPR regulation but can significantly reduce the risks associated with security breaches, raise awareness of the GDPR and ensure that companies have appropriate technical and organisational measures in place to comply with the legislation.

He further said it was essential for organisations to have a General Data Protection Regulation (GDPR) Data Security Breach Checklist in place to assess the risks of a data security breach and to implement a plan to contain and manage any data breaches.

Mr Bernstein noted that the first step on any organisation’s GDPR Data Security Breach Checklist should be to assess the risks associated with a data security breach.

“It is essential to know whose data might have been disclosed, what type of data has been breached and if it contains sensitive information.

“Affected organisations should also asses the volume of data disclosed and if any of the data has been lost or damaged. The cause of the breach and where in the world the breach occurred must also be investigated,” he said.

Mr Bernstein explained that step two on the Checklist should be to contain the breach and recover the data.

“Organisations who have fallen victim to a data breach must establish who will investigate the breach, who will assist with the containment of the breach and/or the recovery of information and if action should also be taken to prevent the breach from recurring. This is also the time to inform the police, if appropriate to do so,” the data expert said.

During step three, organisations must notify all data subjects who have had their private information breached.

“According to the GDPR, notification must take place without undue delay and no later than 72 hours after the breach has occurred. The nature and scope of the breach, as well as its consequences and the measures taken to rectify it, must also be disclosed to affected data subjects,” he said.

Mr Bernstein explained that South African organisations will have to have a similar checklist in place in order to comply to the soon to be implemented Protection of Personal Information Act (POPIA).

POPIA stipulates that a data breach must be notified as soon as reasonably possible after the discovery of the compromise, considering the legitimate needs of law enforcement or any measures reasonably necessary to determine the scope of the compromise and to restore the integrity of the responsible party’s information system.

To assist organisations in the event of a data breach, Baker McKenzie recently launched a mobile application called “Data Breach 72”. This app, which is available in English and French, allows organisations to identify the existence of a data breach, within the scope of application of the GDPR; establish whether it is necessary to notify the competent supervisory body; and prepare an initial draft of this notification. The app forms part of Baker McKenzie’s innovation programme, which aims to rethink the way in which lawyers deal with the challenges their clients are facing.

The final step in Checklist includes a thorough evaluation of the breach. “Once the first three steps are complete, organisations must investigate whether employees were responsible for the breach and if disciplinary action is required. If a third party was involved, the contract should be checked for damages provisions and an impact assessment undertaken. Lastly, organisations must review their procedures and ensure their data is secure going forward,” he said.

Also, partner in Baker McKenzie’s Corporate/M&A practice and TMT specialist, Janet MacKenzie, noted that, “The GDPR further requires organisations to complete a Data Protection Impact Assessment prior to the processing of private information, where the processing is likely to result in a high risk to the rights and freedoms of natural persons.

MacKenzie said it is essential to conduct an Impact Assessment of third parties that process high-risk company personal data, to determine their awareness of GDPR and to ensure that they have appropriate technical and organisational measures in place to comply with the legislation.

For high-risk third parties, audit partners should be identified for the assessment of processes and to determine if on-site audits are required. It is worth noting that the requirements of the GDPR stipulate that data processing can only be outsourced to a third party if the processor guarantees conformity with the requirements of the GDPR.

Janet Taylor Hall, CEO of Cognia Law, explained further, “There were two operational areas where clients tend to underestimate the impact assessment efforts around GDPR – the first being adequately preparing to deal with a data breach when it happens and the second is subject data requests, which can in themselves lead to a breach if not handled appropriately.”

“Right of access is a core principle of the GDPR. Individuals have the right to access their personal data and supplementary information at any time. In responding to these data requests in time (30 days), it is also important that no data is shared that belongs to another individual or that contains intellectual property or trade secrets,” she said.

“Putting a robust subject data request capability in place is an important part of the on-going GDPR compliance support we offer our clients”, highlighted Justin Ridl, Global Head of Legal Services, Cognia Law.

Technology

P2Vest, Others Invest $1.6m in Billboxx for Cash Flow Solutions

Published

1 day ago

12/12/2024

Dipo Olowookere

By Dipo Olowookere

To tackle the critical cash flow challenges faced by Small and Medium Enterprises (SMEs) across Africa, investors like P2Vest, Norrsken Accelerator, Afrinovation Ventures, Kaleo Ventures, and 54 Collective (formerly known as Founders Factory Africa), have invested about $1.6 million into Billboxx.

The integrated billing-to-payment platform, founded in 2023, successfully closed the pre-seed funding round, which is a mix of debt and equity, due to its innovative approach and commitment to building a more financially secure future for SMEs – the backbone of the African economy.

