News

Cybersecurity budgets: The delicate balance of spending money to save money

 

 

Allocating sufficient budget to cyber threats can be a complex issue that requires the cooperation and coordination of all executives within an organisation. When a company’s financial and reputational welfare is at stake, it pays to effectively calculate the priority such risks should be awarded during budgeting, says Ryan Mer CEO at eftsure Africa, a Know Your Payee™ (KYP) platform provider. For CFOs, it’s not a question of whether a cybersecurity budget should be in place, but rather how much is enough.

The bigger the potential gain, the bolder cyber attackers become at finding creative ways to intercept payments or hack into company systems. Business email compromise (BEC) remains one of the most significant threats, intercepting invoices from suppliers and diverting payments by creating fraudulent bank accounts is another way hackers make quick financial wins. CIOs and CTOs may be the experts on your IT and internal technical processes but may not have the expertise, or the time, continuously to track the latest techniques being used by cybercriminals. In setting cybersecurity spend, the risk of inadequate protection should be weighed against the financial and reputational consequences of becoming a victim of cybercrime.

Factors determining cybersecurity spending

There are several issues to take into consideration when budget setting to cover cybersecurity risks. The nature of your company is a determinant of the level of risk you face (though no single operation is immune). Securing your organisation’s financial processes is an important starting point as the most valuable company data is usually related to its finances, which places a high degree of responsibility on CFOs, controllers, and other financial staff.

Financial workers can and should have an important voice alongside the company’s IT department, helping to devise a cybersecurity plan that addresses areas of concern, including issues related to payment fraud. Staff training on issues around cybersecurity including awareness around Business Email Compromise (BEC) should be ongoing and must be included in overall cybersecurity budgets.

How cyber risk averse or risk tolerant are you?

Ultimately, cybersecurity is as much a business strategy issue as it is a technical one and the decision on how much to allocate to your cybersecurity budget must be taken with the overall financial and reputational health of the company in mind. This means involving the entire executive team in decisions around budgets. Cybersecurity awareness should come from the top and how it’s managed should be thoughtfully considered on an ongoing basis given the rapid increase of common attacks like malware, phishing and BEC.

Inhouse or outsourced cybersecurity?

Keeping the management of cybersecurity in-house limits spending, which means heads of IT are responsible for keeping on top of ever-evolving risks. Fixing an amount in this way, however, does not take into account the ever-changing risk environment and may result in the IT department coming back, again and again, to request additional amounts to cover additional unanticipated risks. Engaging with cybersecurity consultants is worthwhile to give an expert external perspective on your organisation’s risk posture and how to address potential gaps. Software upgrades should play a pivotal role in an organisation’s cybersecurity controls, regardless of whether managed internally or via cybersecurity consultants.

Managing risks and security within an organisation becomes everyone’s responsibility given the ways modern businesses and processes are interconnected. Senior management can provide training to other staff to ensure awareness, education and compliance with procedures, while also enlisting the services of external cybersecurity experts to bolster efforts from time to time.

Protecting your organisation’s financial processes

A solution like eftsure protects your financial processes which are the most vulnerable, to mitigate against payment fraud. Placing your company, suppliers and customers at risk simply isn’t worth, well…the risk and taking a realistic look at all the systems that comprise the entire value chain of your operations is necessary when it comes to deciding budget limits. There are also massive efficiencies to be gained by automating and digitising financial processes which almost immediately have a positive impact on a company’s bottom line. What is not in dispute is the need for companies to address the issue head-on and recognise that the threat is real, requiring budgetary expenditure commensurate a company’s risk profile.

Leave a Comment

Your email address will not be published.

You may also like

Business Culture Economy Society Travels Trends

Lagos Governor Speaks on Expansion of Red Line Rail Service, Receives Mixed Public Reactions

post-image

 

By ANTHONY EMEKA NWOSU

The Governor of Lagos State, Babajide Sanwo-Olu, has unveiled a significant enhancement to the Lagos Rail Mass Transit (LRMT) Red Line as part of the state’s ongoing efforts to revolutionize urban mobility. Effective from tomorrow, the Red Line will expand its service schedule, now offering five morning trips and four evening trips daily, an increase from the previous two morning trips. This step is aimed at improving the daily commute for residents traveling along the high-demand route from Agbado to Oyingbo.

This upgrade promises to ease the stress of navigating the city’s notorious traffic jams by reducing overall travel times. With a journey time of just 50 minutes between Agbado and Oyingbo, commuters will benefit from the convenience of waiting times as brief as two minutes at each station. The increased frequency of train services is expected to significantly enhance the efficiency and reliability of the Red…

Read More
Business Culture Economy Tourism Travels Trends

Radisson Hotel Group concludes record-breaking year with over 300 new signings and openings in 2024

post-image

Radisson Hotel Group (www.RadissonHotels.com) reported a record-breaking year in 2024 after adding almost 40,000 keys to its global brand portfolio, thereby achieving significant milestones and further strengthening its footprint around the world. Radisson Blu remained the leading upper upscale brand in Europe for the 13th consecutive year and the Group is now leading the upscale resort segment in EMEA.

VIDEO
Elie Younes, EVP & Global Chief Development Officer, walks you through Radisson Hotel Group’s 2024 Business Development highlights

 

Elie Younes, Executive Vice President and Global Chief Development Officer at Radisson Hotel Group, comments: “Despite global geopolitical…

Read More
Business Economy Gadgets News Security Society Software Technology Technology Trends

Zoracom Announces Strategic Collaboration with Exeon Analytics AG to Enhance Cybersecurity Resilience and Next-Gen NDR Solutions

post-image

 

Zoracom, Nigeria’s foremost Network Security Operations Center (NSOC) and leading cybersecurity firm, has unveiled a groundbreaking initiative aimed at advancing Next-Generation Network Detection & Response (NDR) capabilities and bolstering cybersecurity operational resilience. The company revealed plans for a strategic visit to its partner, Exeon Analytics AG, in Zürich, Switzerland, scheduled for 2025, as part of its commitment to innovation and excellence in the cybersecurity landscape.

