The International Monetary Fund (IMF),, says global growth is projected to remain unchanged at 3.2 per cent in 2024 and 2025, as Inflation recedes.

This is according to the IMF’s latest World Economic Outlook (WEO) Update Report for October 2024: “Policy Pivot, Rising Threats,” released on Tuesday during the IMF/ World Bank Meetings in Washington D.

C.

The report said though the projection was in line with the July and April 2024 WEO, there had been notable revisions beneath the surface since the April WEO.

According to the report, some low-income and developing economies have seen sizable downside growth revisions, often tied to disruptions to production and shipping of commodities, especially oil, conflicts, civil unrest, and extreme weather events.

“These have been compensated for by upgrades to the forecast for emerging Asia, where surging demand for semiconductors and electronics, driven by significant investments in artificial intelligence has bolstered growth.”

It said in advanced economies, growth in the United States was strong, at 2.8 per cent in 2024 but will revert toward its potential in 2025.

The report said for advanced European economies, a modest growth rebound was expected in 2025, with output approaching potential.

For emerging markets and developing economies, it said the growth outlook was very stable around 4.2 per cent in 2024 and 2025, with continued robust performance from emerging Asia.

“Five years from now, global growth should reach 3.1 per cent, a mediocre performance compared with the prepandemic average.”

The report showed that there was global disinflation even though service price inflation persists in some countries.

“After peaking at 9.4 per cent year-on-year in the third quarter of 2022, we now project headline inflation will fall to 3.5 per cent by the end of next year.

“ This is slightly below the average during the two decades before the pandemic.

“In most countries, inflation is now hovering close to central bank targets, paving the way for monetary easing across major central banks.”

The report said the return of inflation near central bank targets paved H the way for a policy triple pivot which would provide the much-needed macroeconomic breathing room, at a time when risks and challenges remain elevated.

“The first pivot on monetary policy is underway already. Since June, major central banks in advanced economies have started to cut policy rates, moving toward a neutral stance.

“This will support activity at a time when many advanced economies’ labor markets are showing signs of cooling, with rising unemployment rates.

‘Lower interest rates in major economies will ease the pressure on emerging market economies, with their currencies strengthening against the U. U. S dollar and financial conditions improving.

“This will help reduce imported inflation, allowing these countries to pursue their own disinflation path more easily.”

The report said the second pivot was on fiscal policy and would require countries to stabilise debt dynamics and rebuild much-needed fiscal buffers.

“The more credible and disciplined the fiscal adjustment, the more monetary policy can play a supporting role by easing policy rates while keeping inflation in check.

“The pace of adjustment should be tailored to country-specific circumstances.”

It said the third pivot and the hardest was towards growth-enhancing reforms.

The report said structural reforms were necessary to lift medium-term growth prospects, but support for the most vulnerable should be maintained

It said for reforms to be successful and socially accepted, there was a need to build trust between government and citizens.

“ Building trust between government and citizens, a two-way process throughout the policy design and the inclusion of proper compensation to offset potential harms, are essential features.

The report said that multilateral cooperation was needed more than ever to accelerate the green transition and to support debt-restructuring efforts. (NAN)

By Engineer Olusola Omotunde

The advent of cloud technology can be traced back to the 1960s according to https://www.cloudzero.com/blog/history-of-the-cloud/.

Cloud technology has evolved from a myth to a revolution in the global space.

In fact, it forms one of the best ways to secure data and save organizational funds.

A drift from the era of physical data centers has become the norm.

Cloud platforms like Amazon and Azure have taken over the scene even in developing climes. How much space does an organization need for its operations and what is the cost effect?

Another pertinent point would be, the security of organizational data.

In this paper, we will provide a synopsis of cloud security and its role in healthcare cybersecurity.

The healthcare industry is one of the most critical aspects of any nation. How safe are patient’s data? What are the mitigating factors? How regularly does the IT team carry out an assessment of the security in place? In all of these, cloud security comes into play.

Cloud security is critical in healthcare cybersecurity because it provides the tools, processes, and policies required to protect sensitive patient data and assure regulatory compliance in an increasingly digital environment. Healthcare organizations that use cloud services for electronic health records (EHRs), telemedicine, patient portals, and other services face specific cybersecurity challenges, such as protecting huge amounts of personally identifiable information (PII) and protected health information (PHI).

Below are some aspects where cloud security contributes or plays pivotal roles in healthcare cybersecurity:

1. Data Protection

• Data Backup and Recovery: Cloud solutions provide backup and disaster recovery capabilities, which assist healthcare organizations in protecting data from loss due to cyberattacks or system failures.

