The funding comes as businesses across the continent focus on meeting data protection regulations and corporate governance requirements.

The round was co-led by Ventures Platform through its Pan-African Fund II. Cybervergent said the investment will help achieve its goal to replace slow, manual compliance processes with automated, real-time monitoring systems.

Many companies operating in regulated industries such as finance and healthcare still rely on periodic manual audits to meet compliance obligations.

Cybervergent’s software is designed to put an end to these bottlenecks by providing automated tools that continuously track regulatory and security requirements.

The platform functions as a central compliance layer, allowing organisations to monitor data protection policies and security controls in real time.

Instead of relying on occasional assessments, businesses can identify potential security gaps early and address them before they escalate into breaches or regulatory penalties.

“As Africa’s digital economy grows, the need for trusted systems that secure data and ensure regulatory compliance becomes even more critical,” the company said, describing its platform as key infrastructure for businesses operating in regulated sectors.

Cybervergent was founded by Adetokunbo Omotosho and Ayomide I. Daniels. The company already operates in several markets across West, East and Southern Africa, where it provides tools that help organisations automate complex governance, risk and compliance workflows.

With the new funding, Cybervergent plans to strengthen its presence in existing markets while expanding into additional African countries where new data protection laws are driving demand for automated compliance tools.

According to Cybervergent, its system replaces traditional “point-in-time” compliance reviews with continuous oversight, enabling companies to detect regulatory gaps and emerging security risks earlier.

Global Recognition for AI-Driven Compliance

Cybervergent’s approach to using artificial intelligence in compliance has also gained international recognition. In 2025, the company was named a Technology Pioneer by the World Economic Forum, a programme that highlights startups applying emerging technologies to transform their industries.

Industry observers say AI-driven compliance systems are becoming highly important as digital transactions across Africa grow rapidly and regulatory oversight expands.

Rising Investor Interest in Digital Infrastructure

The participation of Ventures Platform shows a trend among venture capital firms investing in digital infrastructure, the behind-the-scenes systems that support secure online services and financial transactions.

As governments introduce new policies around data protection, financial services and digital identity systems, tools that automate compliance and governance are becoming essential for companies operating across multiple jurisdictions.

Africa’s digital economy is expected to expand significantly over the next decade, but analysts say cybersecurity risks and regulatory complexity remain major challenges for businesses operating across borders.

Cybervergent says it aims to provide the infrastructure that allows companies to scale across African markets while remaining fully compliant with both local and international standards.

As if that weren’t disturbing enough, the cost of a data breach in 2024 hit an all-time high of $4.88 million on average, leaving companies to double up for solutions. 

But the damage doesn’t stop there—88% of cybersecurity breaches are caused by human error, showing how easily things can go wrong when someone clicks on the wrong link or forgets a password.

Meanwhile, 72.7% of organizations found themselves at the mercy of ransomware attacks in 2023, further increasing the cybersecurity scare. And let’s not even get started on the high price of cyber insurance, which saw premiums in the U.S. jump 50% in just one year, reaching $7.2 billion in 2022.

While the global industry is waging a war against digital threats, Africa is not immune. Governments and financial institutions are being attacked daily, with 29% of cyberattacks targeting governmental agencies and 22% aimed at financial organizations. 

In countries like South Africa and Nigeria, cybercriminals are exploiting vulnerabilities, making these nations prime targets for dark web activity.

But with the cybersecurity market in Nigeria expected to hit $146.4 million by 2025, there is hope on the horizon and several companies are building cybersecurity solutions to overcome these attacks.

With that in mind, let’s take a look at the top 10 cybersecurity companies to watch in 2025:

1. Digital Encode Limited
2. Cybervergent
3. Cybersafe Foundation
4. Sophos
5. ESET
6. RaveBeta
7. APISentry
8. Tabiri Analytics
9. SHELT SI
10. Sendmarc

These companies are bolstering innovation and offering much-needed protection in these vulnerable digital times:

1. Digital Encode Limited

The works of Digital Encode Limited in boosting cybersecurity in Africa and beyond have been so commendably loud. Established 21 years ago, the company did a lot in 2024, placing it as a top company for unicorn status in the cybersecurity space. 

Under the leadership of Dr. Obadare Peter Adewale, chief visionary officer, the company opened a state-of-the-art sub-Saharan global office in Lekki, Lagos. This facility is central to its mission of safeguarding organisations from emerging cyber threats.

Again, Digital Encode launched the Centre for Information Security Intelligence (CISI), a cutting-edge initiative designed to provide threat intelligence and enhance cyber situational awareness. 

CISI uses proprietary solutions to identify vulnerabilities and deploy targeted countermeasures, minimizing the likelihood of cyber incidents. This innovative approach has strengthened Digital Encode’s prestige as a leader in the cybersecurity space.

