The second quarter of 2024 saw an alarming increase in cybersecurity incidents in Nigeria. A staggering 288,676 data breaches were recorded, marking a near-tenfold increase compared to the 28,940 incidents recorded in Q2 2023, according to a report by Surfshark. These breaches affected organisations, from established banks to smaller businesses across various sectors, highlighting the universal vulnerability to cyber-attacks regardless of an organisation's size or industry.
The consequences of cyber threats are far-reaching and severe. Victims face financial losses, identity theft, critical data loss, reputational damage, potential legal issues, and significant disruptions to their services and operations. Looking ahead, the Cyber Security Experts Association of Nigeria (CSEAN) anticipates a continued escalation in cyber attacks, including an uptick in ransomware, malware, phishing, information and credential theft, and even AI-powered threats.
Several factors contribute to organisations falling victim to these attacks. These include using unlicensed software, inadequate proactive monitoring, unaddressed security vulnerabilities, and reliance on cybersecurity services not equipped to handle today's sophisticated cyber-attacks. Recognising the urgent need for a more robust cybersecurity infrastructure, three entrepreneurs developed APISentry, a unified API security platform designed to offer comprehensive protection against cyber attacks on businesses.
How APISentry Started
APISentry was founded in September 2023 by Sylvia Onwukwe, Damilola Enikanoselu, and Emmanuel Ezehiwele. This team combined their diverse skills and experiences to create a solution that not only mitigates the effects of cyber-attacks but also predicts and prevents attacks before they occur.
As CEO, Emmanuel brings extensive experience in tech sales and partnership management, helping to expand APISentry's services into new territories and establish key industry partnerships. Damilola, the CISO (Chief Information and Security Officer), leverages his expertise as an Information and Cybersecurity Analyst to analyse, detect, and respond to cyber threats. Sylvia, serving as CTO, contributes her seasoned software engineering skills and experience in threat intelligence, incident response, and application security.
The founders identified a critical issue: companies tend to manage multiple cybersecurity solutions, which often leads to complexities and security gaps. In response, they committed to creating a comprehensive solution that addresses the dynamic threats in today's digital ecosystem. Their combined knowledge drives APISentry's mission to utilise artificial intelligence, advanced computing, and blockchain technology to safeguard digital infrastructures and transactions, making security accessible, affordable, and adaptable across diverse industries.
Building APISentry
One year after its MVP launch, APISentry has made significant strides. The company has onboarded several organisations and expanded its customer base beyond Nigeria into other African countries, including Kenya, Uganda, Rwanda, and Namibia. True to their vision of pioneering an ecosystem where trust, security, and innovation converge seamlessly, APISentry has successfully remediated over one million attacks targeted at businesses, earning credibility in the ecosystem.
Emmanuel Ezehiwele, CEO, states, "Despite funding limitations, we've successfully leveraged strategic partnerships with key industry players. Our participation in notable accelerator programs like the Grow Now Accelerator in Canada and the Open Startup BRAIN programme in Egypt, along with being selected as finalists in three startup challenges and winning the Startup Innovation Challenge by Founders Connect, demonstrates the recognised importance of our mission. It's encouraging to see the growing awareness of cybersecurity's critical role in the ecosystem, and we will be at the forefront of this evolution."
Operating in an industry that often takes a reactive approach to cybersecurity, APISentry remains committed to making cybersecurity proactive, accessible, affordable, and adaptable across diverse industries. They educate core decision-makers on the importance of early adoption.
Sylvia Onwukwe, the CTO, emphasises, "We believe security isn't an afterthought, but a fundamental aspect of product development. By integrating resilient security measures from the research phase to deployment, we're not just protecting products – we're building them to be inherently secure from the ground up. This proactive approach is key to staying ahead of evolving cyber threats."
The Future of Cyber Security Protection
As cybersecurity rapidly evolves and hackers continually develop new strategies to exploit vulnerabilities, the demand for innovative, credible, affordable, and highly efficient cybersecurity solutions intensifies. The World Economic Forum predicts that artificial intelligence will be crucial in creating predictive models to enhance threat detection and prevention.
APISentry remains at the forefront of cybersecurity innovation, dedicated to creating more effective solutions for today’s digital enterprises. As part of this commitment, the company is introducing an API Security Programme, offering up to $150,000 in APISentry credits to eligible startups across Africa.
This initiative is designed to provide essential API security to early and growth-stage tech startups on the continent, giving them access to a robust suite of protections against cyber threats. Interested startups are encouraged to apply through this form.
