Enterprising Companies of the Year - Vol. 2

From Editor’s Desk

Weoftencomeacrosscompaniesthataresolelydedicatedtoimprovingthelivesofpeopleandourcommunity, butveryfewhavededicatedthemselvestoprovidingthehigheststandardsofservice,support,andcare.

Survivingthechangingeconomicsituationisatoughcall.Evenforthosepolishedbusinessmen,orthosewhohavebeen intheindustryforalongtime.Changingthepoliciesofyourcompany,orensuringastrongteamthatalignswithyour valuesandethics,youneedprofessionalassistance.Thisiswhereabusinessconsultantstepsin.

Withaprofessionaladviceyoucanhelpyougeneratehigherrevenuewhilekeepingtheexpensesatminimum,thereby ensuringanefficientoperation.

FeaturingforTheEnterpriseWorld’sthisissueofEnterprisingCompaniesoftheYearVOL.2arethestoriesofsuch successfulbusinesses,thathavemadeitthrougheveryoddstormandmadeittothetop.

FortheCoverStoryreadaboutSuccessoryNigeriaLtd:SuccessoryNigeriaLtd.,isanAbuja-basedconsultingfirmwhichprimarilycomprisesyoung, dynamic,andcompetentprofessionalsinvariousspheresoftheeconomy.Itisanefficiently-runfirmofmanagementand financialaswellashumanresourceconsultants,whollydedicatedtolocalandinternationaltraining,capacitybuilding, strategyandmanagementservices,povertyalleviation,andadvocacyinadditiontoresearch,strategy,andleadership services.Importantly,Successoryprovidessolutionsthatwillaligncompanyandemployeegoalsthroughinnovative humanresourcemanagement.Fromourname:SUCCESSORY,wemakeourclientstosucceed.:Weturnourclients’ effortstoSuccessStory

SuccessoryNigeriaLtdhasasinglemission:tobethenumberoneresearchandtrainingserviceproviderinNigeriaanda referencepointforexcellentcapacitybuildingandBusinessDevelopmentServices(BDS)inAfrica.ForSuccessory NigeriaLtd,themainchallengewastobuildastrongteam,aresilientbrandandacquireexperiencethatwouldhelpthem launchintoaleadershippositioninAfrica.Whenyouhaveastrongbackingofanableteam,youroperationsrun efficientlywithoutanyhassleandyougainthetrustofyourcustomers.Withutmosteffortsandtrialanderrors,the companyachievedthatwithinjustthefirstdecadeoftheiroperations.

Astrongfoundationforyourcompanymeansasmoothsailingjourneytowardsyourcompany’ssuccess.Apointthat triggeredthegrowthofSuccessoryNigeriaLtdwastheirforayintostrategydevelopmentandenlistinginternational certificationsandcollaborations.Inthisera,COOPERATIONandCOLLABORATIONarethegamechangers.

Illumisoft:Danisalife-longtechnologistandatechnologyentrepreneurwhostartedhisfirsttechcompanyin1993.With apragmaticapproachtotechnology,whatdrivesDanisprovidinghiscustomerswithsimplicityoverperfection,people overprocesses,andcommunicationoverdocumentation.Thisistruewhetheryou’retalkingaboutuserinterfacedesignor interpersonalcommunication.Danpreferstobeafuturistwhobelievesthat,withtechnology,peopletapintotheabilityto significantlyincreasetheaveragelifespan.

AsfounderandCEOofillumisoft,Dansetoutononesimplemission,tomakehealthcarebetter.Hebelievesthatbuilding strongrelationshipswithclientshelpstounderstandtheirneedsandprovidethemwiththerightsoftwaresolutions.With over20yearsinthesoftwareindustry,Danhasaknackformaximizingresourcesandknowshowtospearheadcustom solutionsthathelphealthcareorganizations,practices,andprovidersworkmoreefficientlyandmakeanimpactontheir patients’lives.