Dr Adewale recently emphasised the company’s focus on staying ahead of the curve through research, thought-provoking insights, and active participation in industry events. In 2024, Digital Encode also published groundbreaking research reports that impacted global cybersecurity discourse. The company’s innovation and client-centric strategies ensure they remain at the top of the industry, placing it among the top 10 cybersecurity companies to watch in 2025.

2. Cybervergent

Cybervergent, a technology firm specialising in automated cybersecurity solutions, has made waves in the cybersecurity field. In recent times, the company rose as a solution expert in the Nigerian business sector by addressing the recent enactment of the Nigerian Data Protection Act (NDPA), which imposes strict regulations on businesses handling personal data. 

Cybervergent has stepped up to simplify the compliance process, providing an AI-powered platform that automates data protection workflows, uploads essential documents, and ensures real-time monitoring. This solution is important for businesses striving to meet NDPA standards efficiently.

Adetokunbo Omotosho, co-founder and CEO of Cybervergent, recently spoke on the importance of this change. The company’s AI-automated compliance platform makes it easier for businesses of all sizes to scale through the complexities of the NDPA, offering guided workflows, early security reports, and document consolidation. 

With features like evidence collection, process automation, and industry-standard security checks, Cybervergent is making compliance both a regulatory requirement and also a strategic business asset.

In 2023, Cybervergent earned recognition from the Great Place to Work Institute, receiving Platinum certification for its outstanding work environment and employee experience. The company has become a top player in the Nigerian and African markets. The company is continuously providing scalable, automated solutions that enhance cybersecurity resilience for businesses globally.

3. Cybersafe Foundation

Cybersafe Foundation, led by Confidence Staveley, has been bridging the digital gender gap while bolstering cybersecurity awareness. In 2024, the foundation achieved extraordinary milestones, particularly through its DigiGirls programme, funded by the United Kingdom Government.

The programme trained over 65,000 women and girls across Nigeria, training them with employable digital skills.

The initiative’s success was celebrated at the International Women’s Day DigiHubs Awards, where several hubs across Nigeria were recognised for their outstanding contributions to digital inclusion. The programme’s innovative structure—supported by 200 volunteer alumni DigiChampions and partnerships with 60 hubs in 22 states—ensured its wide-reaching impact.

Cybersafe’s partnership with Check Point Software Technologies further held up its achievements in 2024. In integrating Check Point’s SecureAcademy courses into the CyberGirls programme, the foundation provided advanced cybersecurity training to women aged 18–28. This initiative addressed the gender gap in cybersecurity and also offered mentorship, certification preparation, and internship opportunities.

The foundation’s works have had a huge impact on underserved communities, enhancing socio-economic prospects for women while addressing global cybersecurity challenges. Confidence Staveley recently noted that the programmes have opened life-changing opportunities for many fellows, contributing to the pipeline of future cybersecurity experts.

These achievements highlight why Cybersafe Foundation is among the top cybersecurity companies to watch in 2025. 

4. Sophos

Sophos has consistently led adaptive cybersecurity. In 2024, its Managed Detection and Response (MDR) service experienced a 37% growth, now safeguarding over 26,000 organisations worldwide. This surge in demand stresses the efficacy of Sophos’ expert-led security solutions, particularly in fighting sophisticated threats like ransomware, phishing, and business email compromise.

What makes Sophos even more commendable is its unlimited incident response services included in the MDR package, sparing customers additional costs and allowing speedy mitigation of threats. In addition, its breach protection warranty offers up to $1 million in incident response expenses, enhancing trust among its clientele.

In 2024, Sophos invested heavily in advancing its MDR services, unveiling features like AI-assisted workflows and expanded integrations with third-party tools. These innovations made operations more efficient, reduced response times, and improved threat-hunting accuracy. 

Sophos also strengthened its ecosystem by integrating Microsoft Office 365 detection mechanisms and establishing partnerships with leading backup solutions such as Acronis and Veeam.

This approach earned Sophos several recognitions including titles like Leader in the IDC MarketScape and Frost Radar reports. It was also named Best Managed Detection and Response Service in the SC Awards, further bolstering its reputation. With solid solutions and a focus on innovation, Sophos is undoubtedly one of the top cybersecurity companies to watch in 2025.

5. ESET (Nigeria)

ESET stood out in 2024 as a Strategic Leader in AV-Comparatives’ Endpoint Prevention and Response (EPR) Comparative Report. With its ESET PROTECT Enterprise platform, the company asserted unmatched services by preventing breaches in 50 complex attack scenarios and detecting 98% of threats in their early stages.

