Technology
How Businesses Can Prevent and Combat Cyber Threats
By Otori Emmanuel
Online business may have its benefits, but there is also a greater chance of hoaxes and cyber threats. The credibility of your business could be negatively affected by a successful cyber-attack. Therefore, safeguarding your business against cyber-attack is a crucial concern. That, if not prevented, may require a re-establishment of the business.
In extreme scenarios, it may even force you out of business permanently because you won’t be able to make up the lost revenue and customer loyalty, as clients want to feel safe in transactions. The good news is that you may take preventative action and safeguard your company before it’s too late by choosing from a selection of cyber insurance alternatives.
Preventive measures against cyber threats
- Installation of Devices and Network Security Software
Verify that your operating system and security applications are set to update automatically. Updates might include vital security upgrades for recent malware and threats. Most updates allow you to schedule them at a time that is more convenient for you, typically after office hours. It’s imperative to consistently follow update prompts since updates frequently fix serious security issues. Install security software to help prevent infection on business PCs and mobile devices. To prevent compromise on business laptops, desktops, and mobile devices, the software should have anti-virus, anti-spyware, and anti-spam filters. Setting up a firewall between your working devices and the internet acts as a gatekeeper for traffic entering and leaving. Maintain a robust firewall by regularly updating to the newest patches.
- Passphrase use and setting up several authenticators
If possible, take extra precautions to make your security more difficult to access because you do not want to lose your company to hackers. Instead of using passwords, use passphrases to secure your networks and devices that house sensitive company data. Passphrases are phrases or collections of words that are used as passwords. Humans find them easy to memorize, but computers find them challenging to decipher. A secure passphrase needs to be at least 14 characters long and includes a mix of capital and lowercase letters, digits, and special characters. For each of your accounts, use a different passphrase. If you are serious about protecting your company, changing passwords to passphrases is insufficient. To ensure that the legitimate owners are granting access, multi-factor authentication (MFA) is used in this situation. Before you can access your account, two or more forms of identification must be shown. Additional security for your accounts is provided by two-factor or multi-factor authentication.
- Protect sensitive information
The data that will be sent into and out of your company system needs to be encrypted after you’ve configured your authenticators. Before sending your data over the internet, encryption transforms it into a hidden code. Make sure your network encryption is enabled and that all data received or stored online is encrypted. This lowers the danger of theft, destruction, or tampering by limiting data access to parties that possess the encryption key. When utilizing a public network, you can enable network encryption by adjusting the settings on your router or by setting up a virtual private network (VPN) program on your computer.
- Backup your data
Data backup is one of the cheapest ways to guarantee that your information can be retrieved in the event of a cyber-incident or computer issue. Additionally, it is a less demanding technique to prevent future attacks. Although firewalls, antivirus software, and other security measures may malfunction, keeping a backup provides you with an advantage over attackers. To assist ensure the protection of your data, use a range of backup techniques, like routine incremental backups to a mobile device or cloud storage. Include weekly, quarterly, and yearly server backups as well. It should be regularly checked to see if this data is functioning properly and can be recovered. Store several copies of your backup offline, if possible.
- Your business’s safety is your employees’ safety
Your staff and device operators are responsible for your company’s security. Businesses should have clear cyber security policies that inform staff on what is appropriate while sharing data, using computers and other devices, and visiting websites. Your personnel should receive internet safety instructions making them aware of the dangers they can encounter and their responsibility for keeping your company safe. Hackers might have their access restricted by creating a culture of awareness. This is why it is so important to teach them how to recognize, avoid, and handle a cyber-attack and use strong passwords and passphrases.
Keep track of all the computing hardware and applications that your company employs. All the hardware and software that your company employs must be documented. Any software and hardware that are no longer in use should be disconnected from the network, and sensitive data should be deleted. Older, inactive hardware and software won’t likely be updated, and they could be exploited as a “backdoor” by thieves to attack companies. In a similar vein, you ought to deny access to former workers and people who have switched roles and no longer need it.
- Business continuity is based on customers’ safety
It’s crucial that you protect the information about your clients. Your company’s reputation will suffer if you misplace or compromise their information, and you risk legal repercussions. Make sure your company invests in a safe online transaction environment and protects any stored personal customer data. Find out what your payment gateway provider can do to stop online payment fraud if you accept payments online. Consider purchasing cyber insurance to safeguard your company. Dealing with a cyber-attack may cost far more than simply replacing computers, enhancing security, or repairing databases. Your company may benefit from the cost savings provided by cyber liability insurance coverage for attack recovery.
