Tech & Business

Cybersecurity Recovery Costs
  • Cybersecurity recovery costs post a staggering increase in recovery costs for the Energy and Water sectors.
  • The report also reveals that nearly 49 per cent of ransomware attacks on these sectors began with an exploited vulnerability
  • The Energy and Water sectors also reported a high rate of ransomware attacks

The water and energy sector have been the worst hit with the rise in cybercrime recovery costs according to a new report by Cybersecurity firm Sophos. Titled “The State of Ransomware in Critical Infrastructure 2024,” the survey shows a staggering increase in recovery costs for the Energy and Water sectors.

Experts from Sophos say that the median recovery costs for these critical infrastructure sectors have quadrupled to $3 million (Sh390 million) over the past year, significantly higher than the global cross-sector median. The report also reveals that nearly 49 per cent of ransomware attacks on these sectors began with an …

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  • Only 8 per cent increased awareness, consumer concern regarding sharing personal information remained significant at 91 per cent in Q2 2023, albeit down from 94 per cent last year.
  • The study shows that there has been an accelerating rate of digital fraud in other sectors of the country, such as retail, financial services, telecommunications, travel & leisure, and communities

Digital fraud attempts are on the rise in the country with 80 per cent of Kenyan having been targeted in the first three months of year, a new TransUnion’s Consumer Pulse Survey has shown.

From the findings a notable 72 per cent of respondents who reported being targeted by digital fraud schemes successfully avoided falling victim. However, an additional 8 per cent were targeted and fell victim to these schemes.

The awareness of fraudulent schemes was significantly high; only 20 per cent of consumers reported being unaware of any fraud schemes

  • NALA raises 40 million dollars to fuel international expansion and launch its own payment rails for Africa and beyond.
  • The US fintech building global payments for emerging markets. 
  • $40million Series A for NALA, the fintech that took Africa’s payment problems personally. 

NALA raises 40 million dollars to build cross-border payments for emerging markets. NALA, one of Africa’s largest fintech companies, has announced the Series funding to support its global expansion and enhance the reliability of payments to Africa by developing its own payment rails.

The past 12 months have been transformative for NALA. The company achieved a 10x increase in revenue, reached profitability, and had positive cash flow.

In the past 20 months, NALA saw a 34x increase in transaction volume. The NALA team has grown from just 7 members to a robust team of over 100. Finally, today, NALA proudly serves 500,000 customers.

The $40 million funding round …

Cybersecurity Recovery Costs
  • Cyber recovery costs have over the past one year increased to $2.73 million.
  • The survey included responses from 5,000 IT and cybersecurity leaders in 14 countries, covering organisations with 100 to 5,000 employees
  • Only 1 per cent of claimants said their insurance covered all costs

According to a new report by online security solutions provider Sophos, the recovery costs from cyber-attacks have outpaced insurance coverage.

The survey titled “Cyber Insurance and Cyber Defenses 2024: Lessons from IT and Cybersecurity Leaders,” shows that recovery costs from cyber-attacks are outpacing insurance coverage with only one percent of those that made a claim saying that their carrier funded 100 percent of the costs incurred.

The most common reason for the policy not paying for the costs in full was because the total bill exceeded the policy limit.

According to The State of Ransomware 2024 survey, recovery costs following a ransomware incident increased by …

  • SME loan products offer a considerably low interest rate, which helps fund businesses.
  • Pezesha is a financing platform for small and medium-scale enterprises (SMEs) that enables them to access affordable credit and other financial services through embedded finance infrastructure.
  • Safaricom has partnered with Pezesha, a digital lender, to credit small business owners, adding to the telco’s existing loan products.

Pezesha loan products

Pezesha is a financing platform for small and medium-scale enterprises (SMEs) that enables them to access affordable credit and other financial services through embedded finance infrastructure.

Pezesha has created an integrated digital financial infrastructure whose mission is to lead platforms and marketplaces where small and medium-sized businesses work through a collaborative approach. Financial institutions or networks connect on this platform and are matched with quality SMEs, driving meaningful financial inclusion and reducing any inequalities in access to formal financial services.

In 2023, Pezesha partnered with FSD Kenya to

  • Price for engineering innovations was awarded to Esther Kimani from Kenya.
  • A solar-powered tool using AI and machine learning-enabled cameras to swiftly detect and identify agricultural pests and diseases has won Africa’s largest prize for engineering innovation.
  • Her tool reduces crop losses for smallholder farmers by up to 30 per cent while increasing yields by as much as 40 per cent.
  • The Africa Price has supported almost 150 entrepreneurs across 23 African countries, generating over 28,000 jobs and benefitting more than 10 million people through the innovative products and services developed.

Price for Engineering Innovations was awarded to Esther Kimani from Kenya. This price, recognised as Africa’s most esteemed engineering accolade, was presented in Nairobi on June 13, 2024.

Kimani’s pioneering AI-driven pest and disease detection tool for crops secured this price for its groundbreaking impact on the agricultural sector, particularly for smallholder farmers in Kenya.

Read Also: Inside Africa’s

  • Smart cities are emerging as a critical solution to address the rapid urbanisation and infrastructure challenges facing African cities.
  • Smart cities in Africa focus on infrastructure development to enhance connectivity, mobility, and accessibility.
  • The limitations in human resources, organisational capacity, and rigid bureaucracy are significant obstacles to adapting to the demands of digital transformation and smart cities in Africa.

Smart cities in Africa

Smart cities are emerging as a critical solution to address the rapid urbanisation and infrastructure challenges facing African cities.

Smart cities agenda in Africa strive to ensure inclusive and equitable development by addressing social inequalities and providing all residents equal access to opportunities and services. This includes affordable housing programs, social safety nets, and community development initiatives to improve living standards and reduce poverty in urban areas.

Smart city projects also prioritise accessibility and universal design principles to ensure that infrastructure and services are accessible to people

  • Artificial Intelligence (AI) integration into various industries has sparked a wave of both anticipation and concern among employees.
  • As AI and automation become prevalent, new job categories and roles emerge.
  • Cultivating interpersonal skills and collaborating effectively with technology to drive innovation and achieve successful outcomes in the future workplace is key.

Artificial Intelligence and automation in the business landscape

Artificial Intelligence (AI) integration into various industries has sparked a wave of both anticipation and concern among employees. As Artificial Intelligence evolves, employees express growing apprehensions about its impact on job security and overall well-being. 

AI and automation are revolutionising the workforce, paving the way for a new era in employment. The adoption of artificial intelligence in automated technologies is poised to transform the job market. Organisations are turning to AI to improve operations and efficiency and stay competitive and relevant in a rapidly evolving landscape.

With the rise of AI

  • Technological developments have completely changed how businesses run, engage with customers, and promote economic progress.
  • Digital innovations like cloud computing, big data analytics, and machine learning have given organisations access to real-time information and personalised services.
  • Disruptive technologies, characterised by their ability to significantly alter the business and social landscape, have driven massive economic transformations.

Technological change profoundly impacts businesses and the global economy in today’s rapidly evolving digital landscape. Technological developments have completely changed how businesses run, engage with customers, and promote economic progress.

Technological change has catalysed economic transformation, driven by various technological advancements. Businesses constantly adapt to new technologies to stay competitive, improve efficiency, and meet evolving consumer demands. The Internet of Things (IoT) and automation are examples of technological advancements that have completely changed various industries and organisational structures.

Technological change has reshaped work, leading to new employment patterns and skill requirements. The gig economy, involving

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