ESET’s focus on quality and security earned it the Pan African Information Security Product of the Year Award, recognising its contributions to ICT solutions across Africa. Again, ESET took community engagement to heart, receiving the Cybersecurity Awareness Award at the San Diego Cybersecurity Stewardship Awards for educating and empowering users.

Customer satisfaction was another area where ESET did great. It earned 27 Leader Badges in G2’s Summer 2024 Reports, with 98% of users rating ESET PROTECT with four or five stars. With such high trust and effectiveness, ESET is resilient to remain a disruptor in the cybersecurity space this year.

6. Ravebeta

Ravebeta, founded in 2018 by Prince Ikechukwu Igwe, was officially incorporated in 2019. Born out of Igwe’s deep understanding of the threats in the digital space. His journey began when he organized the “Abia Cybersecurity Summit” while still a student at Abia State University.

This early exposure to cyberspace threats and his subsequent studies at Glasgow Caledonian University prepared him with the expertise needed to establish Ravebeta, which aims to help small and medium enterprises (SMEs) safeguard their digital assets.

In 2024, Ravebeta stood out for its ability to address local cybersecurity challenges, particularly in Nigeria, where cyberattacks on SMEs have skyrocketed. According to reports, Nigeria saw a 174% increase in cyberattacks targeting SMEs within just six months in 2022. Ravebeta’s approach to cybersecurity is unique, as it combines cutting-edge technology with a strong focus on education and awareness. 

In conducting outreach campaigns across schools, universities, and town halls, the company has helped businesses understand the importance of digital security. This educational approach has resulted in a 95% user satisfaction rate, with Ravebeta’s solutions helping clients in various sectors such as real estate, FMCG, telecoms, oil and gas, and government agencies.

Though still in its early stages, Ravebeta has done great in developing its flagship product, Ravebeta Plus, which is expected to enhance cybersecurity solutions greatly for businesses. The company’s works have been recognized for their focus on supporting SMEs to grow into large organizations while simultaneously providing advanced security solutions to larger enterprises. 

7. APISentry

APISentry, founded in 2023 by Sylvia Onwukwe, Damilola Enikanoselu, and Emmanuel Ezehiwele, has taken a unique approach to cybersecurity by integrating predictive analytics into its platform. Cyber threats are growing faster than ever, especially in Nigeria, where phishing attacks increased by 12% in Q3 2023 alone, businesses need an assertive cybersecurity solution. APISentry was created to address this need by developing a unified platform that detects and prevents cyber threats, as well as predicts them before they occur.

APISentry’s platform operates in two modes: a learning mode that flags suspicious activities and an active mode that blocks potential threats in real time. This dual functionality has proven to be highly effective, as seen by the company’s success in mitigating over a million cyberattacks. 

In one high-profile case, APISentry helped a financial institution prevent a Distributed Denial of Service (DDoS) attack by implementing rate-limiting measures to block malicious traffic while allowing legitimate operations to continue uninterrupted. This approach helped save the institution from major financial losses and preserved its reputation.

In 2024, APISentry’s continued success in protecting businesses from cyber threats placed it among the top cybersecurity companies to watch in 2025. The company has expanded beyond Nigeria, with a growing customer base in Kenya, Uganda, Rwanda, and Namibia. Its participation in accelerator programs, including the BRAIN Accelerator in Cape Town, has further boosted its visibility and network, ensuring the company continues to grow across the African continent.

8. Tabiri Analytics

Tabiri Analytics has introduced an innovative model to tackle the global cybersecurity talent shortage. In 2024, the company forged a partnership with Carnegie Mellon University to train individuals in Rwanda, training them with skills to address the increasing demand for cybersecurity professionals. 

This initiative helps to alleviate the talent shortage and provides an affordable, high-quality cybersecurity monitoring service to underserved markets.

Co-founders Savannah Kadima and Edwin K. Kairu highlighted the win-win nature of the initiative, stating, “Our clients benefit from a deeper bench of talent, while also getting a more affordable monitoring service. At the same time, we are building the next generation of cybersecurity professionals in underserved emerging market regions.”

Tabiri Analytics leverages this new talent pool to provide automated cybersecurity services, including low-cost hardware sensors, open-source software agents, and cloud-based computing to track and analyze system logs and networks.

This unique approach to outsourcing cybersecurity monitoring allows companies to focus on other areas of their business while Tabiri Analytics manages the cybersecurity risks. The company’s operational model provides a valuable service to clients, ensuring continuous protection against cyber threats while contributing to the growth of the local economy and training the next generation of cybersecurity experts. 

With a growing focus on affordability and automation, Tabiri Analytics is undoubtedly among the top cybersecurity companies to watch in 2025.

