Presentation at the

of the

Theme:

by:

Abdul-Hakeem Ajijola

info@consultancyss.com
Chida International Hotel, Abuja, FCT Nigeria
18 July 2017 Abdul-Hakeem Ajijola (.AhA) info@consultancyss.com
 DISRUPTIVE TECHNOLOGIES

A disruptive technology
is one that displaces an
Advances that established technology
will transform and shakes up the
life, business, industry or a ground-
and the global breaking product that
economy. creates a completely
www.mckinsey.com/business-
functions/digital-
mckinsey/.../disruptive-
new industry. Professor Clayton M.
Christensen, Harvard Business School, 1997 book
technologies
entitled, The Innovator’s Dilemma (Management of
Innovation and Change).
http://www.amazon.co.uk/gp/product/1633691780/ref
=as_li_tl?ie=UTF8&camp=1634&creative=6738&creative
ASIN=1633691780&linkCode=as2&tag=intelligenthq-21

Abdul-Hakeem Ajijola (.AhA) info@consultancyss.com

 DISRUPTIVE TECHNOLOGIES FROM THE RECENT PAST
Category Disruptive innovation Market disrupted by innovation Category Disruptive innovation Market disrupted by innovation

Academia Wikipedia Traditional encyclopaedias Music Digital Electronic

Communication Telephony Telegraphy synthesizer organ, electric
Computing Minicomputers Mainframes Gramophone piano and piano
hardware Personal computers Minicomputers, Workstation Downloadable Pianola
Pocket calculator s. Word processors, Lisp Digital media/ CDs, DVDs
Digital calculator machines
Online
Smartphones 3.5 standard calculator[1]
Mechanical calculator Photography Digital Chemical photography
Personal photography Photographic film
computers, laptops, PDAs
14 inch hard disk drive
High speed
CMOS video
Data storage 8 inch floppy disk 14 inch hard disk drive
drive 8 inch floppy disk drive
sensors
5.25 inch floppy 5.25 inch floppy disk drive
disk drive Bernoulli driveand Zip drive Publishing Computer Offset printing
3.5 inch floppy disk printers Traditional publishing
drive
CDs and USB flash
Desktop Typewriter
drives publishing
Word
Display Light-emitting Light bulbs Processing
diodes CRT
LCD LED displays
Transportation Steamboats Sailing ships
Manufacturing Hydraulicexcavators Cable-operated excavators
Mini steel mills Vertically integrated steel Automobiles/ Rail transport
mills Cars
Plastic Metal, wood and glass High speed rail Short distance flights
Private jet Supersonic transport
Medical Ultrasound Radiography(X-ray imaging)

Source: https://en.wikipedia.org/wiki/Disruptive_innovation Abdul-Hakeem Ajijola (.AhA) info@consultancyss.com

 LANDSCAPE OF CONTEMPORARY DISRUPTION
Legend

Mass adoption of
disruptive
technologies
Internet of Autonomous Machine Big Data
Things Systems Learning Analytics

Transportation & Infrastructure

Public Safety/ Security Key
Health Care/ Life Sciences sectors
Finance and
Industrial/ Manufacturing markets
Education
Cyber Citizen External Forces
Privacy Regulation
Security Trust

Source: Images: NASA; Roman Boed, Creative Commons BY 2.0; Brett Jordan Creative Commons BY 2.0 license; John
Tolva , Creative Commons BY-NC-SA 2.0; Michael Sean Gallagher, Creative Commons BY-SA 2.0; Office.com Abdul-Hakeem Ajijola (.AhA) info@consultancyss.com
 EXAMPLES OF DISRUPTIVE TECHNOLOGIES

Automation of Advanced Virtual Artificial

Mobile Internet Internet of Things Advanced Robotics
knowledge work Reality Intelligence

Autonomous or
Blockchain Next-generation Medical Next generation
Cloud Near-Autonomous
Technology: Genomics Innovations Storage
Vehicles

Advanced Oil and

3D Printing High-Speed Travel Materials Gas Exploration Renewable Energy Space Colonization
and Recovery

Abdul-Hakeem Ajijola (.AhA) info@consultancyss.com

 FINTECH: DISRUPTIVE INNOVATION IN FINANCIAL SECTOR
▪ Meeting Customer
needs
▪ Disrupting
traditional financial
structures and
Finance Technology business models

21st Century
Phenomena

Technology Machine learning and cognitive computing

Drivers:
Digital currencies and blockchain
Big data analytics, optimisation and fusion
Distributed systems, mobile payments and peer-to-peer
applications
Source: Steve Smith https://www.ashburnham-insurance.co.uk/blog/2015/11/what-is-fintech-a-simple-explanation/ Abdul-Hakeem Ajijola (.AhA) info@consultancyss.com
 SCOPE OF FINTECH
Core Components Users

Financial
Retail Banking
Education
B2B For Banks

Crypto-
Investing For
currencies
Corporate B2B
Clients
Examples
Stock trading
For Small
B2C Business
Peer to peer lending Customers
Robo advisory services
All-in-one online personal For
B2C
finance management Consumer
Budgeting tools
Abdul-Hakeem Ajijola (.AhA) info@consultancyss.com
Source: www.investopedia.com
 FINTECH ECOSYSTEM

