Quentyn Taylor, is the senior director of Information Security and Global Response at Canon Europe, Middle East and Africa. In this chat with CHIMA AKWAJA he looks at the information technology and security landscape and proffers suggestions on what businesses need to do to stay ahead of regulation and cyber-attacks.
Where will IT investment be directed in 2023 and how will this impact the execution of security strategies?
Digitisation was critical in the shift to hybrid, and as a result, information technology (IT) teams have enjoyed relatively high budgets in previous years, while other business functions have been cut. However, now organisations are operating in a different landscape, with rising inflation and the threat of a global recession, many will begin to reassess all their budgets, IT included.
Despite this economic turbulence, security will remain a priority for investment. The threat landscape continues to develop at pace, and with financial and reputational damage attached to security breaches which could make or break some businesses as recession hits, minimising security budgets will be non-negotiable.
Yet, reducing IT budgets while increasing security investments presents a problem when it comes to the execution of this strategy. Fundamental to the success of a security plan, is whether it can be delivered via an operational IT team. Reducing spend for IT will inadvertently open organisations to attack, as security teams will not have the apparatus needed to implement their plans.
As we enter 2023, it is therefore critical for IT security leaders to consider their holistic IT strategy, instead of viewing IT and security as two separate entities.
How will the global economic crisis impact the security industry?
Europe is still in a recovery state from the pandemic, and other macro-economic pressures such as energy shortages and soaring inflation rates are threatening how businesses can invest and grow. The tech industry has ultimately felt the crunch, with 12,000 tech jobs already being lost worldwide, the market is becoming increasingly more volatile and unpredictable.
Previously, the buoyancy of the tech sector meant many IT professionals were able to find a job by the end of the week if they were let go, but with this safety net removed, we will see cases of insider threat on the rise in 2023. Indeed, in quarter three (Q3) 2022 this peaked to its highest quarterly level to date accounting for nearly 35 per cent of all unauthorised access threat incidents.
The current tech market conditions leave businesses vulnerable to insider threat, for example, some workers attempt to copy data and utilise it for their next employer. Cyber criminals will exploit this issue as well, by keeping up with current trends in the tech sector, as they are able to implement new strategies that target those who are being laid off.
Organisations must ensure data is secured when employees leave the business, and that it has not been transferred onto personal devices. Yet, according to our recent research, only 18 per cent of IT decision makers say they are able to track information across the full lifecycle. In response, businesses should increase visibility across their data journey, so organisations can identify when employees are printing and sharing information beyond company defences.
How will GDPR regulations present new challenges for cyber security teams?
General Data Protection Regulation (GDPR0 legislation for both the UK and Europe has revolutionised the way businesses communicate, secure and store data, as well as holding businesses financially and personally accountable for when they fail to handle data correctly. In fact, GDPR fines hit a total of 97.29 million Euros in the first half of 2022, an increase of 92 per cent over H1 2021.
In 2022, there has been an increasing number of fines centred around Article 32 of GDPR, which states that penalties can be enforced if companies have a lack of technical and security measures in place, even if this does not lead to a breach. While the focus will undoubtedly still be on enforcing reactive fines responding to data leaks, in 2023, penalising those that do not have the adequate preventative measures will become increasingly more prominent.
Ultimately, legislation has moved faster than many organisations can keep up with, particularly alongside the challenge of managing and executing IT security in a hybrid environment. In 2023, regulations will only become tighter, and organisations will be held up to increasingly higher scrutiny.
Forbes: Rabiu Emerges 2nd As Africa’s Richest, Dangote Retains Position
BY ROYAL IBEH, Lagos
Aliko Dangote again retained his position as the richest man in Africa, the Forbes Annual exclusive billionaires 2023 ranking has shown, with only three Nigerians making the list. They are Aliko Dangote, Abdul Samad Rabiu, and Mike Adenuga.
With a net worth of $13.6 billion, Aliko Dangote continues to hold on to the title of the World’s Richest Black Person.
Meanwhile, Mike Adenuga, chairman of Globacom, was ranked third in Nigeria with a fortune of $5.7 billion. He was replaced as the second richest man in Nigeria by Abdul Samad Rabiu, who now has a fortune of $7.4 billion.
Of the three Nigerians on this year’s Forbes list, Only Abdul Samad Rabiu of BUA saw an increase in his fortunes from the previous year. The significant increase in shares of his publicly traded companies, BUA Cement Plc and BUA Foods Plc, was the source of the significant increase. Recall that his wealth increased from $4.9 billion to $7 billion in just 48 hours after BUA Foods Plc was listed on the Nigerian Exchange on January 5, 2022.
According to Forbes, only seven of the 54 countries in Africa are home to billionaires on the list of world billionaires. There are six billionaires in Egypt, five in South Africa, three in Nigeria, two in Morocco, and one each in Zimbabwe, Algeria, and Tanzania.
Other Africans on the 2023 Forbes list
Johann Rupert- $10.7 billion; Nicky Oppenheimer- $8.5 billion; Nassa Sawiris- $7.4 billion; Issad Rebrab- $4.6 billion; Patrice Motsepe- $3.2 billion; Koos Bekker- $2.6 billion;
Strive Masiyiwa- $1.9 billion; Mohammed Dewji – $1.5 billion; Aziz Alchannouch- $1.5 billion and
Othman Benjelloun- $1.3 billion.