9. SHELT SI

SHELT, a respected provider of cybersecurity solutions, has significantly enhanced its position in the cybersecurity sector by launching SHELT System Integration (SHELT SI) in Nigeria. This is part of the company’s goal to accelerate Nigeria’s digital growth. 

With a solid six-year history of serving key sectors such as finance, telecommunications, and government, SHELT is well-placed to expand its services. SHELT SI is an important addition to SHELT’s portfolio, offering cutting-edge, scalable, and secure solutions that address the evolving needs of businesses in Nigeria.

SHELT SI is focused on providing trusted and unbiased expertise in cybersecurity while partnering with global leaders. These partnerships aim to deliver top-tier solutions in networking, cloud management, security, collaboration, managed services, communication services, and IT professional services. The company’s expansion will also focus on attracting top Nigerian talent, further bolstering the country’s digital space.

SHELT was recently honoured as the Top Cybersecurity Solutions Provider in the MENA Region, a recognition that reiterates its importance in addressing cybersecurity challenges globally. The company’s security operations centers (SOC), which operate 24/7 across multiple regions including Cyprus, Nigeria, and Saudi Arabia, are a testament to SHELT’s global reach. 

These SOCs provide cybersecurity-as-a-service, applying a ‘follow the sun’ model to ensure continuous protection against potential threats. This model allows SHELT’s experts to respond to security breaches in real-time, minimizing risks for its clients.

SHELT’s comprehensive security framework uses an adaptive architecture to stay ahead of evolving threats, drawing from both external and internal sources. This approach allows SHELT to detect, manage, and neutralize cybersecurity risks from a variety of sources, including surface, deep, and dark web data. 

Furthermore, the company has been commended for its ability to seamlessly onboard new clients, providing a plug-and-play service that does not require in-house expertise to maintain cybersecurity standards.

With its globally recognized certifications, including GDPR and ISO/IEC 27001:2022, SHELT’s allegiance to providing resilient and adaptive cybersecurity services makes it a company to watch in 2025 and beyond.

10. Sendmarc

Founded in 2020, Sendmarc, a South African startup, has quickly climbed to the top in email security, particularly through its innovative solutions to combat phishing, spoofing, and domain impersonation. 

With its specialized focus on DMARC (Domain-based Message Authentication, Reporting, and Conformance), Sendmarc ensures that organizations can manage and enforce secure email communication, thus preventing email-based fraud and safeguarding businesses from the harmful effects of phishing attacks.

In 2024, Sendmarc’s reputation continued to grow as it expanded its product portfolio to include additional cybersecurity features like Breach Detection and Lookalike Domain Defense.

These additions, which complement its existing DMARC solutions, are designed to protect businesses against data breaches and email impersonation, fortifying their defences against a growing range of cyber threats. 

The company is making the internet safer and has garnered global attention, with Sendmarc currently serving over 1,000 paying customers across multiple industries worldwide, including law firms, banks, and tech startups.

In addition to its great customer base, Sendmarc raised $7 million in Series A funding in 2023, led by Atlantica Ventures. The company’s plans for 2025 include expanding its reach to serve up to 100,000 customers in the next five years. This target is supported by Sendmarc’s growing presence in markets such as North America, Europe, South Africa, and Latin America, where it has established offices in the Netherlands, Argentina, and Canada.

Sendmarc’s innovation and customer satisfaction are seen in its hands-on approach to DMARC implementation and management. The company offers a collaborative journey to cybersecurity protection, working closely with businesses to ensure their email security is robust and up to global standards. 

With its unique combination of industry expertise, cutting-edge technology, and a focus on customer success, Sendmarc has earned its place among the top cybersecurity companies to watch in 2025 and beyond.

The Nigerian Fintech Festival 2024 will host over 1000 industry stakeholders within the fintech and financial service sector, with the aim to foster collaboration and partnership required to deepen digital payments and unlock value to drive sustainable growth for the business ecosystem in Nigeria.

The event, scheduled to take place at the Oriental Hotel in Victoria Island, Lagos, on Thursday, September 26, 2024, will feature an afterparty and top speakers, including Damilare Odueso, Co-Founder Crendly; Mayowa Owolabi, Co-Founder PaddyCover; Lanre Adelanwa, co-Founder/CEO of Optimus AI Labs; and Adaobi Igwe-Okerekeocha, chief innovations officer at Interswitch Limited, among others.

The event will provide a platform for industry players and key stakeholders to discuss topical issues and industry trends with the goal of facilitating the growth of digital payments in the country.

This year’s edition, themed “The Convergence to Co-Create & Celebrate Nigeria’s Truly Digital Economy,” highlights the festival’s dedication to fostering innovation and collaboration in Nigeria’s digital landscape.