Manual invoicing and deferred payments often result in delayed payments, stifling many SMEs, but Billboxx’s integrated billing-to-payment platform streamlines billing processes, reduces inefficiencies from manual invoicing and mitigates the impact of deferred payments.

By providing automated billing and invoicing, secure payment facilitation, and tailored cash flow financing, Billboxx empowers businesses to achieve consistent cash flow and focus on growth.

Since its inception, the company has facilitated over $4 million in invoice payments through its MVP launched in May 2023.

The platform boasts strategic integrations with a leading commercial bank in Nigeria, a prominent African payment gateway, and multiple lending partners, enabling seamless payment facilitation via bank transfers, cards, and financing options.

“Cash flow difficulties are the leading cause of business failures in Africa, with delayed invoice payments being a major contributor.

“Billboxx is dedicated to solving these issues with an integrated platform that ensures consistent cash flow and financial resilience for businesses.

“This funding round enables us to expand our impact and empower more SMEs to thrive,” the co-founder and chief executive of BillBoxx, Mr Justus Obaoye, said.

Another co-founder and chief technical officer, Mr Abdulazeez Ogunjobi, noted that, “Delayed invoice payments pose a significant threat to SME growth and survival.

“Our platform not only streamlines the billing-to-payments workflows but also offers strategic embeddings to expedite payments. We aim to alleviate payment concerns and allow SMEs to focus on their core business.”

One of the investors, Bongani Sithole of 54 Collective, said, “We’re enthusiastic about the innovative work the Billboxx team is building. These 3x founders with successful exits under their belts are leveraging their leadership and business experience to tackle a massive pain point for SMEs across Africa.

“We invested in the company due to the large market size of the opportunity, impressive early traction gained from strong early partnerships with notable large corporates and startups, and the solid tech product the team has developed. We’re delighted to back Justus and Abdulazeez as they continue to scale Billboxx.”

Mr Obaoye and Mr Ogunjobi previously co-founded two startups: Charistouch (Carido), successfully acquired by Cars45, and Fixit45, a spin-off from Cars45.

Their leadership experience in large corporations and scaleups such as Schlumberger, Bolt, and OLX add to their strategic insight and entrepreneurial prowess.

Technology

The Rise of Web3 Developers: Why This Career Path is the Future of Tech

Published

3 days ago

10/12/2024

Business Post Contributor

As technology advances, the internet is undergoing a revolutionary shift toward decentralization. Known as Web3, this next phase of the internet is redefining how we interact with digital systems by emphasizing transparency, user ownership, and autonomy.

At the heart of this evolution are Web3 developers—professionals whose expertise in blockchain and decentralized systems is driving innovation and creating exciting new opportunities. Pursuing a Web3 career is not just about adapting to industry trends; it’s about shaping the future of technology. In this article, we’ll explore why Web3 developers are in high demand and how you can step into this promising field.

What is Web3?

Web3 represents the decentralized evolution of the internet. Unlike its predecessor, Web2, where centralized platforms dominate, Web3 leverages blockchain technology to create an ecosystem that is transparent, secure, and community-driven.

Some of the defining features of Web3 include:

Decentralization: Control is distributed among users rather than being concentrated in a single organization.
Transparency: Blockchain technology ensures that all transactions and operations are open and verifiable.
Automation: Smart contracts allow for self-executing agreements, reducing the need for intermediaries.

This paradigm shift has unlocked immense opportunities, particularly for developers who can create, manage, and enhance Web3 applications.

Why a Web3 Career is the Future

Rapid Growth in Blockchain Technology

Blockchain is no longer just about digital currencies; its applications have expanded to include finance, healthcare, logistics, and gaming, among others.

This rapid adoption is driving an unprecedented demand for Web3 developers to build decentralized applications (dApps) and integrate blockchain solutions across various sectors.

High Demand and Competitive Compensation

The demand for Web3 talent has outpaced supply, making it one of the most lucrative fields in tech. Web3 developers often earn significantly more than traditional developers due to their specialized skills.

Many roles offer remote and flexible working arrangements, enabling global opportunities.

Opportunities for Innovation

Web3 is still in its infancy, making it a playground for innovators. From creating decentralized finance systems to building virtual economies in the metaverse, developers have the chance to work on groundbreaking projects that redefine industries.

Key Skills for a Successful Web3 Career

To excel as a Web3 developer, mastering certain skills is essential:

Programming Knowledge: Proficiency in languages like Solidity, Rust, or Go, commonly used in smart contract and blockchain development.
Blockchain Fundamentals: A deep understanding of how decentralized networks function and their architecture.
Smart Contracts: The ability to design and implement self-executing contracts.
Cryptography: Knowledge of encryption techniques to ensure security in applications.