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FortheCoverStoryreadabout-

SuccessoryNigeriaLtd:SuccessoryNigeria Ltd.,isanAbuja-basedconsultingfirmwhich primarilycomprisesyoung,dynamic,and competentprofessionalsinvariousspheresof theeconomy.Itisanefficiently-runfirmof managementandfinancialaswellashuman resourceconsultants,whollydedicatedtolocal andinternationaltraining,capacitybuilding, strategyandmanagementservices,poverty alleviation,andadvocacyinadditionto research,strategy,andleadershipservices. Importantly,Successoryprovidessolutionsthat willaligncompanyandemployeegoals throughinnovativehumanresource management.Fromourname:SUCCESSORY, wemakeourclientstosucceed.:Weturnour clients’effortstoSuccessStory

SuccessoryNigeriaLtdhasasinglemission:to bethenumberoneresearchandtrainingservice providerinNigeriaandareferencepointfor excellentcapacitybuildingandBusiness DevelopmentServices(BDS)inAfrica.For SuccessoryNigeriaLtd,themainchallenge wastobuildastrongteam,aresilientbrandand acquireexperiencethatwouldhelpthemlaunch intoaleadershippositioninAfrica.Whenyou haveastrongbackingofanableteam,your operationsrunefficientlywithoutanyhassle andyougainthetrustofyourcustomers.With utmosteffortsandtrialanderrors,thecompany achievedthatwithinjustthefirstdecadeof theiroperations.

Astrongfoundationforyourcompanymeansa smoothsailingjourneytowardsyour company’ssuccess.Apointthattriggeredthe growthofSuccessoryNigeriaLtdwastheir forayintostrategydevelopmentandenlisting internationalcertificationsandcollaborations. Inthisera,COOPERATIONand COLLABORATIONarethegamechangers.

Illumisoft:Danisalife-longtechnologistand atechnologyentrepreneurwhostartedhis firsttechcompanyin1993.Withapragmatic approachtotechnology,whatdrivesDanis providinghiscustomerswithsimplicityover perfection,peopleoverprocesses,and communicationoverdocumentation.Thisis truewhetheryou’retalkingaboutuser interfacedesignorinterpersonal communication.Danpreferstobeafuturist whobelievesthat,withtechnology,people tapintotheabilitytosignificantlyincreasethe averagelifespan.

AsfounderandCEOofillumisoft,Danset outononesimplemission,tomake healthcarebetter.Hebelievesthatbuilding strongrelationshipswithclientshelpsto understandtheirneedsandprovidethemwith therightsoftwaresolutions.Withover20 yearsinthesoftwareindustry,Danhasa knackformaximizingresourcesandknows howtospearheadcustomsolutionsthathelp healthcareorganizations,practices,and providersworkmoreefficientlyandmakean impactontheirpatients’lives.

WhenDanfirststartedillumisoft,itwasnota purpose-drivencompany.Hisonlygoalatthat timewassimplytostayinbusinessandtodo sothecompanyaimedtoprovideitsservices toanyoneandeveryonethatneededthem.

Afteracoupleofyearsintothebusiness,the teamofillumnisoftcompletedaprojectthat helpedalocalhospitalindoingdiabetes researchandlearnedsomethingvery valuable.Attheconclusionoftheproject, Danlearnedthattheresultsoftheworkthat histeamhaddoneweregoingtobenefit hundredsofthousandsofchildrenwithtype onediabetestolivelonger,happier,healthier lives.

Successory Nigeria Ltd.

Creating Novel Solutions to Help You Grow

Survivingthechangingeconomicsituationisatough call.Evenforthosepolishedbusinessmen,orthosewho havebeenintheindustryforalongtime.Changingthe policiesofyourcompany,orensuringastrongteamthataligns withyourvaluesandethics,youneedprofessionalassistance. Thisiswhereabusinessconsultantstepsin.

Withaprofessionaladviceyoucanhelpyougeneratehigher revenuewhilekeepingtheexpensesatminimum,thereby ensuringanefficientoperation.

FeaturingfortheCoverStoryofTheEnterpriseWorld'sthis issueofEnterprisingCompaniesoftheYearisSuccessory NigeriaLtd.Acompanythatwiththeirnovelsolutionsis helpingfacilitategrowth.