According to Callistus Obetta, group executive, Technology, Digital Innovation & Services;

“FirstBank’s partnership with the Nigerian Fintech Festival not only aligns with its commitment to driving innovation but also fosters collaboration between the Bank and Fintechs towards growth of the Nigerian financial services sector. As an enabler and leader in the banking space, FirstBank is dedicated to promoting initiatives that foster collaboration, knowledge sharing, thought leadership that have potential to drive the future of finance and the country’s digital economy for the benefit of customers and businesses. This is testament to our 130-year legacy of enabling individuals, businesses, and communities to unlock their full potential.”

The Nigeria Fintech Festival, which is free for all attendees, has been designed to equip participants with the skills and insights needed to innovate and advance Nigeria’s digital economy.

Attendees can look forward to insightful panel sessions, keynote presentations, and fireside chats. Furthermore, attendees will have the opportunity to connect and network with fintech experts and key stakeholders.

Speaking on why the event was launched, Ikechukwu Ugwu, founder/MD, Total Scope Marketing Solutions & Convener of the Nigerian Fintech Festival, said;

“The Nigeria Fintech Festival is a platform that drives innovation and fosters collaboration within the financial service ecosystem. By bringing together thought leaders, innovators, and key stakeholders, the festival addresses the challenges and opportunities within Africa’s rapidly evolving fintech landscape. Its goal is to stimulate meaningful discussions and drive sustainable growth within Nigeria and across the continent’s digital payments ecosystem”.

He further said, “We are excited to create a platform that not only highlights Nigeria’s role as a leader in the fintech space but also paves the way for future advancements in the fintech industry.”

The Nigeria Fintech Festival has forged strategic partnerships with top organizations like FirstBank, MTN, Gunness, Optimus AI Labs, and Cybervergent, Crendly and other players, providing attendees with unparalleled access to a seamlessly immersive event experience.

The event will wrap up with an exhilarating afterparty featuring live performances by The Octaves Band, Mario Sings, and DJ Sammie.

This afterparty will offer attendees a chance to relax, network, and enjoy an evening of top-notch music and entertainment, bringing a thrilling close to a day of insightful discussions and industry networking.

During an exclusive media roundtable hosted by the cybersecurity firm, which provided insights into the trends and developments impacting the cybersecurity sector in the first six months of the year 2024, Gbolabo Awelewa, chief solutions officer at Cybervergent, explained the importance of cybersecurity vigilance. 

“In the past, we did a lot of this work without making it public. As tech people, we worked with our customers and didn’t realize how much we could improve the ecosystem by sharing these insights,” Awelewa said, pointing to the need for greater transparency within the industry.

The rise in cyber-attacks in Africa surged by 37%, with organizations facing an average of 2,960 attacks per week. 

This surge, coupled with evolving threats, stressed the importance of SOCs in monitoring, detecting, and mitigating risks. 

The SOC was likened to a fitness trainer, providing personalized recommendations to strengthen organizational cybersecurity measures, ensuring that systems remain resilient even in the dynamic threat space.

The H1 report also disclosed that 19,920 endpoints were actively protected, while 226,103 security events were resolved through automated processes. However, the SOC also faced challenges, including the identification of 13,305 false positives, which the platform meticulously filtered out.

Cyber Weaknesses and Challenges 

The report shed light on weaknesses that continue to affect organizations, particularly in sectors like financial services and healthcare. 

One major issue identified was the use of outdated legacy systems. “Many organizations, especially in financial services, are using legacy systems that are out of support. These systems often have vulnerabilities that can be exploited,” Awelewa said. 

He noted that efforts to put compensating controls around such systems often lead to further complications, especially when resources are limited.

Other challenges included human error, insufficient training, and a lack of awareness of the latest security standards, which left many organizations vulnerable to breaches. 

Awelewa further explained that fraud cases are often a result of intentional human actions, disguised as errors. “The biggest leaks in organizations today are due to human error — both intentional and unintentional,” he added.

Malware Trends and Threat Landscape 

The report detailed several emerging malware threats that organizations faced, including SocGholish, which uses social engineering to trick users into downloading malicious files, and Scattered Spider (UNC3944), which bypasses multi-factor authentication and infiltrates through cloud identities. 

The growing threat of Rilide Stealer was also revealed. This targets Chromium-based browsers to steal email credentials and crypto assets, as well as Vidar Infostealer, which compromises everything from crypto wallets to web browsers.

One of the most concerning malware identified was Vidar Infoskiller, a particularly dangerous tool that targets Windows-based applications and crypto wallets. Awelewa described the malware as “capable of bypassing multiple security layers, leading to serious financial losses.” 