Source: http://fintechinfo.com/fintech-mind-map/?utm_content=buffer6ba6e&utm_medium=social&utm_source=pinterest.com&utm_campaign=buffer
Abdul-Hakeem Ajijola (.AhA) info@consultancyss.com
 NIGERIA FINTECH LANDSCAPE
Amplify Nairabox BuxMe SimplePay VoguePay Remita

PayWithCapture
Cashenvoy

Etranzact Payment Firstmonie

eSuSu platforms
KongaPay
PayPad Paystack
Banking Paga
services
Nigeria Fintech Aella
Paylater
*737* Landscape Credit

C24
Finance Limited
Piggybank Management Lending
platforms RenMoney
“…..Banking and Fund/ Transfer/ Payments as sectors
most likely to be disrupted over next 5 years….”
“…..Life Insurance, Auto-Insurance an Intermediaries One
Loyalty (Brokers/ Agents)….” Credit
platforms PWC, Nigeria Fintech Survey 2017
Merchant
Cryptocurrency services
https://www.pwc.com/ng/en/pdf/nigeria-fintech-report-2017.pdf

Suregifts
BitPesa PayAttitude Slimtrader

Source: David Adeleke https://techpoint.ng/2016/06/24/fintech-landscape-nigeria/ Abdul-Hakeem Ajijola (.AhA) info@consultancyss.com

 SAFEGUARDING FINANCIAL STABILITY & FOSTERING FINTECH

Debate the ethical use of data

Set up forum for public-private dialogue

Clarify the
boundaries on Proactively set industry standards
the use of Identify areas
customer data where Monitor & understand
Redefine & Fintech innovation
for business regulations &
purposes by technology enforce an
actors in the advancement is approach to Ensure that
financial system needed to good conduct in stakeholders are
enhance Fintech light of new well equipped to
stability technology- mitigate risks
enabled arising from
innovations Fintech

Source: World Economic Forum, https://www.weforum.org/agenda/2016/04/5-things-you-need-to-know-about-fintech/

Abdul-Hakeem Ajijola (.AhA) info@consultancyss.com
 SECURITY
▪ The state of being free from danger or threat
▪ https://en.oxforddictionaries.com/definition/security

Information
Communication Physical Political Monetary
Technology

• Cybersecurity • Airport security • National security • Economic

• Communications • Corporate • Public security security/
security security • Homeland financial security
• Computer • Food security security • Social security
security • Home security • Internal security
• Internet security • Infrastructure • International
• Application security security
security • Personal security • Human security
• Data security • Port security • Food Security
• Information • Supply chain
security security
• Network security • Transportation
• Endpoint security security

Source: https://en.wikipedia.org/wiki/Security Abdul-Hakeem Ajijola (.AhA) info@consultancyss.com

 SECURITY CONCEPTS

• Level of guarantee that a security system will

Assurance
behave as expected

• A way to stop a threat from triggering a risk

Countermeasure
event

Defence in depth • Never rely on one single security measure alone

Risk • A possible event which could cause a loss

• A method of triggering a risk event that is

Threat
dangerous

• A weakness in a target that can potentially be

Vulnerability
exploited by a security threat

• A vulnerability that has been triggered by a

Exploit
threat - a risk of 1.0 (100%)

Source: https://en.wikipedia.org/wiki/Security Abdul-Hakeem Ajijola (.AhA) info@consultancyss.com

 CYBERSPACE
Cyberspace is an environment that combines
• People, Processes & Technology
Cyberspace is not borderless:
• Perceived as borderless because its borders are seamless to
the end user.
• Every country has its own cyberspace which is defined by its
national infrastructure.
Implications:
• Threat actors carry out their activities in an apparently
seamless environment,
• Law Enforcement Operatives are constrained by issues of
jurisdiction.
Nigeria through the 2015 National Cybersecurity Policy & the
National Cybersecurity Strategy recognizes cyberspace as the
5th domain of warfare after Land, Sea, Air & Outer-space.
Abdul-Hakeem Ajijola (.AhA) info@consultancyss.com
 CYBER “THREAT” SPACE

Fueled by:
▪ Opportunity
▪ Interconnectedness
▪ Ignorance

#Weaponisation
of #FakeNews and
#Hatespeech

Abdul-Hakeem Ajijola (.AhA) info@consultancyss.com

 CYBERSECURITY VS. CYBER-CRIME
▪ Cybersecurity
▪ Protection of assets against
risks within, & from, the
electronic environment
▪ Risk Management
▪ An Economic Problem
▪ Cyber-Crime
▪ Conduct prohibited by law, with
prescribed punishment, carried out
using digital systems like
computers, electronic, ancillary
devices, processes and/ or
procedures Abdul-Hakeem Ajijola (.AhA) info@consultancyss.com
 FOLLOW/ PROTECT THE MONEY
Intellectual
Property Confidence:
Knowledge isn’t
Distribution
Channel
Investor power until it is
and User
applied
Dale Carnegie
Revenues Data

