SEDA Partners With High Impact Hardware Tech Investor

Updated on 20 October 2017

Subscription Form (#66)

Today's Top Entrepreneurship And Business Stories (20 October)

Savant Technology Incubator is SEDA’s latest enterprise development partner.

The partnership was launched at the Savant offices in Cape Town on 17 October 2017 and attended by the following Government and SEDA dignitaries: Department of Small Business Development Minister, Honourable Minister Lindiwe Zulu; Director General of Department of Small Business Development, Dr Edith Vries, Seda CEO Ms Mandisa Tshikwatamba and other senior government officials from national, provincial, local governments, and entities.

The partnership was established in 2015 to enable Savant NPC to focus on scaling-up operations and broaden the pipeline to include innovators in the broader Cape Town communities.

Savant is a highly specialised and commercially-focused hardware technology incubator founded in 2005 by CEONick Allen. The focus is on science and technology inventors who want to be entrepreneurs.

The business model, which includes an equity stake in the incubatee enterprise, was designed to achieve the goal of nurturing South African startups in science and technology innovation – focusing on projects with global market appeal, strong intellectual property protection, as well as technology capable of meeting the requirements of the target market.

The incubator’s graduates supply the likes of Woolworths, Dischem, Spar, Clicks and numerous other retailers, as well as corporates globally.

King Price Launches Cyber Insurance For Businesses

King Price has just launched Cybersure, cyber insurance for businesses, which covers a business’ computer systems, software and data, and also protects businesses against liability arising from cyber attacks on these assets.

Cybersure includes cover for cyber liability and cybercrime, data breach expenses, damage to computer systems and data, associated loss of income, and more.

“Cyber attacks can be devastating from both a financial and reputational point of view, and it’s clear that cybercrime has become a major threat to South African businesses. Having cyber insurance is non-negotiable,” says Wynand van Vuuren, spokesperson at King Price.

The short-term insurer entered the local insurance market selling itself as the more affordable and relatable alternative.

This will be followed by a personal cyber insurance product, early in 2018.

Standard Bank joins CCRManager’s Global Digital Trade Risk Network

Standard Bank has signed an agreement with a global trade FinTech company, Capital & Credit Risk Manager (CCRManager)  Pte Ltd joining their global innovative electronic platform as a member bank, it was announced on Thursday.

CCRManager is a web-based platform that enables banks to manage the entire process of distributing trade finance internationally to other banks, credit insurers, and fund managers.

“We are delighted to have joined CCRManager’s distribution platform, which offers an automated, fast and transparent platform for trade risk distribution and participation,” Group Head of Trade for Standard Bank, Vinod Madhavan said.

“As the first African bank to have joined this network, this presents us with many opportunities, including being able to show African trade risk to international banks that are members of CCRM, and is aligned with our desire to connect Africa to the world.”

Kah Chye Tan, CCRManager Chairman said also said that the company was delighted to have Standard Bank as its first African member bank.

“Africa is a major trade partner for countries all over and trade finance has played an important role in promoting African imports and exports for many decades. We are confident that CCRManager will help Standard Bank with its trade finance for its clients.”

It is further said that the users of CCRManager are able to list trade assets and contingents for distribution, negotiate deals, and manage supporting documentation in a secure environment. Users also have access to tools for data analytics, market benchmarking, and pricing indices.

“This partnership represents Standard Bank’s dedication to leveraging world-leading digital platforms that help realise efficiencies in a globally competitive marketplace,” said Madhavan.

“At Standard Bank, we recognise the potential of trade as a key driver for growth, especially in emerging and frontier markets.” (via African News Agency)

SA Fraud Prevention Service Concerned About ‘Biggest’ Data Breach

The Southern African Fraud Prevention Service (SAFPS) has warned consumers to “proceed with caution” in light of  “South Africa’s biggest data breach” in which details – including ID numbers and home addresses – of citizens were dumped on the internet.

Responding to what has been billed as South Africa’s “biggest data breach”, Manie van Schalkwyk of the SAFPS warned: “This is not a situation to be taken lightly”.

SA’s Directorate for Priority Crime Investigation (Hawks) this week said it was investigating the matter.

Troy Hunt, an Australian security researcher, reportedly discovered the breach that exposes more than 30 million identity numbers and other personal and related information of South African citizens on the internet.

“Among the sensitive data amounting to about 27 gigabytes, the information includes identity numbers, personal income, age, employment history, company directorships, race group, marital status, occupation, employer and previous addresses,” said Van Schalkwyk in a statement on Friday.

He said while reports speculate on who the real victim is it was the “consumers who are the real victims”.

Van Schalkwyk warned that such exposure was dangerous. “It presents an opportunity for fraudsters to open accounts and transact as one of the named parties in the leaked profiles, with enough information to verify that transaction as being conducted by themselves”.

He said “this could be both a breach and a hack where a hacker was potentially looking for an opportunity. A hacker could have various motives”.

Van Schalkwyk added: “They could sell the information, be seeking revenge on an organisation or looking to create harm. These all have repercussions.”

He said SAFPS was certain every South African “is on this database” and “should assume” that this was the case.

The anti-fraud body warned consumers against attempting to verify if they are on the database or engaging anybody offering services to do so.

“You could be leading yourself into further jeopardy by providing somebody else with data with the understanding that you will verify if you are on the leaked dataset.  You might provide legitimate information to an illegitimate source,” said Van Schalkwyk.

“Rather get your credit report from a credit bureau and check if there are any suspicious transactions. Once you realise that something is suspicious, then it is advisable to apply for Protective Registration on the SAFPS website.

“This will provide the consumer with added security and will alert the credit provider or the bank that the specific ID number has been compromised.  This service is free of charge to consumers.”

He said should anyone lose their ID or passport or feel their identity is compromised in any way they should go to www.safps.org.za, click on lost passport/ID to apply for temporary Protective Registration that will be issued online.

“Although this event is tragic, I am convinced that all database managers will revisit their security protocols, which in itself is a positive spin-off of this event,” said Van Schalkwyk. (via African News Agency)

Get Weekly 5-Minutes Business Advice

Subscribe to receive actionable business tips and resources.

Subscription Form (#66)

Feeling Stuck?

icon