Why Cybersecurity is an invaluable investment for technology enterprises

Technology has enabled unprecedented innovation in various enterprises, but it has also created a complex and ever-evolving threat landscape. Just as offline business operations face constant physical threats, digital enterprises also contend with numerous security challenges. These challenges include sophisticated cyberattacks and data breaches that can disrupt operations and erode trust.

A common pitfall for many enterprises and government parastatals is the tendency to view cybersecurity as a negligible expense rather than a vital investment. This misconception often leads to underfunding, inadequate staffing, and a reactive approach to threats. Moreover, many businesses underestimate the value of their data, failing to recognise the severe consequences of a breach.

I have had the opportunity to build systems and products throughout my career, and I have come to understand why enterprises must see cybersecurity not as a cost but as a crucial investment. How can businesses and government organisations approach cybersecurity?

The first port of call for digital enterprises and government parastatals regarding cybersecurity is to ensure that it is integrated from inception. When building products and systems that will be hosted online,

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software programmers must endeavour to adhere to globally accepted security standards such as Open Web Application Security Project’s Top Ten, which outlines the most critical risks to web applications and how to prevent them.

Due to financial constraints or outright negligence, software programmers may compromise security by building vulnerable applications, putting customer data and business sustainability at risk. To avoid this, organisations must ensure that security is not compromised during the process of writing codes for web applications. The security architecture of a product or system must be mapped out and tested before launch. In the same vein, software programmers must be deliberate about devising customised solutions per project. They have to identify security risks associated with peculiar products or systems to forestall attacks.

Secondly, enterprises must view cybersecurity as a continuous investment. When you build or buy a house, it is not just enough to ensure your compound has gates and the rooms have windows and doors; you have a continuous responsibility to ensure they are properly locked. The same applies to cybersecurity. Companies must proactively upgrade their security architecture in line with recommended standards to guard against cyberattacks and data breaches. This involves carrying out end-to-end analysis to identify possible vulnerabilities and devise appropriate responses to forestall cyberattacks.

A third dimension of cybersecurity is the human factor. Organisations must invest in the required training for software programmers to ensure they have the competence required to build products or systems that comply with global cybersecurity standards. Similarly, enterprises must invest in customer education to avoid data compromise on their end. All forms of media should be deployed to constantly educate customers on possible forms of cyberattacks they are susceptible to.

Meanwhile, software programmers can leverage emerging technologies such as artificial intelligence and machine learning to shore up cybersecurity for their products or systems. These tools can be used to detect anomalies, predict attacks, and automate routine tasks, freeing up security teams to focus on strategic initiatives. For instance, mobile banking apps could integrate AI to learn users’ financial habits and forestall irregular activities. Imagine a world where banking apps or ATMs can detect unusual financial transactions caused by robbery or cyberattacks, thanks to AI learning the customer’s spending patterns. However, it is essential to use these technologies responsibly and ethically, ensuring that they do not create new vulnerabilities.

However, due to infrastructural deficits in Nigeria, an AI-powered revolution in cybersecurity is still in its infancy because AI efficiency requires data centres capable of powering graphic processing units (GPUs). Currently, there are fewer than 20 active data centres in Nigeria.

However, the growth potential is viable if the government partners with private enterprises to invest in data centres to facilitate the AI revolution.

The need for more data centres cannot be overstated in light of recurrent allegations of data breach allegations against the National Identity Management Commission (NIMC). I believe all levels of government should invest heavily in data centres to decentralise data security efforts among various agencies. Why is this important? Operating multiple data centres across different regions will reduce the risks of centralising data. In line with our commitment to advancing innovation, Nugi Tech, the technology company I lead, is currently working on launching its data centre in Calabar, Cross River.

There is no denying that cybersecurity is capital-intensive, but it must be treated as a vital investment. Good investments yield attractive returns, so what are the benefits of investing in cybersecurity? Primarily, enterprises and governments rely on credibility, which is threatened by cyberattacks and data breaches. To quantify the value of cybersecurity, consider the consequences of lapses: financial losses, reputational damage, lawsuits, and regulatory fines, among others.

Enterprises and government agencies cannot afford the risks associated with complacency and negligence. A data breach can have catastrophic consequences for organisations, their customers, and partners. Investing in cybersecurity infrastructure is essential to protect businesses and build trust with stakeholders.

This article is contributed by Ugi Augustine Ugi, Solutions Architect and President of Nugi Group.

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