ASSETS:
Disruption (4D’s) of
FINTECH/ Asset Management
DISRUPTIVE Human
Reputation START-UP Resources Industry:
▪ Digitalisation,
Creative
▪ De-risking,
Traction
Energy ▪ Disintermediation
▪ Democratisation
Element of JR Lowry, EMEA head of State
Funding Surprise Street Global Exchange
Abdul-Hakeem Ajijola (.AhA) info@consultancyss.com
 CYBERSECURITY FRAMEWORK

Identify Protect Detect Respond & Recovery

Anomalies and Response &

Asset Management Access Control
Events Recovery Planning

Security
Business Awareness &
Continuous Communications
Environment Training
Monitoring

Detection
Governance Data Security Analysis
Processes

Information
Risk Assesment Protection Processes Mitigation
& Procedures

Risk Management
Mainentance Improvement
Strategy

Protective
Technology

Source: http://www.suretyit.com.au/it-services/cybersecuritystrategy/ Abdul-Hakeem Ajijola (.AhA) info@consultancyss.com

 CYBER RESILIENCE ACTION PLAN -- CHANGE BEGINS WITH ME

Organisational Readiness
Situational Awareness
Cyber Defence
Detection
Mitigation and Containment
Recovery
The ability of a system or a domain to
“
withstand attacks or failures and in such
events to re-establish itself quickly”
Nigel Inkster, USA International Institute of Strategic Studies
Source: Nigel Inkster, USA International Institute of Strategic Studies Abdul-Hakeem Ajijola (.AhA) info@consultancyss.com
 CYBERSECURITY RESILIENCE MATURITY FRAMEWORK
Maturity Employment of Security Tailored to Participate in Response to Cyber Resilience to Cyber
Descriptor Security Controls Mission Information Threats Attacks
Sharing (Threat/
Vulnerability)
Level 5: Augment CSC Mission Real-time Anticipate Operate through
Step 2: Address

Resilient Based on Mission Assurance Response to Threats Sophisticated

Sophisticated

Focused Inputs Attacks

Attacks

Level 4: Augment CSC Mission Focused Real-time Rapid Reaction Able to Respond
Dynamic Based on Mission Response to to Threats to Sophisticated
Inputs Attacks

Level 3: CSC Integrated Partially Mission Respond to Respond to Protection

Managed and Focused Information Attacks After the Against
Step 1: Critical Security

Continuously Inputs Fact Unsophisticated

Monitored Attacks
Controls (CSC)

Level 2: Foundational Mission Agnostic Inconsistent Respond to Some Protection

Performed Critical Security Response to Attacks After the Against
Controls (CSC) Information Fact Unsophisticated
Implemented Inputs Attacks

Level 1: No Inconsistent None None No Response Susceptible to

Resilience Deployment of Unsophisticated
Security Controls Attacks

Source: John Gilligan, President and Chief Operating Officer at Schafer Corporation Abdul-Hakeem Ajijola (.AhA) info@consultancyss.com
 CORE ORGANIZATIONAL STRATEGY
• Ensure your cyber security is as effective as
possible without compromising the usability
of your systems.
APPROACH • Ensure you have robust business continuity
plans in place that cover your information
assets so that you can resume normal
operations as soon as possible if an attack is
successful.

• ISO27001: Implementation of an Information

Security Management System (ISMS);
Follow • ISO22301: Implementation of a Business
International Continuity Management System (BCMS).
Standards as • ISO27031, Applies specifically to information
guides and communication technology business
continuity, and the requirements of ISO27001
and ISO22301 are mutually compatible.
Source: UK Government Cyber Essentials Scheme https://www.itgovernance.co.uk/cyber-essentials-scheme Abdul-Hakeem Ajijola (.AhA) info@consultancyss.com
 STEPS TO SECURING (CYBERSECURITY) FOR FINTECH/ DISRUPTIVE STARTUPS

Identify specific Have role-

What are the
Appoint a Security personal data specific
top 10 ways to
Evangelist/ Czar. protection security
obligations. attack you?
training.

Embed Adopt secure Check your Know which

security in coding security bugs matter to
your product. standards. features. you.

▪ Women in Cyber Security

Penetration ▪ Africa Cyber Security Market $0.92
Embed
test after
security Billion in 2015 & $3.6 Billion by 2018
every major
testing. ▪ CS2 #HackBossNigeria 2017
change.
▪ Cybersecurity Solutions Industry
Source: Edgar ter Danielyan, https://thefintechtimes.com/10-steps-cyber-security-fintech-startups/ Abdul-Hakeem Ajijola (.AhA) info@consultancyss.com
 for O ṣeun,
your fun
akiyesi rẹ
attention

Na’gode, Na-ekele
don gị, n'ihi na
kulawa gị na anya

info@consultancyss.com Abdul-Hakeem Ajijola (.AhA) info@consultancyss.com