Embrace Cybersecurity to Keep Customers, Reputation, Says Expert

Omolabake Fasogbon

The Chief Executive Officer of Quomodo Systems Africa, Oluwole Asalu, has underscored the need for investors to prioritise cybersecurity to keep their businesses going and to avoid unnecessary loss.

According to the serial entrepreneur, the increasing reliant of businesses on digital technologies poses significant cybersecurity risks, requiring organisations to set up a robust cybersecurity framework. Noting that the financial sector was mostly hit by cyber-crime in Nigeria, with the sector losing up to N50. 5 billion between 2019 to July 2023, he expressed concern that the menace was still being overlooked. 

Asalu, argued that cybercrime which is now the biggest risks confronting financial sector was often treated as monetary thefts, adding however that it also entails intrusions into private spheres and disruptions to social order.

“In light of the significant risks associated with cyber threats, it is crucial that businesses prioritise cybersecurity as a critical component of their operations and business sustainability. 

“To achieve this, a multi-faceted approach is necessary. Firstly, robust security measures must be implemented, including firewalls, encryption, and intrusion detection systems, to provide a strong defence against cyber-attacks.

“Cybersecurity is not merely a technical requirement but a societal imperative. The beacon permits innovation to thrive, economies to expand, and individuals to connect without fear. Cybersecurity is our silent guardian, and it’s our collective duty to maintain its watch,” he said. 

He called for proactive steps against cybersecurity by identifying vulnerabilities which are discoverable through regular security audits and penetration testing. 

He went ahead to advise businesses to take cybersecurity as necessity and not luxury, urging organisation to set aside resources for same and train employees duly on best practices. 

“Collaboration is quite key. Businesses must work together, share intelligence and best practices to stay ahead of the evolving cyber threat landscape.

“By adopting a proactive and comprehensive approach to cybersecurity, businesses can protect themselves, customers, and reputation, as well as remain competitive and successful in today’s digital marketplace,” he stated.