Refinery Boost: Aliko Dangote now 65th richest person with $28bn worth - ITREALMS

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The President of Dangote Group, Aliko Dangote remains the richest man in Africa, and now the 65th richest man in the World, despite the volatility of the Nigerian currency against the dollar.

Bloomberg, in its latest top 500 Billionaires Index released on Thursday, revealed that Dangote with a wealth of $28 billion had his wealth increased significantly after the commencement of operations of his newly built Petrochemical refinery, said to be worth over $20 billion. This new ranking is the highest the renowned entrepreneur has risen. He was previously ranked 83rd in 2022.

First Bank rewards customers with N170m worth of cash prizes - ITREALMS

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FirstBank, Nigeria’s premier financial institution and leading financial inclusion services provider, has launched the Win Big promo to reward and delight its valued customers. The four-month promo, which started on 23 October 2023 and will run till 23 February 2023 will reward several new and existing customers of the Bank with a total cash reward of 170,000,000.00 naira.

At the end of the four-month promo, 1,240 new and existing customers would have been rewarded with N100,000.00 each as each month will have 310 new and existing customers winning N100,000. Up to 40,000 customers who reactivate their dormant account stand a chance to win free airtime as 10,000 customers will be rewarded with free airtime monthly for reactivating their dormant account.

MRA office burgled, valuables worth millions stolen - ITREALMS

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Media Rights Agenda (MRA) announced today that its office in Lagos was burgled and ransacked over the weekend by a group of unidentified intruders who made away with nine laptop computers and other valuable equipment worth millions of naira.

In a statement issued in Lagos, the Head of MRA’s Legal Department, Ms. Obioma Okonkwo, described the incident as shocking and frightening attack on the organization, saying it was still trying to determine whether the action was simply a robbery incident or a more sinister effort to cripple MRA’s operations or access its records and information since only laptop computers and other digital tools and equipment were taken away.

@50: Pantami is worth celebrating says Solomon - ITREALMS

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Project Coordinator of the Nigeria Digital Identification for Development (ID4D) project, Musa Odole Solomon has said that Nigeria’s Honourable Minister for Communications and Digital Economy, Professor Isa Ali Pantami is worth celebrating.

Solomon stated this while joining friends and well-wishers to extend goodwill messages to the Honourable Minister, as he adds another year to his life.

7 Cyber-security myths worth noting

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Cyber-security is a major threat to every business today. This reality is amplified by our increasingly inter-connected world which makes dependence on digital services an absolute necessity. Despite the increasing global spend on cyber-security, cyber criminals are still having a field day.

In this piece, the Research/Development Unit of Yudala – Nigeria’s fastest growing e-commerce outfit – dissects the myths that prevent businesses and other individuals from taking effective measures to counter imminent cyber-security threats, with attendant huge losses and costs.

1.Strong passwords keep me protected

This is one of the myths that often leads to a hacking breach. While strong passwords are good, they are more effective when combined with other measures such as a two-factor authentication. This provides a second layer of security for your account(s). Furthermore, strong passwords may expose the user to self-imposed dangers. When passwords become difficult to remember or too complicated, the user may have no choice than to change them too frequently. As a result, you may be forced to write these passwords down since you can no longer memorize them, thereby opening the door to unauthorized access to your account.

2.My small business is not a target. Only big businesses are at risk

If you think that small businesses are not at risk of cyber-attacks, then think again. According to a recent report by Radware, 98% of organizations experienced cyberattacks in 2016. Small and mid-sized companies with less than 250 employees were the target of a reported 31% of these attacks. Organizations on the lower end of the scale are much more attractive to hackers as it is widely believed that less is being done by these companies to protect their sensitive data. This has manifested in an increasingly popular mode of attack known as Ransomware, where attackers encrypt data taken from the victim and in return for decrypting the data, they ask for an acceptable amount from the victim as ransom. These victims include individuals, small or medium-sized enterprises (SMEs) and large corporates.

3.The website is HTTPS, so I am secure from attacks

Hyper Text Transfer Protocol Secure (HTTPS) is the secure version of HTTP, the protocol over which data is sent between your browser and the website that you are connected to. The 'S' at the end of HTTPS stands for 'Secure'. It means all communications between your browser and the website are encrypted.  While it secures your website at a minimal level, it is important to note that HTTPS does not prevent the hacking of a website, server, or a network. By diminishing Distributed Denial of Services (DDOS) attacks, hackers can force their way into your access controls exposing a website’s availability. Hence, every activity you carry out online must be done with this knowledge at the back of your mind.

4.Hackers will find nothing worth stealing

Many individuals and small business owners have this mind-set when confronted with news of the global effects of cyber-security. This myth or mind-set is, however, debunked by the potentially costly effects of enduring a breach, whether on a personal or corporate level. On a personal level, every individual has sensitive personal data that we would not wish to fall into the wrong hands. Pictures, video files or other personal information could expose us to grave danger or loss when unauthorized persons gain access to them. And on the corporate level, several small business owners who feel they have nothing worth stealing have had their fingers burned.