TheCompany-

SuccessoryNigeriaLtd.,isanAbuja-basedconsultingfirm whichprimarilycomprisesyoung,dynamic,andcompetent professionalsinvariousspheresoftheeconomy.Itisan efficiently-runfirmofmanagementandfinancialaswellas humanresourceconsultants,whollydedicatedtolocaland internationaltraining,capacitybuilding,strategyand managementservices,povertyalleviation,andadvocacyin additiontoresearch,strategy,andleadershipservices. Importantly,Successoryprovidessolutionsthatwillalign companyandemployeegoalsthroughinnovativehuman resourcemanagement.Fromourname:SUCCESSORY,we makeourclientstosucceed.:Weturnourclients'effortsto SuccessStory

SuccessoryNigeriaLtdhasasinglemission:tobethenumber oneresearchandtrainingserviceproviderinNigeriaanda referencepointforexcellentcapacitybuildingandBusiness DevelopmentServices(BDS)inAfrica.

“Our focus areas are microfinance, agricultural value chain, public sector consulting, etc. In each of these focus areas, our core values of service excellence in consulting are never compromised.”

SailingThroughtheChallenges-

Anumberofchallengescomeyourwayintheinitialstagesof abusiness.Whatmattersthemostistacklingthosewithan innovativespiritandbuildingafoundationofyourcompany forasteadygrowth.

ForSuccessoryNigeriaLtd,themainchallengewastobuilda strongteam,aresilientbrandandacquireexperiencethat wouldhelpthemlaunchintoaleadershippositioninAfrica. Whenyouhaveastrongbackingofanableteam,your operationsrunefficientlywithoutanyhassleandyougainthe

trustofyourcustomers.Withutmosteffortsandtrialand errors,thecompanyachievedthatwithinjustthefirstdecade oftheiroperations.

Astrongfoundationforyourcompanymeansasmoothsailing journeytowardsyourcompany'ssuccess.Apointthattriggered thegrowthofSuccessoryNigeriaLtdwastheirforayinto strategydevelopmentandenlistinginternationalcertifications andcollaborations.Inthisera,COOPERATIONand COLLABORATIONarethegamechangers.

TheystartedwithInternationalLabourOrganization,ITC-ILO, wherethecompanygotcertifiedtodeliverMaking MicrofinanceWork I&II(MMW)acrossAfrica.Afterthat, theypartneredwiththeCentreforMicrofinanceLeadershipof theWomen'sWorldBankingoftheUSAtodeliver microfinanceleadershipdevelopmenttrainings. Then,they movedtotheSchoolofAfricanMicrofinanceinMombasa KenyawhereDrSteveOlusegun OGIDANisthecurrent ExecutiveCourseDirector Withallthese,SuccessoryNigeria Ltd.becametheloudestvoiceinmicrofinancestrategy and

capacitybuildinginAfrica.Successoryalsopartnerswiththe Pan African Capacity Building Programme (PACBP) of the Development Bank of Southern Africa, DBSA to develop curriculum for Development Finance Instuons in Africa. Asd strategy consultant to the Associaon of African Development Finance Instuons, AADFI, the company penetrated all the regions in Africa from Cape to Cairo.

“We dedicate ourselves to providing solutions that will align company and employee goals through innovative human resource management.”

TheProductsandServicesSuccessoryNigeriaLtd.'sflagshipprogramsinclude-

BusinessDevelopmentSupportServices,BDS

OrganisationalStrategyFormulation, Develpomentand ManagingGrowth

TrainingofTrainers,andSMEFairs&Expositions.

AgriculturalProjectManagement

MakingMicrofinanceWorkI:ManagingforImproved Performance

ITC/ILOBrand:

Thecoursecontentisdrawnfromexperiencesandtechniques ofmicrofinanceprovidersfromacrosstheglobe.Anintensive twoweekstrainingwhichprovidesabroadoverviewofthe toolsandresourcesthatmanagersneedtorunsuccessful MFBs.Thecoursemoduleswouldcover(butnotlimitedto):

Riskmanagement.

MarketsandMarketing

OrganizationalArchitecture

TowardsGreaterEfficiencyandProductivity

TheMakingMicrofinanceWorkII:ManagingProduct Diversification;

Thistrainingcurriculumisdesignedtoachievefourmain objectives:

Raiseawarenessoftheopportunitiesandrisksthatproduct diversification.

