Thursday, July 25

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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digital fraud attempts
  • 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
  • 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 …

What is better between USSD and whatsapp chatbot in digital financial services. www.theexchange.africa
  • USSD is used extensively across Africa to enable mobile banking and mobile payments
  • Despite its widespread use, USSD has significant limitations. The menus can be cumbersome and difficult to navigate, transactions are susceptible to interception and lack robust encryption.
  • WhatsApp chatbots represent a promising alternative to USSD in Africa’s digital financial services sector by offering a more user-friendly, secure, and cost-effective solution.

Unstructured Supplementary Service Data (USSD) have been quoted as a catalyst for financial inclusion in Africa for over a decade now. However, with the advent of new technologies and platforms, the use of USSD has been largely overshadowed by more advanced forms of mobile banking. The integration of banking services through WhatsApp has the potential to revolutionize the way we manage our finances. With its wide reach and user-friendly interface, WhatsApp can quickly become the go-to channel for customers to access their banking services.

USSD was introduced in …

Social media
  • Social media has been noted on several occasions and recorded as a severe danger to cognitive warfare, the new fighting front in the 21st century.
  • At this moment, 170 million Africans (Facebook users in Africa) are connected with thousands of people across the globe compared to three decades ago.
  • social media ban affected communications and business, and the impact was immense, as strict regulations made information dissemination cumbersome.

In March 2023, The Guardian report indicated that translated Chinese military reports suggested that warfare shifted from killing the body to invading the mind – forcing United States (the world’s advanced military superpower) President Joe Biden administration’ urging TikTok stakeholders to sell their stake in the app or face US ban.

In the same spirit, TikTok use in East Africa makes social media appear like a grim monster out to devour anything in its path. Recently, the TikTok application in Kenya became

The digital revolution
  • The digital revolution in Africa is propelling various sectors into new realms of potential, and the gaming industry is no exception.
  • Blockchain technology has the potential to benefit both game producers and players by offering a safe and transparent method of handling in-game transactions.
  • African game developers have opted to look at incorporating new technologies into the games they offer, such as allowing players to use Bitcoin and blockchain technology while playing.

Africa’s gaming Industry

The digital revolution in Africa is propelling various sectors into new realms of potential, and the gaming industry is no exception. GeoPoll’s latest report, “Gaming in Africa,” explores the burgeoning gaming scene across Egypt, Kenya, Nigeria, and South Africa.

The African gaming industry is emerging as the fastest-growing for mobile gaming, driven by a young population, increasing smartphone adoption and a burgeoning interest in mobile games.

Africa is the final frontier for the video game …

Umoja Cable digital infrastructure
  • Google is rolling out Umoja cable, the first-ever fibre optic link directly connecting Africa with Australia, aiming to enhance global digital infrastructure and foster economic growth.
  • The Umoja project, developed in collaboration with Liquid Technologies, will improve connectivity and drive digital inclusion across Africa.
  • This initiative is part of Google’s long-term commitment to Africa’s digital transformation, with investments in infrastructure, cybersecurity, and AI innovation to support growth.

In a deal set to revolutionize digital connectivity across continents, tech heavyweight Google has announced the launch of Umoja, the first-ever fibre optic link directly connecting Africa with Australia. This project is poised to enhance global digital infrastructure, foster economic growth, and drive digital inclusion on a new level scale.

The Umoja cable, anchored in Kenya, will traverse a diverse array of African countries, including Uganda, Rwanda, the Democratic Republic of Congo, Zambia, Zimbabwe, and South Africa, before crossing the Indian Ocean …

Artificial intelligence in healthcare
  • Artificial intelligence can help healthcare workers do more with limited resources.
  • Artificial Intelligence platforms, increasingly utilised in public health, use complicated data systems as a crucial component for health emergency readiness.
  • AI-powered diagnostic solutions in Rwanda and Ghana are enhancing medical imaging analysis, contributing to the early detection of diseases like cancer and tuberculosis.

Artificial intelligence in healthcare is the art of integrating human ability into machines programmed to impersonate human actions. AI’s application in healthcare primarily helps medical practitioners in many aspects of patient care, including administrative procedures.

As of 2020, the application of Artificial intelligence in healthcare in the USA and Canada slashed healthcare expenses by around 25 per cent and 13 per cent, respectively, giving healthcare providers time to give more of their limited resources to patient care issues. AI deep learning procedures have also saved many lives globally by decreasing the diagnosis-treatment-recovery cycle for patients, Africa …

Generative AI
  • Generative AI can create original content such as text, images, and videos. 
  • As an emerging technology, generative AI does hold transformative potential not only in marketing and the creative arts but also in healthcare, banking, and finance amongst other sectors.

Generative AI has made notable footprints in recent years, beaconing as one of the most recognisable advancements, AI can create original content such as text, images, and videos. 

AI fundamentally refers to systems capable of producing entirely new and original content, distinguishing it from other AI applications that primarily analyse existing data for decision-making. These models can generate original written articles, images, audio samples, or video footage based on training from extensive datasets.

Leading models like Gemini, GPT-4, Claude, and Bing AI are renowned for creating remarkably human-like text from given prompts. In contrast, others like Stable Diffusion, Firefly, and DALL-E are known for generating vivid images from text descriptions.

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