In an official statement, Zoracom emphasized that this collaboration underscores its dedication to addressing the evolving challenges of cybersecurity in an increasingly digital world. The initiative is designed to not only enhance Zoracom’s service offerings but also to provide cutting-edge solutions to its growing customer base, which includes enterprises, government agencies, and organizations across various sectors.

Key Objectives of the Initiative

The strategic partnership with Exeon Analytics AG, a renowned Swiss-based leader in cybersecurity analytics, is expected to deliver significant benefits, including:

  1. Support for a Growing…
Read More
Business News

Why Every Business Needs a Website and Social Media Management – Menxtt Technology NG is the Digital Partner You Can Rely On

post-image

 

 

Imagine a customer hears about your business and wants to learn more. The first thing they do? Search for you online. If they find nothing—no website, no social media page—chances are they’ll move on to your competitor. In today’s fast-paced digital world, businesses that lack an online presence are practically invisible.

That’s why Menxtt Technology NG, a trusted IT solutions provider based in Ikeja, Lagos, is helping businesses of all sizes build strong digital footprints. From creating professional websites to managing social media pages and deploying smart business software, Menxtt ensures businesses don’t just exist online but thrive in the digital space.

According to Anthony Nwosu, a marketing consultant at Menxtt Technology NG, going digital is no longer an option—it’s a necessity.

“Think about it—when was the last time you tried a new restaurant, salon, or service without first checking them out online? Today’s customers do their research before making a decision….

Read More
Agriculture Business

John Dumelo: “Agriculture Has Given Me More Than I Ever Dreamed Of”

post-image

Acclaimed Ghanaian actor and entrepreneur John Dumelo has shed light on his decision to step away from acting, citing agriculture as a more rewarding and impactful pursuit. Dumelo, who once graced the screens in some of Ghana’s most popular films, revealed that he left the entertainment industry to focus on farming, a venture that has transformed his life in ways he never imagined.

In a candid statement, Dumelo expressed that the film industry was financially unsustainable for him, prompting him to seek a more stable and fulfilling career path. His passion for agriculture, coupled with a strong desire to fight hunger in his community, led him to invest in large-scale farming.

“The film industry was not enough to sustain me. Besides, I had a deep passion for agriculture and a desire to eliminate hunger in my community and beyond through my products. This passion led me to venture into poultry farming,…

Read More
Business

NIMC Partners with Vice President’s Office to Advance Gender Inclusion at #SheIsIncluded Conference

post-image

 The National Identity Management Commission (NIMC) has reaffirmed its commitment to gender equality by actively participating in the Gender Inclusion Conference (#SheIsIncluded), organized by the Office of the Vice President of the Federal Republic of Nigeria.

The conference serves as a significant platform for addressing key challenges faced by women in Nigeria, including education, healthcare, economic empowerment, and leadership opportunities. With gender inclusion being a crucial factor in national development, the event aims to foster dialogue and policy recommendations that will create a more equitable society for women.

Speaking at the event, representatives of NIMC emphasized the critical role of identity management in bridging gender gaps. They highlighted the need for inclusive policies that ensure…

Read More
Business Entertainment Environment News

The World’s Fastest-Rising Startups Emerge on the AI Industry’s Grandest Stage

post-image

 

 

While Ai Everything Global welcomed capacity crowds for a second consecutive day, Wednesday was momentous for several reasons – including the emergence of the world’s fastest-rising startups. As the most reputable and iconic AI and big tech enterprises attracted substantial visitor numbers at the largest public-private global AI gathering of the year. As, so too did pure AI startups.

 

With over 250 early-stage international AI companies participating – 70% of which are certified award-winning – the Ai Everything Global Exhibition Showcase was the perfect platform for these top-rated startups to shine.

Booster Robotics of China received enormous praise and plaudits on its first-ever appearance in the UAE. The advanced humanoids creator has experienced a meteoric rise since its establishment in 2023, inventing the Booster T1, which has since gained international attention with its crowning as the ‘fastest free-walk robot’ at the 2024 IEEE-RAS Humanoids Championship.

Chaoyi Li, Head of Globalisation at Booster…

Read More
Announcements Business Culture Economy Education News

Girls in STEM Program Celebrates Record Success as 100% of Matric Cohort Passes Exams, Secures Scholarships

post-image

 

Subheadline: Melisizwe Computer Lab Project and e4’s Initiative Empowers Young Women to Break Barriers in Science, Technology, Engineering, and Mathematics

The Girls in STEM Awards Ceremony, held on 31 January 2025, celebrated the remarkable achievements of young women who have overcome challenges to pursue careers in science, technology, engineering, and mathematics (STEM). This year, the program achieved a 100% pass rate among its matric cohort, with many students earning scholarships and university placements in highly competitive STEM fields.

Launched in 2021 by the Melisizwe Computer Lab Project in partnership with e4, the Girls in STEM program aims to equip young women with the knowledge, mentorship, and confidence needed to excel in technology-driven industries. Over the past four years, the initiative has opened doors for participants, transforming academic potential into tangible success.

This year’s top achievers include:

  • Talitha Moosa, who scored 95% in Physical Sciences and 96% in Mathematics, and will study Actuarial…
Read More