EncourageamoreproactivemanagementofMFIproduct portfoliosovertime

Presents,exploreoptionsforimprovingMFIoutreach throughproductdiversification.

Providetoolsandstrategiesformanagingproduct diversificationprocesssuccessfully

ManagementDevelopmentTraining:

Thefour-dayManagementDevelopmentcourseaddressesthe keyconceptsofmanagingforresultsandaimstodevelop transformationalskillsfornewmanagers.Thefirstpartofthe coursefocusesontheparticipants'understandingofthemselves andhowtheyinteractwithothers.Thesecondpartisanchored

onthisself-understandingandintroducestoolsthatbuildskills inmanagingpeopleandprocesses.Topicsinthecourse include:UnderstandingyourStyle,GettingCommitmentto Action,CoachingforImprovedPerformanceAppraisingfor ResultsandMotivatingforPeakPerformance.

Thecourseisaction-oriented—participantsaregiventhe opportunitytoimmediatelytesttheirunderstandingof conceptsaswellastryoutemergingskillsbysimulating actionsthattheymighttakeingivensituations.The simulation,knownasthe“InBasketExercise,”drawsupon relevantmicrofinancecasestodrivelearning.Targetforthis coursearemid-levelmanagersofmicrofinanceinstitutions

whoaredirectlyresponsibleformanaging,supervisingor trainingstaff.

Thecourseprovidesanintroductoryoverviewoftheprocessof microfinanceleadershipandmanagement,fromthe institutionalintrospectionthatnecessarilyprecedesit,through themarketdeepeningandpositioning.Themanagementtools thatwillbeintroducedhavebeendevelopedoveradecadeof practicalworkinBangladesh,thePhilippinesandEastAfrica andarenowbeingusedallovertheworld.

LearningObjectives

Ÿ

Toholdparticipantsandothersaccountableforresults

Tounderstandthekeyprinciplesformanaging people,processandresources

Toeffectivelyinfluencepeopleandoutcomesthrough bettercommunicationstyles

Tobuildyourstrengthsandovercomeweaknesses throughactionableself-developmentplan

Tounderstandhowparticipants'personalvaluesand motivationinfluencetheirmanagerialperspectives

Topracticeskillsinholdingcriticalconversationsfor managingtheperformanceanddevelopmentofstaff

MicrofinanceCertificationProgramme(MCP) CBN/NDICProduct: AmandatoryCertificationProgrammeforMicrofinance OperatorsinNigeriaLevels1and2

RiskManagement&StrategicDirection:GlobalKnowledgeBrand: StrategySessionforBoardandManagement

Thiscoursewillmakeparticipantsto:

ImplementriskmanagementframeworkintheMFI/MFB;

Gainageneralunderstandingoftherisksfacingmicrofinance institutions/Banks;

Identifytheroleofboardgovernance,internalcontrols,and internalauditsintheriskmanagementframework;

Gainpracticalunderstandingofdifferentstructuresusedforrisk managementinregulatedandunregulatedMFIs/MFBs;

Establishlinkagebetweeneffectiveriskmanagementononehand andMFI's/MFB'sprofitabilityandsustainabilityontheother;

“Our services are different from others in the market because of our quality of delivery and excellent customer services.”

TheRoadAhead-

Thecompanyhasmovedintofull-scaleprojectmanagement especiallyinagriculturalandagribusinessspace. Weare currentlypiloting20demonstrationfarmsinOgunStateof Nigeria,atsubnationallevel.Thecompanyisplanningon movingintoAgro-processingin2022andshowinghowsmall holderfarmerscanbenefitfromimprovedtechnologyto managepost-harvestlosses.

ThecompanyhasestablishedtheFarmersBusinessSchoolin collaborationwithMTNNigeriaandFBISTechnologiesasan InteractiveVoiceResponseSystemthatallowsfarmerstolearn Agri-businessintheirlocallanguages.

