• The 2024 Sophos Threat Report shows data theft is the focus of most malware targeting small and medium businesses.
• Email attacks have moved away from simple social engineering toward more active engagement.
• According to the World Bank, over 90 per cent of the world’s businesses are small- and medium-sized organisations.

Cybercriminals are increasingly targeting data in a new trend in the online security space the 2024 Sophos Threat Report has shown.  The report by cybersecurity services firm Sophos sheds light on the dangers faced by small- and medium-sized businesses (SMBs) in the digital landscape.

The 2024 Sophos Threat Report titled “Cybercrime on Main Street” underscores the significant threats looming over SMBs, focusing on the year 2023. According to the report, 50 per cent of malware detected targeting SMBs comprised keyloggers, spyware, and stealers – malicious software designed to steal data and credentials.

Cybercriminals employ these tactics to …

• In a significant escalation of tensions between Nigeria and the global cryptocurrency market, the African nation has detained two senior Binance executives.
• Anjarwalla and Gambaryan were detained in Abuja, Nigeria’s capital, under circumstances highlighting the country’s aggressive stance towards cryptocurrency exchanges.
• In recent years, Nigeria has faced significant economic challenges, with the devaluation of the naira emerging as a central issue.

Anjarwalla and Gambaryan detained

In a significant escalation of tensions between Nigeria and the global cryptocurrency market, the African nation has detained two senior Binance executives, the world’s leading cryptocurrency exchange.

Nadeem Anjarwalla, a UK citizen living in Kenya and serving as Binance’s Regional Manager for Africa, and Tigran Gambaryan, the Global Head of Intelligence and Investigations at Binance and a former US Internal Revenue Service special agent, find themselves at the heart of a diplomatic and financial controversy.

Now extending into its third week, the detention stems from …

• New regulations for crypto firms in Kenya will force players give evidence of sufficient working capital to continue business.
• Crypto firms will required to maintain core capital of not less than 12% of the total fiat value of the virtual assets held or proposed to be held in the custody of the platform.
• The Virtual Asset Service Provider (VASP) Bill also proposes that businesses dealing in digital assets in the country be allowed to operate as commercial entities.

Players in the digital assets and crypto currency space are now pushing for new regulations for crypto firms that will govern how new players join Kenyan market.

The digital asset industry lobby group, the Blockchain Association of Kenya (BAK), is among others, proposing the formation of a new regulatory sandbox that will test and regulate companies in the industry before their licensing.

Additionally, the Virtual Asset Service Provider (VASP) Bill, …

• Gebeya and Microsoft aim to bridge the gap between Africa’s burgeoning tech-savvy youth and the global digital economy.
• The pair is building a thriving digital workforce in Africa, capable of leading the next wave of global innovation.
• With over 10,000 developers already registered since its announcement, the initiative is rapidly gaining momentum across economies in Africa.

In an initiative that is poised to redefine Africa’s digital path, Gebeya Inc., in partnership with Microsoft, has launched the Microsoft Talent Cloud ecosystem, targeting the empowerment of 300,000 African tech talents by 2027.

This pioneering platform, which is powered by Gebeya’s Talent Cloud technology, aims to bridge the gap between Africa’s burgeoning tech-savvy youth and the global digital economy.

Through a training program in Microsoft-focused cloud and AI skills, the undertaking offers African tech professionals access to learning resources, job opportunities, and a network spanning over 30,000 Microsoft partners and customers.

Tech leap:

• Gen AI can improve efficiency and effectiveness in various financial sector applications.
  
• In the next three to five years, gen AI has the potential to revolutionize banks.
• AI can even plan overall strategy and banks to adopt or be left behind.

Generative AI is the new frontier for scientific developments and the financial sector should not be left behind. Artificial Intelligence (AI) is now used by financial institutions to model analytics, automate manual tasks, and synthesize unstructured content, sector experts say.

“In the next three to five years, Gen AI has the potential to revolutionize banks…changing entire risk and compliance functions,” notes Rahul Agarwal, Andreas Kremer, Ida Kristensen, and Angela Luge in an article published by advisory firm McKinsey and Company.

In their paper, How Generative AI Can Help Banks Manage Risk and Compliance, the researchers and financial experts describe how Gen AI can improve efficiency and effectiveness …

• Customers of Liquid C2 can expect heightened security measures, access to advanced cloud technologies, and a commitment to securing their digital assets.
• Businesses are increasingly turning to Gen AI to drive operational efficiencies, says Thomas Kurian, CEO, Google Cloud.
• This alliance builds on a November 2023 agreement where Liquid C2 and Google Cloud agreed to bolster cybersecurity and cloud services in Africa.

In a deal that is poised to transform the digital economy of Africa, tech company Liquid C2 has struck a deal with global technology giant Google Cloud and artificial intelligence (AI) powerhouse Anthropic.

This strategic partnership is set to deliver a suite of advanced cloud, cybersecurity solutions, and cutting-edge generative AI (Gen AI) capabilities to African businesses, heralding a new era of digital innovation and security across economies.

Liquid C2, a pan-African technology group, is at the forefront of this initiative, promising its customers enhanced security measures, …