He advised organizations to regularly update their software and educate employees on the latest phishing tactics to mitigate such risks.

Industry-Specific Challenges 

Cybervergent’s report also disclosed sector-specific cybersecurity challenges. For instance, the healthcare sector faces several difficulties in handling sensitive patient data within complex systems, while the education sector is constrained by limited budgets, preventing investments in advanced security measures. 

The manufacturing and retail sectors were noted for their struggle in balancing operational technology (OT) and IT security.

SOC as a Pillar of Resilience 

Cybervergent’s SOC played a very important role in defending against these evolving threats by continuously monitoring alerts, events, and threat indicators. 

A total of 116,580 detection analytics were applied, and SOC analysts meticulously examined 304,522 events, leading to the identification of 42,200 potentially malicious activities. This approach allowed the SOC to tailor cybersecurity measures to improve clients’ overall cyber health.

Awelewa likened the SOC’s role to that of a fitness coach, constantly guiding organizations to strengthen their security posture. “Our job is to spot threats early and help our customers respond quickly. It’s all about being proactive,” he reiterated, stressing the need for organizations to adopt assertive cybersecurity measures instead of reactive approaches.

Cybervergent — H2 Focus on Zero-Day Exploits and CaaS 

For the second half of 2024, Cybervergent looks to focus on combating zero-day exploits, strengthening cloud security, and addressing the rise of Cybercrime-as-a-Service (CaaS). 

Awelewa emphasized the need for organizations to fortify their defences, particularly against insider threats and sophisticated ransomware attacks.

He called on all organizations to prioritize cybersecurity, treating it not just as a compliance requirement but as an integral component of their operational strategy.

Remaining vigilant and investing in strong security tools will enable companies to build a more resilient defence even as the digital environment becomes more hostile.

“In cybersecurity, it’s not about if an attack will happen, but when. Preparedness is key,” Awelewa concluded.

Financial industry experts are warming up for the first edition of PAFON, scheduled to take place at Oriental Hotel, Lekki Road, Lagos on Thursday March 21, 2024, by 9am.

The Forum aims at providing an inside-look at the industry, offering perspectives from key stakeholders, including payment networks, technology innovators, leading merchants, issuers, acquirers and payment processors.

Throughout the years, the finance world has shifted into something much more than just banking and big corporations.

Speaking ahead of the star-studded PAFON 1.0, with the theme: “Payments: Trust, Security and Privacy in AI Era”, Dr. Adewale Peter Obadare, the Chief Visionary Officer [CVO], Digital Encode Limited, said that customers want to be assured that their sensitive information, such as credit card numbers and personal details, is treated with utmost care hence security has become paramount in the payments industry.

“Secure payment processing ensures that data breaches are minimized, instilling confidence in customers to keep coming back. Nigerian financial institutions reported ₦159 billion ($201.5 million) lost to fraud cases since 2020, according to the Financial Institutions Training Centre (FITC). This is what the experts must tackle and customer awareness is key too”, he said.

Based on a report by Gartner, by 2024, 40% of privacy compliance technology will rely on AI, up from 5% in 2019, and by 2025, 60% of large organizations will use at least one privacy-enhancing computation technique in analytics, business intelligence, or cloud computing, and financial services industry is no exempted.

On the other hand, Roosevelt Elias, the co-founder of Payble, described PAFON as a ‘must-attend’ Forum due to the ‘issues listed to be discussed are germane and require critical attention.

For instance, building financial inclusive products requires a mix of technology and illiteracy. The industry can’t achieve this by working in silos; we just have to unite to achieve the set target on financial inclusion, particularly for the rural dwellers.

Digital Encode Limited (a leading consulting and integration that specializes in the design, management, and security of business-critical architecture); Cybervergent (a company dedicated to helping protect business sensitive data from cyber-attacks, including customer information, financial records and intellectual property); Payble (a fintech startup that modernises local government payments such as creating citizen-centric payment experiences, delivering flexible billing and simplified rate collection, will be joined at PAFON 1.0 by Inlaks, an IT company that offers core banking, fraud management, cybersecurity, cloud, data center, enterprise risk management, amongst other industry players.

“Our goal is to enable information exchange and knowledge sharing on key industry insights issues amongst key stakeholders, with the objective of ensuring a collaborative and proactive approach to push for policies that enable growth, tackling/mitigating fraud and limiting occurrences and losses”, said Mr. Chike Onwuegbuchi, the co-founder of TechCastle Foundation, organisers of Payment Forum Nigeria (PAFON).

He said that the Forum is driven by the reasons to; “educate and inform financial service players and other stakeholders on various issues and trends (both locally and globally); proactively share data/information amongst banks, Fintechs and other service providers, to enable prompt responses to prevent and/or limit (customer-related) losses; and discuss key Payments security trends”.

