By Mudashiru Ahmed
Digitization is now part and parcel of the global businesses, it is no longer news that more businessmen and companies are now aware of these trends. They have all keyed into it however the threat possessed by Cyber criminals remains a problem for many of them.
Kaspersky report once remarked about the spate of increase in cyberattacks targeting SMEs. The figure was as high as 89 percent in 2022. For a developing country like Nigeria, the case has been worse. According to a Business Day report, there was a 174 percent increase in 2022 alone. This shows that there are more problems lying ahead for SMEs.
The Nigerian Communications Commission (NCC) once reported that $500 million was lost to this attack by Nigerian SMEs. Across Africa in general, the figure is about $4 billion. Already, experts predicted that cyberattacks will rise at least 15 percent every year over the next half a decade. So it is expected that by 2029 or so, this figure might have gone up to 30 Billion dollars
Ravebeta, a cybersecurity startup seems to have a solution to these problems.
Ravebeta, a cybersecurity and information communication technology startup focused on helping businesses and organizations diligently safeguard their digital assets against threats, ensuring the integrity and confidentiality of their information, and guaranteeing the privacy of both companies and the individuals who work there.
Prince Ikechukwu Igwe, the company’s founder says that the days of waiting for thieves to come and raid our house or business place are gone, now it can happen from you being in the house or business place and the cybercriminal can get the information they need and use it against you; to steal large sums of money and vital information from your phone and other devices.
Ravebeta also plays in the realm of software development by crafting innovative and tailored solutions to meet the diverse needs of these businesses and pushing the boundaries of what they can achieve with technology.
The Cyber security company was founded in 2018 by Prince Ikechukwu Igwe, and duly established and incorporated in 2019 by the Corporate Affairs Commission (CAC). Speaking about the motivation behind founding the startup, the CEO explained that growing into adulthood, he had the unenviable pleasure of being introduced into cyberspace and how it works very early in life. He was, therefore, aware of the cyber attacks happening there, especially those targeted at business owners.
This level of awareness had driven him to start cybersecurity sensitization at the Abia State University, Uturu, Nigeria where he was the President of the Computer Science Students Association of the institution.
Through the program tagged the “Abia Cybersecurity Summit”, he invited keynote speakers from the Economic and Financial Crimes Commission (EFCC) and The Department of State Services (DSS) and people who have general experience of how cyber attacks happen in cyberspace to help educate fellow students. The awareness also drove him to study cybersecurity at the Glasgow Caledonian University in the United Kingdom. A cyberattack at a family friend’s business served as the grand catalyst he needed to actively solve this problem.
Speaking further, he said:
“What prompted me to start the company, more specifically, was when a family member’s company was compromised and they lost over 150,000 dollars from cyber attacks. This prompted me to come up with a solution to firstly sensitize society, especially staff of SME’s, as well as to bring in the cyber defense skills in place for these businesses and organizations to adequately protect themselves and avoid the situation that family friends had found himself in,” he confesses.
Noble Monday serves as the Chief Technology Officer (CTO). Noble is in charge of overseeing the technical development of the company’s solutions. On the other hand, Azorom Ebube Immaculate is the Chief Operations Officer (COO) of the company, she is in charge of the marketing and operational aspects of the business.
Thousands of users enjoying a 95% satisfaction rate:
While it is still at an infant stage, founder still bootstrapping Ravebeta’s operations with some help from angel investors, the startup has nonetheless been able to do well for itself. The cybersecurity startup has been able to attract a significant number of businesses and organisations to its fold and according to the CEO, this represents a smart growth.
The company promises to adequately deliver on its promise of safeguarding these organisations through its patented product, the “Ravebeta Plus” when it finally takes off. While the company is currently providing cybersecurity solutions with other products readily available, they are nonetheless enthusiastic about the Ravebeta Plus as they believe it would mark a watershed and redefine how businesses and organizations can be duly safeguarded by solutions specifically tailored to them. Speaking further, the company founder, Igwe Prince Ikechukwu, says “At the moment we are currently servicing a lot of businesses. This represents significant growth especially since we have not yet launched our product and are still working with solutions we find in the market. The majority of our customers are real estate companies, fast-moving consumer goods (FMCG), telecoms, and a lot of government agencies and parastatals, as well as the oil and gas sector in Nigeria. We have also recorded successful collaborations with prominent Nigerian companies to achieve a 95 percent user satisfaction rate.”
Right now, raising VC funding doesn’t look like what the company is keen about. Any funding would come after it has completed its patented flagship product “Ravebeta Plus.”
And such funding would be targeted at helping small-scale businesses to build and grow as they believe that if these businesses do not have their assets and information well safeguarded, they would find it difficult to break into that realm of big businesses and multinationals that they desire to.
Localizing the cybersecurity experience:
Ravebeta is a company with a global outlook, its uniqueness, however, lies in its ability to localize the cybersecurity experience in whichever market it enters. With this drive, the startup can target big as well as smaller businesses in a bid to help them grow.
“We are looking at mainly solving unique cyber challenges that are local and very specific to the local markets. So while we are servicing major companies and brands, we are also targeting the smaller businesses and we aim to help them grow into big organisations playing their part on the international business stage. We understand the unique challenges each industry faces and are dedicated to crafting solutions that not only meet but exceed expectations,” Igwe said.
The company is also unique in its approach to trying to understand the cybersecurity risks that are peculiar to local businesses. It is also investing in reaching out to them to create this awareness in the first place rather than rushing into the market with a solution that might end up not suitable to specific needs.
The company’s expansion plans are rooted in this approach which is why it is not in a hurry to embark on physical expansion of its offices or services. Rather, the focus is on expanding the pool of current and future business owners whom their awareness and sensitization projects would target:
“We are expanding our awareness pool so that every business will understand the importance of safeguarding their assets and digital information and also safeguarding their digital and cyberspace to prevent loss of funds, loss of identity, loss of valuable information and data. We want to sensitize the general public on the importance of safeguarding cyberspace and preventing cyber-attacks that could happen to anybody.
Apart from businesses, the company is also investing in sensitizing the public. Thus, it is organizing outreaches to schools, town halls, universities, and the general public. This is how it intends to water the ground and make the market ready for cybersecurity solutions. The company believes that this will have a more far-reaching impact than rushing to expand and sell cybersecurity products to a market segment that may not be ready for it.
Ravebeta is a cybersecurity company that is introducing a new approach to tackling cyber threats. They also pride themselves on empowering individuals and organizations through their digital skill enhancement training. With a focus on fostering a tech-savvy community, they focus on equipping their clients with the knowledge and capabilities needed to thrive in the digital era.
Led by a seasoned expert and certified ethical hacker who boasts a holistic approach to problem-solving coupled with a robust educational background and professional certifications to boot, the company is flourishing into a dynamic force in cyber security, software development, and digital skill enhancement.
“ Ravebeta LTD blends technical excellence with a passion for continuous learning, driving the success of our clients, and contributing to the advancement of the tech industry. Join us on this exciting journey as we navigate the digital landscape together,” he concluded.