Soft skills such as adaptability and problem-solving are equally important, given the fast-paced nature of the industry.

Benefits of Pursuing a Web3 Career

A career in Web3 comes with a range of unique advantages:

Global Reach: The decentralized nature of Web3 opens doors to international opportunities without geographical limitations.
Future-Ready Skills: Web3 expertise is increasingly sought after, offering a secure and sustainable career path.
Collaborative Ecosystem: Unlike traditional tech environments, Web3 thrives on open collaboration and community-driven development.
Freedom to Innovate: Developers have the flexibility to experiment and contribute to transformative projects.

Steps to Start Your Web3 Journey

Breaking into a Web3 career may seem challenging, but with a focused approach, it’s entirely achievable. Here’s how to get started:

Understand the Basics

Learn the core concepts of blockchain technology, decentralized systems, and smart contracts.
Explore educational resources, tutorials, and online communities for foundational knowledge.

Develop Technical Skills

Master programming languages and frameworks commonly used in blockchain development.
Familiarize yourself with Web3-specific tools and libraries to streamline your workflow.

Build Projects

Start small by creating basic decentralized applications or experimenting with smart contracts.
Showcase your work in a portfolio to demonstrate your capabilities for a potential employer.

Engage with the Community

Join forums, developer meetups, and hackathons to network with others in the field.
Stay updated on industry trends by following Web3-focused discussions and publications.

Continue Learning

The Web3 space is constantly evolving, so staying up-to-date with advancements is crucial.
Seek out certifications or courses to deepen your expertise and credibility.

Challenges and Future Outlook

While the opportunities in Web3 are immense, they come with challenges. The fast-evolving technology requires developers to continually upskill. Additionally, the regulatory landscape for blockchain and decentralized systems is still developing, which may introduce uncertainties. A Web3 career offers more than just a job—it provides a chance to shape the next wave of technological innovation. As industries embrace decentralization, the demand for Web3 developers will only grow. Whether you’re a seasoned tech professional or someone looking to enter the field, now is the perfect time to explore this exciting career path. By stepping into the world of Web3, you’re not just advancing your skills—you’re becoming part of a movement that’s redefining how we connect, transact, and collaborate online. The future of technology is here, and it’s decentralized. Will you be part of it?

Technology

HubPharm Wins FCMB HERccelerate Women in Tech Programme

Published

4 days ago

09/12/2024

Adedapo Adesanya

By Adedapo Adesanya

HubPharm has emerged as the winner of First City Monument Bank (FCMB)’s HERccelerate Showcase Day held recently at Hub One, FCMB’s Innovation Hub in Yaba, Lagos.

The tech accelerator, powered by FCMB’s SheVentures and Hub One and delivered by 8thGear Hub & Venture Studios, was designed to empower women-led startups in Nigeria with the skills and resources needed to secure funding and scale.

HubPharm was the best out of 10 finalists with Midddleman, a platform simplifying payments for African e-commerce businesses sourcing from China coming second, while Onit, a productivity tool designed for African SMEs, secured third place.

The Showcase Day brought together the finalists selected from over 1,000 applications who pitched their innovative solutions to a panel of judges.

Ms Tope Kareem, the co-founder of the startup explained that HubPharm is a digital platform with a retail pharmacy chain which has delivered over 100,000 medications across 15 cities, ensuring 98 per cent on-time delivery with AI-driven logistics.

We plan to explore more options and ensure Nigerians, both at home and abroad, know the importance of prioritizing their health. This funding will enable us to keep growing and making an impact,” she noted.

Speaking on the HERccelerate initiative, Mrs Nnenna Jacob-Ogogo, Group Head of SheVentures, described it as “a testament to what we can achieve when we invest in women. While this is the first pilot of its kind, it is clear that women in tech have the talent, resilience, and vision to drive innovation.”

She also highlighted SheVentures’ broader impact, noting that over the past five years, they have “scaled businesses through four key pillars: access to finance, knowledge, markets, and networks. Our Zero Interest Loan program has provided over N800 million in funding to women entrepreneurs so far, an unprecedented achievement in the industry.”

The top 10 finalists will get free access to Hub One’s coworking space for a year, valued at over N5 million and will also be supported to scale their businesses.

FCMB’s HERccelerate programme is setting a new standard for supporting women in tech, with plans to accelerate over 200 startups in the next five years. By fostering innovation and inclusion, FCMB is shaping a brighter future for women entrepreneurs in Nigeria.