“In partnership with NIRSAL, we are onboarding about three

million farmers into the platform. This is currently to most vibrant virtual classroom in Africa for small holder farmers and farming families”

DrSteveOlusegun OGIDAN-LeadingtheWayEntrepreneurshipisnoeasy.Ittakesalotofcourage,passion andskilltobuildabusinessfromthegroundup,andanyone whodoesthisshouldbeproudoftheiraccomplishments.When Dr.SteveOlusegun OGIDANlefttheBankofAgriculture, BOA-NIGERIAasanemployee,themostpotentweaponhehad washisdeterminationandcourage.Entrepreneursshouldkeep theireyeonthebigpictureduringthesemomentsof achievement:Therearealwayskeytakeawaysandlessonsfrom thesesuccessesthatcanguideanyonealongyourjourney

“I was inspired by victories along the journey and celebrate all my wins, big and small.”

ThecompanystartedbydominatingitsenvironmentinKadunaState thatanyfirmwishingtocomeintothespacewillhavetopartnerwith them.ItworkedwellforthegrowthofSuccessoryNigeriaLtd.This washowNathanAssociatesoftheUKandPlanetFinanceofFrance approachedthefirm. WefunctionedasGrantManagementAdviserto theWorldbankRiceValueChainDevelopmentProjectthroughthis collboration. Later,webecamethecoordinatorfortheWorldBank InstitutionalAssessmentandMapping. LatertheBureauofPublic ServiceReforms(BPSR)engagedusforvariousstudiesand evaluations.

“These initial tasks gave us the big tickets from UNDP, PWC and other international brands.”

BuildingtheTeamSpirit-

“In my team, we do not only hire for skills. We also hire for passion.”

Thefirm'steammembersaremotivatedbythe knowledgetheygetfromtheteamratherthanpecuniary gains.Eventhoseyoungoneswithoutexperiencecome intotheteamwithgreatdeterminationandincredible workethics.Theyoperatewithaveryflatstructurewith teams.

Eventheyoungestofthestaffcouldbedesignateda teamleadinanyproject.Thatway,theygive responsibilitiestothestaffwithcorrespondingauthority

ASSESS THE SAFETY OF SELF-DRIVING CARS

owsafeareself-drivingHcars?Modernautomobiles includearound100million linesofsoftwarethatenableavariety oftechnologiessuchascruise control,speedassistance,andparking cameras.Andthecodinginthese embeddeddevicesisbecoming increasinglysophisticated.Asfuture automobilesbecomemorelinked, thistendencywillcontinue.

Automobilesarebecoming increasinglyreliantonelectronics. Theywillalsogrowincreasingly autonomous,eventuallybecoming self-driving.Asaresult,it'scriticalto understandaboutself-drivingvehicle securityriskssoyoucananswer questionslike"areself-drivingcars safe?"and"inwhatrespectsare driverlesscarssaferthanhuman drivers?"

Couldself-drivingvehicleseliminate the94percentofallcaraccidentsin theUnitedStatescausedbyhuman error?Whilepublicopiniononthe subjectismixed,thereareclearly advantagesanddisadvantagesto havingautonomousvehiclesonthe road.Withsomebusinessespredicting a2017publicdebut,it'scriticalthat automakersfigureouthowtomake thesevehiclesassafeaspossible beforeputtingthemontheroad.

Therecenttragicautomobileaccident involvingaTeslaonAutopilotthat failedtobrakeautomaticallyhas reignitedtheargumentoverwhether completelyautonomousvehiclesare saferthanhumandrivers.Thousandsof accidentsarecausedbyhumanmistake eachyear.Drunkdrivers,hit-and-run incidents,andcarscollidingwith immovableobjectsordebrisall

contributetothisnumber."Ithinkit willbealongtimebeforehumanerror iscompletelyremovedfromthe drivingequation,"WestPalmBeach accidentlawyerBrianLabovickof LabovickLawGroupsaid,"but certainly,therewillbealotlesslowimpactbumptypeaccidents."