“Speakers will be drawn among industry players such as banks, Fintechs, mobile money operators, blockchain experts, Cybersecurity, etc., as we expect attendees from the Central Bank of Nigeria (CBN); e-Banking Heads; Chief Compliance Officers of banks in Nigeria; Chief Internal Auditors of banks in Nigeria; Office of The National Security Adviser; Switching companies; the Economic and Financial Crimes Commission; Licensed Mobile Payment Operators; Electronic Payments Providers; Information Security Experts; Consumer Protection; Financial Policy and Regulation; Information Technology; Legal Services; Banking Supervision; Corporate Communication; Shared Services Office; Blockchain Security Experts, etc”, he added.

Participation:

Participation is free; however, you are required to pre-register using the link here.

For sponsorship, please contact: Mr. Chike Onwuegbuchi via: 08123355522 or Peter Oluka: 08184346261 or email: africaTechAllianceForum@gmail.com.

This groundbreaking legislation marks a transformative shift in how businesses handle personal data, necessitating strict adherence to robust regulations. Non-compliance exposes businesses to substantial financial penalties, potentially reaching 10 million naira or 2% of annual revenue.

Considering this, Cybervergent, a technology firm specialising in automated cybersecurity solutions, is revolutionising the NDPA compliance landscape.

The company facilitates a seamless onboarding process, empowering businesses and organisations to embark on their NDPA compliance journey.

This involves automatically uploading essential documents, real-time monitoring through an intuitive AI-automated interface, and consolidating regulatory documents in a secure location.

The streamlined process ensures the safeguarding of customer data and adherence to stringent compliance and security standards.

Addressing the significance of these services, Adetokunbo Omotosho, co-founder and Chief Executive Officer of Cybervergent, emphasised, “NDPA compliance is not a choice; it’s an imperative for businesses. As organisations grapple with aligning with these stringent regulations and the imminent March 15^th, 2024, deadline, Cybervergent has proactively introduced an AI-automated compliance platform tailored for corporations of all sizes. This platform serves as a guide, simplifying the intricate journey towards NDPA compliance.”

Critical features of Cybervergent’s data protection platform include the efficient streamlining of NDPA compliance processes, industry-best-practice security checks, and process automation that replaces cumbersome spreadsheets.

This automated approach includes evidence collection, document uploads, guided workflows, and the generation of early security reports.

“NDPA compliance transcends mere regulatory adherence; it is a strategic business imperative. Compliance cultivates digital trust and transparency, instilling confidence, and loyalty among customers.

The focus on data security inherent in NDPA compliance significantly reduces the risk of personal data breaches, showcasing a commitment to safeguarding customer information.

“Beyond regulatory requirements, NDPA compliance becomes a catalyst for revenue growth. Businesses in compliance are better positioned to meet evolving demands for robust security measures and industry-standard certifications, thereby fostering digital trust and mitigating third-party risks.

“The consequences of non-compliance with NDPA can be severe, emphasising the urgency for businesses to adopt proactive measures. Cybervergent’s experts are ready to guide businesses through the intricacies of NDPA compliance, employing best practices to enhance security and privacy,” added Omotosho.

What you should know about Cybervergent:

• Cybervergent is a leading provider of AI-automated compliance solutions dedicated to simplifying and enhancing data protection processes for businesses navigating the complexities of regulatory requirements.

The award, which is a measurement of an organisation’s Trust Index score, underscores the company’s commitment to the employees as they remain a key driver of its successes.

According to Adetokunbo Omotosho, the Co-founder and Chief Executive Officer of Cybervergent, as a business, they understand the critical role that cybersecurity plays not only in protecting organisations but also in safeguarding the national security of the country.

Through its proprietary technology, Cybervergent ensures seamless integration, allowing organisations to proactively protect their networks, data, and applications from malicious intrusions.

To this end, Omotosho said, “Our rebranding to Cybervergent signifies a transformative journey from advisory services to a technology powerhouse. Now, our specialised focus on cybersecurity enhances our capabilities to provide tailored, automated solutions addressing the unique challenges faced by modern businesses.

“Cybervergent’s team of seasoned experts and engineers is dedicated to staying ahead of cyber threats, ensuring that businesses are shielded from the ever-evolving digital risk landscape”, he added.

In 2022, the Nigerian financial sector recorded financial losses worth more than N2 trillion to cybersecurity breaches. Hence, Omotosho said there is an urgent need for the Nigerian business community to build a robust cybersecurity solution and resilience to manage future losses.