Research from Kaspersky Lab notes that a single cyber security incident now costs small and medium businesses (SMBs) an average of $86 500 per incident, mainly through loss of data. This data ranges from information about clients, customer details, bank details or access to your customers’ systems through e-commerce links or via email.

5.My computer is at risk only when I connect to a network or the internet

In addition to external attacks launched when a device is connected online, internal threats are also a major source of hacks or data breach. Users working inside your firewall with laptops, tablets, USB drives and other removable media that have been exposed to malware represent one of the most common access points for hackers. It is therefore, not surprising that many cyber-security specialists see the USB drive as the biggest hazard to cyber security. One out of every 8 attacks on computers these days, is believed to enter via USB devices.

6.Firewalls and network security are in place. I can go to sleep

For hackers, the art of circumventing a firewall is not an alien skill. Most hackers find it easy to disrupt codes or capitalize on loop-holes to gain access to your system, so the existence of a firewall is not a sure-fire guarantee of security. While it is clear that most cyber security threats are avoidable, your organization can not rely solely on firewalls for protection. Research also shows that, despite the huge outlay on network security, cyber-attacks are more severe at the application layer of your system infrastructure as network security does not often pose much resistance to cyber- bandits.

7.Security is assured since my website is externally hosted

Web hosting providers abound in their numbers. The likes of HostGator, Blue Host, Web.com, GoDaddy, DreamHost, InMotion and eHost, among others, have thousands of websites on their client list. As a result, effectively monitoring each site may be a herculean task. A significant majority of all external attacks occur as a result of poorly administered, misconfigured or inadequately managed systems. These loop-holes are easy for any eagle-eyed hacker to take advantage of. Hence, while a host is guaranteed to provide server level security; the major responsibility for managing the security of your website resides with you, the site owner.

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Intel, TPG establish world’s largest pure-play cybersecurity firms worth $4.2bn

ITRealms:

The duo of Intel Corporation and leading global alternative asset firm, TPG have established the world’s largest pure-play cybersecurity firms worth $4.2bn, reports ITRealms.

This collaboration, ITRealms reports saw to Intel and TPG jointly investing in spin-out of Intel Security in a transaction valuing the business to the tune of $4.2 billion.

ITRealms gathered that Intel received $3.1 billion in cash and retained 49 per cent stake after completion of the transaction, while TPG owns 51 per cent of the new company, which will be named McAfee, as the leading independent cybersecurity company

Industry observers said the investment reflects TPG’s confidence in Intel security’s industry-leading enterprise and consumer businesses, strong market position, and business momentum, which positions new company as one of the world’s largest pure-play cybersecurity firms.

According to Intel senior vice president and Intel Security general manager, Mr. Chris Young said existing management team would lead the new company following transaction closure.

Through this transaction, TPG, a leading global alternative asset firm with demonstrated expertise in growing profitable software companies and carve-out investments, and Intel, a global technology leader that powers the cloud and billions of smart, connected computing devices, will work together to position McAfee as a strong independent company with access to significant financial, operational and technology resources.

Mr. Young also said that with the new investment from TPG and continued strategic backing of Intel, the new entity is expected to capitalize on significant global growth opportunities through greater focus and targeted investment.

The new company, ITRealms reports, will be one of the world’s largest pure-play cybersecurity companies. Just as last year, Intel Security unveiled a new strategy that refocused the business on endpoint and cloud as security control points, as well as actionable threat intelligence, analytics and orchestration.

“This new strategy allows customers to detect and respond to more threats faster and with fewer resources,” Young enthused.

Reacting to this development, Brian Krzanich, the chief executive officer, Intel, noted that security remains important in everything at Intel and going forward they company will continue to integrate industry-leading security and privacy capabilities in its products from the cloud to billions of smart, connected computing devices.

“As we collaborate with TPG to establish McAfee as an independent company, we will also share in the future success of the business and in the market demand for top-flight security solutions, creating long-term value for McAfee’s customers, partners, employees and Intel’s shareholders. Intel will continue our collaboration with McAfee as we offer safe and secure products to our customers,” Krzanich said.

The Co-Founder and Co-CEO of TPG, Jim Coulter, they believe that McAfee will thrive as an independent company.

“With TPG’s investment, along with continued support from Intel, McAfee will sharpen its focus and become even more agile in its response to today’s rapidly evolving security sector. TPG is excited to partner with Intel and McAfee management to accelerate growth of the business by enhancing its go-to-market strategy and continuing to grow and strengthen its core product offerings” Mr. Coulter assured.

Chuks Egbune/GEE

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