Technology
The Unsung Heroes of Fintech: How Creatives Are Driving Growth and Trust in the Financial Industry
By Samuel Olaniran
Many experts have highlighted the growing impact of creatives—especially those in product and brand design—across the financial industry, and how their work helps financial companies build trust, communicate value propositions, and drive growth.
These creatives shape the overall product and visual identity of financial brands, creating not just logos, colour schemes, and layouts, but also cohesive design systems that convey professionalism and reliability. This is crucial because trust is vital in finance. A strong, consistent brand and product design helps customers feel secure and confident in their financial decisions.
In digital platforms, product designers improve user experience. They ensure mobile apps, websites, and other tools are not only visually appealing but also functional and easy to navigate. A smooth, intuitive interface encourages users to engage more, making digital banking and investing more accessible to a wider audience. This can drive growth, as people are more likely to trust and stick with platforms that are easy to use.
Brand and product designers also simplify complex financial data through infographics and visualizations. Finance can be overwhelming, but clear visuals and product-led storytelling make it easier for customers to understand. Infographics turn complicated reports into digestible, engaging content, which can help customers make better financial decisions.
Marketing in finance also relies heavily on thoughtful brand design. Designers create visually appealing campaigns that catch the attention of potential customers. Whether it’s an ad on social media or an email newsletter, well-crafted design helps companies stand out and build a strong online presence.
In a competitive industry like fintech, where innovation is key, product and brand design can be the difference between success and failure.
As financial institutions grow globally, product designers help adapt their offerings and messaging to different cultures. By adjusting colours, symbols, and user interface elements to fit local preferences, they ensure financial products are accessible to a wider audience. This helps companies expand into new markets while keeping their brand relevant and consistent.
Looking ahead, the role of product and brand designers will only become more important. Their creative work is key to building trust, improving user experience, simplifying data, and leading marketing efforts. As finance continues to evolve, their role will remain essential in helping companies grow and connect with customers.
By Adedapo Adesanya
Nigeria’s Competition and Consumer Protection Tribunal on Friday ordered WhatsApp and Meta Platforms Incorporated to pay a $220 million penalty and $35,000 to the Federal Competition and Consumer Protection Commission (FCCPC) within 60 days over data discrimination practices in Nigeria.
The tribunal upheld the $220 million penalty imposed by the FCCPC on WhatsApp and Meta Platforms Incorporated, as well as $35,000 as reimbursement for the commission’s investigation against the social media giant.
The tribunal also dismissed the appeal by WhatsApp and Meta Platforms Incorporated regarding the $220 million penalty imposed by the FCCPC for alleged discriminatory practices in Nigeria.
The tribunal’s three-member panel, led by Mr Thomas Okosun, passed the verdict on Friday.
WhatsApp and Meta’s legal team, led by Mr Gbolahan Elias (SAN), and the FCCPC’s legal team, represented by Mr Babatunde Irukera (SAN), a former Executive Vice Chairman of the agency, made their final arguments on behalf of their respective clients on January 28, 2025.
Last year, the FCCPC asked Meta, the parent company of WhatsApp, Facebook, and Instagram, to pay $220 million for an alleged data privacy breach.
According to the agency, Meta was found culpable of denying Nigerians the right to self-determine, unauthorised transfer and sharing of Nigerians data, discrimination and disparate treatment, abuse of dominance, and tying and bundling.
The FCCPC noted that its decision was reached after a 38-month joint investigation by it and the Nigeria Data Protection Commission (NDPC).
The regulator also noted that its actions were based on legitimate consumer protection and data privacy concerns. It highlighted that its final order requires Meta to comply with Nigerian consumers and meet local standards.
“Similar measures are taken in other jurisdictions without forcing companies to leave the market. The case of Nigeria will not be different,” the FCCPC added.
Also weighing in on the issue then, Mr Irukera, noted on X that the approach being taken by the platform varied from that it was applying in other places it was operating.
“The same company just settled a Texas case for $1.4 billion and is currently facing regulatory action in at least a dozen nations, appealing large penalties in several countries. How many has it threatened to exit?” he queried.
By Adedapo Adesanya
Nigeria has reached a historic peak in internet traffic, recording one terabit per second (Tbps) for the first time ever due to the rise in streaming interest.
According to Internet Exchange Point of Nigeria (IXPN), the 1 Tbps threshold was finally crossed in March 2025, adding that this significant milestone not only highlighted the nation’s accelerating digital transformation but also brings substantial economic benefits through the efficient exchange of local data.
