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Safaricom To Start Paying Handsomely Those Who Can Successfully Hack Into Their System

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The target groups are university and college students, innovation centres like iHub and iLab, cyber security forums such as Africa Hackon, ISACA and Hackathons.

Through a partnership with HackerOne, a cyber-security company, hackers can submit bugs they may find in a confidential and responsible manner which will then be vetted and triaged by the HackerOne team independently.

“The reason for starting this program was to encourage hackers to report any bugs/vulnerabilities that they may find in Safaricom’s products and services to Safaricom in a confidential and ethical manner instead of exploiting them or disclosing them to the public,” said Thibaud Rerolle, Safaricom’s Technology Director.

According to the firm if the issue is found to be valid, HackerOne will then forward it to Safaricom for confirmation before awarding the hacker for their effort.

Mr Rerolle said the award can range between Sh25,000 ($250) and Sh200,000 ($2,000) depending on the severity of the bug.

“The HackerOne platform is used by many Fortune 500 companies – the likes of Facebook, Google, Microsoft, Apple and even the US Department of Defence,” said Mr Rerolle.

As of July 2018, HackerOne’s network consisted of approximately 200,000 security researchers and had resolved over 72,000 vulnerabilities across over 1,000 customer programs and had paid over Sh3.1 billion ($31 million) in bounty rewards.

A report released by Serianu an IT services consultancy firm, showed that Kenya lost Sh21.1 billion to cybercrime in 2017, a 40 per cent increase from Sh15.1 billion in 2015.

This is a clear indication that hacking is becoming more widespread in the country and the amount of money lost to hacking is increasing rapidly.

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Safaricom also wants to discover more bugs/vulnerabilities by taking advantage of crowd sourcing whereby the telco can leverage on the knowledge and skills of many ethical hackers locally and even globally instead of just relying on their own expertise.

Bug county programs are also generally more cost effective than hiring security consultants to do penetration testing.

This is because for bug bounty programs, you only pay for bug or vulnerabilities found unlike hiring security consultants who are paid based on man hours regardless of whether they find any bugs or vulnerabilities.

Serianu report stated that over 90 per cent of African companies are operating below what is called the “cyber security poverty line”, which is a big concern.

This means that most companies in Africa do not have the basic security measures to deal with cyber security threats and this puts them and their customers at great risk of losing money or even their reputation as a company.

A good example is what happened to Facebook with Cambridge Analytica data breach that cost Facebook more than $100 billion (Sh10 billion) drop in their share price and eventually forced the CEO of Facebook to be summoned by the United States Congress and apologise to the public.

Sector players say the enactment of the Computer and Cyber Crime Bill 2017 was a big step for Kenya in cyber security as crime was not well defined and as a result, it was very difficult to convict anyone of a cybercrime.

They said the proposed Data Protection Bill 2018 is also another big step towards the right direction and is in line with global data privacy laws such as General Data Protection Regulation (GDPR).

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“However, a lot more still needs to be done by the government and other institutions to reach the same maturity level in cyber security laws as other more developed countries,” said Mr Rerolle.

“In 2017, the US passed over 240 cyber security related bills in various States so this goes to show you we still have a long way to go in Kenya and Africa in general,” added Mr Rerolle.

Source


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With Sh2B Investment, Taaleri Set To Purchase 20 Per Cent Of Cytonn Real Estate Project

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Cytonn CEO Edwin Dande

On 8th November 2018, Cytonn held a client cocktail meeting at the Nairobi Serena Hotel. The forum served as a platform to enable Cytonn celebrate the ongoing successful partnership with Taaleri, its institutional investor, while also providing an opportunity for Cytonn clients to interact directly with The Cytonn Board and Taaleri.

A section of attendees during the cocktail

“This forum is meant to celebrate the great milestone we have had in our relationship with Taaleri. It will be a platform to get to know what we are doing as Cytonn, The Board and Taaleri as well as get to respond to any questions our clients may have around the firm’s governance,” said Edwin H. Dande, Cytonn’s CEO during the forum.

Edwin H. Dande, Cytonn’s CEO

“With the continued attractive investment opportunity in Kenya and the region, and the committed team at Cytonn, Taaleri has this year invested a further Kshs. 2bn in our Real Estate projects, and are now looking to purchase 20% of Cytonn during our IPO,” said Prof. Daniel M. Njiru, Cytonn’s Board Chairman and Vice Chancellor at Embu University, during the forum.

Prof. Daniel M. Njiru, Cytonn Group’s Board Chairman

He further said that, “The listing of Cytonn will only serve to increase our levels of governance, risk management, disclosure and transparency. As a Board, we are supporting Management on the listing, and would like to congratulate them for taking the firm to these heights.”

Prof. Daniel M. Njiru also introduced members of the various Boards at Cytonn, which are The Cytonn Group Board, Cytonn Asset Managers Limited (CAML) Board, Cytonn Hospitality Board, the Special Purpose Vehicles (SPVs) Boards and The Cytonn Education Board.

