NIGERIA'S, NAY AFRICA'S DILEMMA

Just a couple of hours ago, participants in the 5th edition of Nigerian stock exchange workshop on capital market response to still growing menace of worldwide cybercrime closed discussions and Henates was one of them.

It was held at the NSE event centre and key contributors were Mr Ade Bajomo, the executive director Market operations of the NSE, Favour Femi Oyewole, Tope Aladelusi from Delloites;  Mr Ademola Alabi CEO Triple A consulting and Microsoft Nigerian director.

Mr Bajomo set the tune for the whole workshop and for an IT ignoramus like Henates, it was very eye opening as he, in the simplest of language, gave brief history of the computer, painted the picture of how data generation and storage has grown over the years and the accompanying need to keep the same data safe and secure.

He also explained vulnerability of different organisations particularly small and medium scale companies; present day inability of regulation to catch in many countries; the fallacy in 100% cyber security and how failure to ask for help when attacked posed even greater danger to different stakeholders.

It was indeed a well spent hours of interaction as the experts took over discussion from the high table in response to questions from moderator Favour Oyewole.

What shone through all the presentations and discussion were take aways like the need for cyber resilience in the capital market; why cyber security should be a board of directors affair even if through the window of a board audit and risk committee, the need for collaboration and information sharing on attacks and how leverage of technologies like the cloud could help reduce the risk.

At a time, Henates got up to try to paint the bigger picture using the Nigerian economy as an example. Reminding all that he pioneered stock marketing reporting in Nigeria, he drew attention of all to the ills of imported concepts and products since the 1980s.

Whatever you import you must pay for until you are able to add new value to it and re export. Nigeria has not been able to do that, instead it has been subtracting from its made in Nigeria goods and processes because there is oil money to pay for this.

Besides, our educational system has so collapsed that pupils are now given free food to learn how cheat in exams, buy certificate and or how to showcase ignorance on internet.

Almost immediately, voice votes said that the issues raised were beyond the workshop and there lies Nigeria's, nay Africa's dilemma.

We find it hard to look at the total picture on issues. Cyber crimes succeed more when employees are ignorant or have a background that encourages them to aid hacking. What better breeding ground will you find than collapsed educational system that supplies human capital to the economy, including information technology?

Ade Bajomo did end it on hopeful note though , saying that today young Nigerians are positioning themselves to make a difference especially in fintech.

Let's hope they can be encouraged with the right policies and less focus on political spoils sharing through who corners what position in government.

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