As banks try to make their services convenient through adoption of mobile technologies and internet banking, hackers are smiling. It is the time to harvest.
The good news is that you don’t have to be tech savvy to hack into any financial institution. Banks are more interested in buying state-of-art banking applications, firewalls and other security mechanisms at the expense of training their staff in basic computer security and how to be safe while on-line.
Below is part 1 of the presentation I made at Infosec2014 seminar on 20th August 2014 at Hotel Africana Kampala, about the risks posed by social media. This is a must read to improve your security online.
The answer is: "your data is not safe" as I will demonstrate in the following five part series. Below is part 1.
“How many of you know of a person who has ever died of a snake bite?” Great attempt. No one has ever died from a snake bite. They all die from the snake Vernon or poison that circulates in their bodies after a snake bite. If the snake is not poisonous, victims of snake bites do not die.
Social media is like a snake bite. On one hand there is you – the user, who keeps on updating your statuses with lots of personal, business and all kinds and types of data and there are people out there, crawling the internet looking for this kind of information about you – some are hackers, others are intelligence people – looking for public data. Just like a snake, collecting information about you off the Internet is not bad. It is what they use this information for that kills.
Small things mean a lot. The lack of financial literacy and good grasp of the concept of wealth is a big challenge to your personal financial independence and the economy at large.
Even well educated people seem to lack basic wealth creation strategies. Below are some insights to unlock your wealth creation opportunities.
Do you really understand the concept of wealth?
Majority of people define wealth as owning a good car and a nice house. Wealth is defined in terms of having lots of money in the bank. People with debts are considered very poor. You must consider a cost benefit analysis of each resource you own.
Taxes matter a lot and you better plan for them. Also, you need to understand the difference between tax evasion and tax avoidance. Tax evasion is illegal failure to remit taxes while tax avoidance is legal. You need to plan your business and incomes to take advantage of tax avoidance schemes available.
For example, income from your property is subjected to lower taxes than income from your stocks or salary that is usually charged at 30%. So, investing your savings in real estate appreciation may be a better strategy.
They say to know the true colors of a (wo) man give them two things: power and money. Few people remain calm with those two. A lot of money in the hands of a fool may lead to self inflicted pain and or deadly new habits. Unhealthy life style, family breakups and bad company.
Power has turned formerly humble people into monsters. To date, people don’t believe what certain African presidents’ turn out to be once they get into that excluded house – state house. With control over virtually anything within the country’s national boundaries, people’s true colors have been revealed.
Sylvester Kizito is one of those rare Ugandans who are very hard working. He has been through the furnace of life and seen it all. After completing senior six in one of the schools in rural Fort Portal, he was fortunate enough to get admitted to University on an evening program. Being self-sponsored, life has been very challenging.
Around 2006, during his final year at campus, he applied and got accepted for internship at one of the banks as a teller. This was a turning point for him. Aware of his background, he started saving 40% of his monthly salary. This accumulated to about Ugx. 5,000,000 within a period of just two years. By this time, the bank had promoted him to the position of manager in charge of the strong room or bulk cash manager. Early 2010, Sylvester qualified for a soft loan under the banks staff loan scheme. He applied, and successfully obtained a bank loan of Ugx. 6,000,000. At the time of applying for the bank loan, Sylvester had two choices – buy a car or a plot of land.