A representation of The Cytonn Group, Affiliates and Special Purpose Vehicles (SPVs) Boards

Kati Salo, Taaleri Africa Team representative, reaffirmed the Cytonn – Taaleri partnership. “As a Risk Manager, I am confident about the risk position of the firm and I can sleep well knowing that my investments are in good hands,” she remarked.

Prof. Daniel M. Njiru engaging with a client

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Cytonn Opens Doors To The Public As They Unveil The Ridge Show House

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The Ridge.

If you are looking for something to do this weekend, CytonnInvestments is holding an open day on Saturday for clients and members of the public on site at The Ridge.

The show house for the project will be unveiled, giving guests a preview of what the finished product will be like. Visitors get to sample the distinct and magnificent lifestyle development and ask the management questions on any issues about Cytonn’s activities.

The event will run from 12 noon to 4 pm, so that clients have enough time to explore the site, view the show house, and interact with the management of Cytonn.

The Ridge.

Alongside the open day, the company is offering a 5% discount for early buyers, which will run for a limited time. Interested guests are advised to sign up and reserve their slots before spaces run out.

This project was made for people who want to live in luxury and style, at surprisingly affordable rates. The list of amenities goes on and on, but I think the best part about it is the location. Imagine living just a few minutes from Windsor Golf Club, Two Rivers Mall, UNEP headquarters, and only 10 km from town!

The luxury project will have 1,2,3 & 3 bedroom apartments withdomestic servants’ quarters (DSQ).

Just a few months ago, Cytonn handed over the Amara in Karen, another of its projects, which is currently 100% complete and sold, proving they have what it takes to deliver beautiful, exclusive homes that perceptive Kenyans can enjoy.

If you want to buy a home or to invest, this is your opportunity! You cannot afford to miss out. RSVP here.

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Cytonn and Taaleri of Finland Enhance Their Partnership via Agreement for Subscription of 20% Cytonn Stake

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Signing of agreement.

Cytonn Investments Management Plc (‘Cytonn’), the leading alternative investment management firm in the East African Region, has today entered into a transaction with its leading institutional partner, Taaleri of Finland, whereby Taaleri has acquired the option to subscribe for up to 20% of Cytonn. Upon consummation, the transaction enhances the Cytonn & Taaleri relationship beyond project finance to shareholding.

This will be the 5th time the Finnish firm will be investing with Cytonn, having already committed over Kshs 5.0 bn towards projects and investments with Cytonn, namely The Alma, The Ridge, Situ Village and Amara Ridge, which has already been delivered to homeowners. In addition to their investments, Taaleri has already successfully received back its investments from Amara Ridge and The Alma, underlining Cytonn’s commitment to deliver above-average returns in real estate for global institutional investors.

Taaleri is a financial group, whose parent company Taaleri Oyj’s shares are listed on the NASDAQ stock exchange. Taaleri manages investments worth Kshs 813 bn and provides funding in the capital-intensive real estate sector in Africa through two Africa dedicated real estate funds.

Speaking at the signing of the agreement, Edwin H. Dande, CEO of Cytonn Investments, noted that “We are thankful to Taaleri for the continued support they have shown to the Cytonn brand. This transaction is important for two reasons; first it affirms market confidence in our brand and unique business model, and second it provides a strong anchor investor as we prepare for our IPO, which we hope to complete next year, either at a local or global exchange. We have already engaged with two sets of transaction advisors, in Nairobi and London, to explore a local listing either at the Nairobi Securities Exchange, NSE, or a listing at the London Stock Exchange, LSE, respectively. The ultimate listing jurisdiction will depend on valuation, investor interest and ease of listing. We also hope to broaden our partnerships by bringing on board one additional local or global anchor institutional investor at the IPO.”

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Speaking at the signing, Mr. Juhani Elomaa, CEO of Taaleri Group, who recently visited Cytonn’s real estate projects noted that “Taaleri and Cytonn are now in their fifth year of partnership, and Cytonn remains our trusted partner for deploying capital to the East African Region. Through Cytonn, Finnish Pension Funds and Investors have not only earned attractive returns that are not available in the developed markets, but we have contributed to growing the Kenyan economy, creating jobs, and driving the deepening of capital markets through structured finance transactions. The share options agreement for a 20% stake is an opportunity to deepen the relationship beyond project finance to shareholding.”

Cytonn Investments Management Plc is an independent investment management firm, with offices in Nairobi – Kenya and D.C. Metro – U.S.l and are primarily focused on offering alternative investment solutions to individual high net-worth investors, global and institutional investors and Kenyans in the diaspora interested in the high-growth East-African region. They currently have over Kshs 82.0 billion of investments and projects under mandate, mainly in real estate.

Cytonn Real Estate is Cytonn’s development affiliate, which is focused on developing institutional grade real estate targeted at specific institutional, high net-worth and Diaspora investors. Collective, Cytonn Investments and Cytonn Real Estate manage over Kshs 82.0 billion of real estate projects.


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