StudieshaveshownthatSelfdriving carsaresafe

Expertsbelieveself-drivingcarshave thepotentialtobesaferthanhuman drivers.Humandrivers,afterall,cause millionsofaccidentseachyear.In 2016,nearlysevenmillionaccidents involvinghumandriversoccurred. Onlyaround1%ofsuchcollisions weredeadly.Self-drivingautomobiles, ontheotherhand,arestillintheearly

stagesofdevelopment.Theystillhave alongwaytogobeforebecoming commonplace.InArizona,inMarch 2018,anUberself-drivingtestcar collidedfatallywithacyclist.Untilit wastoolate,thisself-drivingauto failedtorecognizethecyclistasa human.Andthevehicle'shumansafety driverfailedtoseethecyclist.Itwill mostlikelybesometimebeforeselfdrivingcarsarewidelyused.Humandrivenautomobiles,ontheotherhand, areincreasinglyemployingtechnology inAdvancedDriverAssistance Systems(ADAS).

HowAreSelf-DrivingCarsSafe?

ADASisnowstandardonalmostall newautomobiles.ADASentails:

Trackinglanes

Emergencybrakingwithautonomy

Visionenhancementsystems

Sensorsandactuatorsinteractacross localnetworksinthesystemsthatoffer theseservices.Microcontrollersarein chargeofthem.Automobilesmayalso talkwithoneanother Vehicleto VehicleCommunicationisthetermfor this(V2V).Theycanalso communicatewithinfrastructurelike trafficlights,roadsigns,andsatellites. V2IorV2XstandsforVehicleto Infrastructure.Software,ofcourse,is whatmakesallofthispossible.There areoperatingsystemsandmiddleware, suchasnetworkcommunication stacks,aswellassensor,actuator,and displayinterfaces,inadditionto applicationcode.

The"sight"orperceptionofaselfdrivingautomobileisdonethrough numerousprocesses.For360ovision, camerasareputontheroofandat variouslocationssurroundingthe vehicle(Figure2).Whilecamerasare usefulfordistinguishingformsand colorsinthesurroundings,theyare ineffectiveatdeterminingdistances. Self-drivingvehicles,ontheother hand,usehigh-techsensorscalled LIDARsthatarefarbetterat identifyingthelocationofpeopleand thingssurroundingthevehicle. A devicehavingacontinuallyrevolving laserbeamisknownasaLIDAR(or "LightDetectionandRanging").It emitsinaudiblelightpulsesinall directions.Itcandistinguishtheform andpositionofsurroundingobjectsby measuringthetransittimeandlocation ofreflectedlaserlight.Self-driving carsfrequentlyincludeconventional radarsinadditiontocamerasand LIDARs.Althoughradarscanonlysee inahazymanner,theyareexcellentat detectingmovingthingsandarefar lessexpensivethanothersensors.

Whenaself-drivingcar"sees"its surroundings,thecameras,LIDARs, andradarsalltransmitthedatatothe car's"brain."Asophisticatedcomputer

thatresidesinthetrunkandcontrols theautomobile'sthoughtsandactions isthe"brain"ofaself-drivingcar.It hasageneralconceptoftherouteithas totaketoarrivetoalocationthanksto GPS.However,navigatingalonga crowdedstreet,changinglanes,and stoppingatatrafficsignalwhen necessaryisnotenough.Asaresult, thecomputerusescamera,LIDAR, radar,andGPSdatatopinpointthe preciselocationoftheautomobileand theobjectsinitsvicinity.Programmers havecreatedextremelyintelligent algorithmsthatcanbe"taught"to recognizeitemsinthecar's environment.Alarge,fast-moving devicewithtwowheels,forexample, isclassifiedasamotorbikeratherthan abicyclebythesealgorithms.Cars, people,trafficsignals,andobstructions wouldbeclassifiedasotheritems.

Thecomputermustselecthowto operateafterdeterminingwhichthings aroundtheautomobileandhowfar awaytheyare.Ifalaneisclosedahead duetoconstruction,forexample,the computerwilldeterminethebest courseofaction:changelanesright awayorslowdowntoletcarsinthe followinglanetopassfirst.Buthow doesthecomputerdeterminewhich choiceispreferable?Algorithmsthat actlikebrainneuronshavebeen createdbyprogrammers.These algorithmscaninferwhattodoina new,comparablescenariobasedon prioractions.Thisformofmachine learningissimilartospeech recognitiononyourphoneorface identificationinsocialmedia photographs.Thistypeofmachine learningislikespeechrecognitionon yoursmartphoneorfacialrecognition forphotosonsocialmedia.Oncethe car'scomputerdecideswhatactionto take,itsendselectroniccommandsto controllersthatturnthesteeringwheel andcontrolthethrottleandbrakes.