“In today’s data-driven world, customer trust is paramount. A breach can erode trust and damage a company’s reputation. Prioritising cybersecurity demonstrates a commitment to protecting customer data, fostering trust, and maintaining a positive brand image.

“Many industries have stringent regulations regarding the protection of sensitive information.

“Cybersecurity measures ensure compliance with these regulations, avoiding legal consequences and financial penalties for organisations found wanting.

“As businesses embrace digital transformation, cybersecurity becomes an enabler for innovation. This is because secure digital platforms and emerging technologies empower organisations to explore new business models and stay competitive.

For us, we understand that cybersecurity is not just a defensive measure but a strategic asset that empowers businesses to thrive in the digital landscape. Our solutions are designed to be proactive, adaptive, and aligned with the dynamic needs of modern enterprises. By helping automate the fortification of our client’s our cyber defenses, we contribute to their overall resilience and service to their customers.

“We recognize that cybersecurity is not just a defensive measure but a strategic asset that empowers businesses to thrive in the digital landscape. Our solutions are designed to be proactive, adaptive, and aligned with the dynamic needs of modern enterprises.

“Moreso, Cybersecurity is fundamental in securing critical national infrastructure such as power grids, communication networks, and financial systems. A cyber-attack on these infrastructures could have severe consequences for the nation’s stability and well-being. Cybersecurity is closely tied to the economic health of a nation. Successful cyber-attacks can disrupt national activities leading to economic losses and potential job cuts.

“Constant monitoring and analysis of cyber threats provide valuable intelligence for national security agencies. Collaboration between the public and private sectors is crucial to sharing threat intelligence and responding effectively to emerging cyber threats. In essence, investing in robust cybersecurity measures is an investment prosperity.

“At Cybervergent, we are committed to playing our part in fortifying the cyber defenses that underpins our clients’ and national well-being”, he said.

“Cybervergent is Locally Relevant and Global Competitive” – Omotosho

Cybervergent has rejigged its operations to focus on cybersecurity landscape in Africa and beyond.

With the latest development, Cybervergent has become a locally relevant and global Competitive company that provides automated, AI-powered cybersecurity solutions, to some of the biggest organisations you can ever think about.

Speaking during a media parley at Cybervergent’s headquarters in Lagos, Adetokunbo Omotosho, the Co-founder and Chief Executive Officer, said they have enormous investments as part of their quest to meet the clients’ cybersecurity needs.

Cybervergent recently pivoted from cto Cybervergent, a pioneering technology company dedicated to revolutionising the cybersecurity landscape in Africa.

“This strategic shift marks a significant milestone in our unwavering commitment to pioneer the Africa’s cybersecurity through innovation, automation, and all-encompassing scaled solutions”, said Omotosho.

“For us, Cybervergent represents not just a name change; it embodies the convergence of cutting-edge technology, visionary leadership, and our resolute commitment to safeguarding businesses in the digital age on the continent, starting from Nigeria, Africa’s largest economy.

He said that Cybervergent’s intervention will help to curtail losses incurred by businesses in Nigeria, Africa and beyond as they presently offer services to organisations in three continents.

Meanwhile, this report indicates that in 2018 alone, commercial banks in Nigeria lost a cumulative N15 billion ($39 million) to electronic fraud and cybercrime.

This was a 537 per cent increase on the N2.37 billion loss recorded in 2017. In the same period in 2018, over 25,043 bank customers and depositors lost N1.9 billion to cyber fraud, rising by 55 per cent from the previous year’s 17,600.

“With our refreshed brand identity, we are poised to evolve the cybersecurity landscape, offering a comprehensive suite of solutions designed to thwart cyber threats, streamline security operations, and enhance overall business resilience”.

The CEO said that they are setting a new standard in the cybersecurity space with the advanced automated platform leveraging artificial intelligence and machine learning algorithms.

This innovative approach, Omotosho said, empowers businesses to fortify their digital assets, detect real-time threats, and respond swiftly to evolving cyber breaches.

Through its proprietary technology, the company ensures seamless integration, allowing organisations to proactively protect their networks, data, and applications from malicious intrusions.

“Our rebranding to Cybervergent signifies a transformative journey from advisory services to a technology powerhouse. Now, our specialised focus on cybersecurity enhances our capabilities to provide tailored, automated solutions addressing the unique challenges faced by modern businesses.

“Cybervergent’s team of seasoned experts and engineers is dedicated to staying ahead of cyber threats, ensuring that businesses are shielded from the ever-evolving digital risk landscape”, he added.

Recently, Cybervergent was certified in the Platinum category by the Great Place to Work Institute following the completion of a full assessment of our work environment and outstanding employee experience.

The award, which is a measurement of an organisation’s Trust Index score, underscores the company’s commitment to the employees as they remain a key driver of its successes.