The journey to this 1 Tbps milestone has been a progressive one for Nigeria. Starting from a modest 5 to 10 megabits per second in 2008, internet traffic saw substantial increases, reaching 126 gigabits by 2019, then 250 Gbps in 2020, and climbing to 900 Gbps by late 2024.
This expansion is attributed to the increasing number of local data centers, enhanced interconnection, and the presence of major international content providers such as Google, Facebook, Amazon, Microsoft, Netflix, and TikTok, all now connected to the Internet Exchange Point of Nigeria (IXPN).
According to Mr Muhammed Rudman, CEO of IXPN, this milestone represents a significant advancement in Nigeria’s internet infrastructure development and highlights the crucial role of local internet infrastructure in fostering economic growth, innovation, and connectivity for millions of Nigerians.
According to Rudman, “This milestone is more than just a number. It is a symbol of Nigeria’s digital maturity and our united strides towards becoming a tech-driven nation. By keeping local internet traffic within Nigeria, we reduce costs, improve speeds, and ensure our digital economy thrives with homegrown infrastructure.
Achieving 1 Tbps is a significant victory for Nigeria’s ICT ecosystem, a breakthrough for domestic internet traffic. It serves as a catalyst, enabling millions of Nigerians to enjoy faster, more affordable, and resilient internet connectivity.”
The 1 Terabit per second capacity signifies a transformative leap for Africa’s most populous nation. To illustrate its impact, a speed of 1 Tbps can concurrently support over 1 million Zoom meetings, empowering students, entrepreneurs, and professionals to connect and drive Nigeria’s digital revolution.
Furthermore, this speed allows over 200,000 individuals to simultaneously stream high-definition Nollywood or Netflix movies without any buffering or interruptions. It also enables the transfer of the entire contents of 50,000 smartphones—including photos, applications, and videos—in a mere second.
“For Nigeria, hitting this milestone means reducing reliance on international bandwidth, decreasing latency for local services, and strengthening its position as Africa’s digital heartbeat. This milestone is a testament to the power of collaboration, innovation, and the relentless pursuit of a faster, more connected Nigeria. This accomplishment goes beyond technical advancements; it has significant economic implications,” Mr Rudman explained.
“By encouraging local traffic exchange, IXPN reduces dependency on international bandwidth, leading to significant cost savings. By utilizing local data exchange, Nigerian businesses can save millions of dollars annually on international bandwidth fees.”
“It also helps to enhanced speed and connectivity, in that with reduced latency, users experience smoother streaming, gaming, and real-time services, enhancing their overall online experience. It strengthens Nigeria’s internet infrastructure protects against global disruptions, ensuring consistent access to vital services such as healthcare and education and optimizes digital services like fintech, edtech, e-commerce, and e-health, propelling innovation and growth in these sectors.”
The importance of this progress extends beyond mere speed. The Internet Society (ISOC) has revealed that Nigeria is now saving at least $40 million annually by keeping internet traffic within its borders, a cost avoidance achieved by routing data locally instead of relying on expensive international bandwidth.
Despite this achievement, Rudman also drew attention to Nigeria’s underdeveloped internet infrastructure, noting, “With a population comparable to Brazil, Nigeria has only 257 autonomous system numbers (ASNs), far fewer than Brazil’s 10,000 and South Africa’s 770. This is a major indicator of how few networks we have offering services.”
He highlighted the dominance of mobile internet access, stating that 99 percent of internet access in Nigeria is mobile-based, with many regions still limited to 2G or 3G networks.
“Some states with populations in the millions lack a single network with an ASN. That is a crisis. Even institutions with technical capacity remain unconnected. Out of 22 financial institutions, only the Central Bank of Nigeria is connected to IXPN,” he stated, also criticizing the insufficient interconnectivity among Nigerian universities.
Mr Rudman proposed the development of regional hubs, suggesting that a city like Kano could host Hausa language content and attract neighboring countries to connect through Nigeria, similar to South Africa’s role in Southern Africa.
To realize this vision, he advocated for investments in community networks, regulatory incentives, and support for local Internet Service Providers (ISPs). “The number of ISPs in Nigeria is shrinking. That’s a red flag. We need to reverse that trend to truly become a digital leader,” he advised.
He called for greater collaboration among regulators, stakeholders, and the media to identify and address the gaps within Nigeria’s digital ecosystem.
“We are all Nigerians. We want Nigeria to be a better place. Let’s work together to solve this,” he urged.
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