EverythingYouNeedtoKnow

Whenyoutalkaboutdatasecurity,datathreatis anythingthatcanpotentiallycausedangerto theinformationinyoursystems.Thesethreats couldbeanythingfromanintrudernetworkthroughaport onthefirewall,toaprocessaddressingdatainawaythat violatesthesecuritypolicyofacompany,toatornado wipingoutafacility,orevenanemployeemakingan unintentionalmistakewhichcouldexposesomeofthe confidentialinformationordestroyafile'sintegrity.

Itisimportantforeverybusinesstounderstandtherisksif theirdataisbreached.Oneofthemostimportantstepsin datasecurityistoidentifythepotentialthreatstothe system,classifythembyacategory,andthenevaluatethat damagepotentialtothecompany.Followingaretheways howcommondatathreatscanaffectyourbusiness.

TechnicalDataThreats-

Hacking-

Today,hackingisworthamulti-billion-dollarindustryfor thecybercriminals.Hackinghasbeenproviding opportunitiestoextractthedataforpoliticalandmonetary gains.Inabroaderview,hackingisanunethicaland unauthorizeduserwhogainsaccesstoacomputerora network.Therearemanywaysthroughwhichthehackers gainaccesstonetworksorcomputers,someofwhichareas intricateasalteringthesystemssecurity.Othersaresimple andstraightforward,likeguessingtheusers'passwordsor installingakeylogger.

Cracking-

Crackingisareverseengineeringforsoftware,passwords orevenencryption.Thiscouldleadtotheunauthorized accesstoacompany'ssensitiveinformation.

Malware-

Malicioussoftware,oralsocalledasthemalwareisa softwarethatdisruptssomeoftheimportantcomputer operationsandgatherssensitiveinformationorevengains anaccesstoacomputersystemthroughwhichthedataand informationisthencompromised.Tokeepacomputersafe fromthiskindofdatabreaching,antivirussoftwareand firewallsareinstalled.Viruses,worms,spyware, ransomware,keyloggersandbackdoorsaresomeofthe examplesofmalware.

Errors-

Someofthemostcommonerrorslikesystem misconfigurationsorsomeotherprogrammingerrorscan

causetheunauthorizedaccessbycybercriminals.These errorscanoccurduetofaultyin-houseprogramming,or whenhackersfindaloophole.

DataLeakage-

Dataleakageiswhenthereisanunauthorizedelectronicor thephysicaltransmissionofdataorinformationfroma companytosomeotherexternaldestination.

Non-TechnicalDataThreats-

Onethingtokeepinmindisthatdatasecurityisnotjustan electronicissue.Somenon-technicalthreatscanaffectyour businesstoo.Someofthenon-technicaldatathreatsarePhysical-

Physicalfactorsliketheft,tampering,snooping,sabotage, vandalism,localdeviceaccessoranassaultcannegatively affectyourbusinessasitcanleadtolossofyourdataand information.

Environmental-

Direenvironmentalfactorslikeundeniablenaturaleventsof tornado,powerlosses,fire,andfloodscanposedangerto theorganizationandinfrastructurewherethedatais located.

InsiderThreat-

Anotherwaythenon-technicalfactorscanposeasathreat toyourbusinessiswhenthereisinsiderthreat.Your employees,contractors,orevenpartnerscancommita fraudortheftoftheintellectualproperty

SocialMedia-

Oftenemployeescanfallpreytosomescamsonthe internetandthusrevealsensitiveinformationwhichisnot intendedforthepublicknowledge.

ImproperDisposalDumpsterdivingortheimproperdisposalofsensitivedata cancauseimproperdisclosuresandleaksomeofyour sensitiveinformation.Toavoidthis,youneedtohave internalprocedureswhendisposingofthesensitive documents.

Withheapsofdatabeingproducedeverypassingday,itis justasimportanttosavethedataproperly.Leakingevena smallamountofdatacanleadtolargerrepercussionsand cancausegreatlossestoyourcompany.