• Encryption: Cloud providers provide sophisticated encryption options for data at rest and in transit. This is critical for healthcare providers to safeguard sensitive patient information from unauthorized access.

2. Prevention and Detection of Threat

• Real-time Monitoring and Alerts: Cloud security solutions can provide 24-hour monitoring and notifications if suspicious behaviour is discovered. This quick response capability is crucial for healthcare organizations to avoid or mitigate the effects of cyber events.

• Advanced Threat Protection: Cloud providers provide services that include threat detection features like intrusion detection, malware scanning, and vulnerability assessments. These services assist healthcare organizations in identifying and addressing hazards before they cause harm.

• Automated Patch Management: Cloud providers frequently handle patch management for their infrastructure, ensuring that systems are up to date against the most recent vulnerabilities, which can dramatically minimize the risk of attack.

  3.  Flexibility and Scalability

• Scalable Security: As healthcare organizations expand, cloud security can scale with them, allowing for the installation of additional security measures without requiring major infrastructure upgrades.

• Adaptable Infrastructure: Healthcare organizations can quickly respond to emerging threats with cloud-based solutions that include updated security tools and services. This adaptability is critical in a dynamic threat context.

4. Cost Efficiency

• Pay-as-you-go Model: Many cloud services use a pay-as-you-go model, which allows healthcare providers to only pay for the security services they use. This can help organizations manage costs while still providing high-quality security tools.

• Reduced IT Costs: Cloud providers manage and maintain the infrastructure, eliminating the need for healthcare companies to invest heavily in on-premises security hardware and personnel.

5. Regulatory Compliance

• HIPAA and GDPR Compliance: Cloud providers that service healthcare organizations frequently offer solutions designed to comply with industry-specific standards such as the Health Insurance Portability and Accountability Act (HIPAA) in the United States and the General Data Protection Regulation (GDPR) in Europe.

• Audit Support: Many cloud services provide logging and monitoring capabilities to assist healthcare organizations in tracking and auditing data access and usage, which is critical for regulatory compliance.

Key Considerations for Healthcare Providers across the globe

When healthcare providers deploy cloud solutions, they must address a number of security concerns to safeguard sensitive patient data, ensure regulatory compliance, and manage possible risks. It is also important that they scrutinize the security certificates held by cloud providers, ensure that they clarify ownership rights to their data with their cloud providers, training staff on the security best practices which include training on data handling, phishing awareness and secure access protocol.

There is no one-size fits all rule other than being careful!

Engineer Olusola Omotunde is an IT expert and writes from Lagos, Nigeria

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The Securities and Exchange Commission (SEC) says it is organising a compliance summit for Chief Executive Officers (CEOs) and Compliance Officers to address Financial Action Task Force (FATF) and related issues.

The Director-General of SEC, Dr Emomotimi Agama, said this in a statement made available on Saturday in Lagos.

He said that the summit, with the theme, “Navigating regulatory challenges: Aligning with changes in FATF in the era of VASPS,” would be in Lagos on Oct.

21 and Oct. 22.

According to him, SEC aims to equip capital market operators with the necessary tools and knowledge to thrive in a complex regulatory environment.

Agama said that the Nigerian Capital Market Institute (NCMI), a subsidiary of SEC, would hold the summit.

He noted that the summit would ultimately foster a culture of compliance and integrity in the operations of the participants.

“The aim is to equip capital market operators with essential insights and strategies to effectively navigate the evolving regulatory landscape.

“Attendees are to gain knowledge of understanding regulatory changes, clarity on the latest updates to FATF standards and how these impact Virtual Asset Service Providers (VASPs).

“They will also learn best practices for aligning their compliance programmes with new regulations, ensuring they meet international standards that enhance compliance frameworks in their organisations,” he said.

According to him, key objectives of the summit are regulatory compliance, understanding and implementing Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations.

Others, he added, would include risk management, which encompasses identify, assess and mitigate risks associated with virtual assets and operational efficiency which would lead to enhanced internal controls, governance and compliance frameworks.

The director-general mentioned that the benefits of the summit include regulatory clarity, risk reduction, enhanced governance,  competitive advantage and networking opportunities.

The welcome address at the summit is expected to be presented by Ms Frana Chukwuogor, Executive Commissioner, Legal and Enforcement, SEC Nigeria.

The opening remarks and overview of the summit will be delivered by Dr Agama while Ms Hafsat Bakari, Director, Nigeria Fraud Intelligence Unit(NFIU) will present a goodwill message.

Among the speakers expected at the event are, Mr Obinna Iwuno, Chairman, Stakeholders in BlockChain Association of Nigeria (SiBAN) and Certified Cryptocurrency Compliance Specialist and Investigator, Mr Ade Bajomo.

Also, Mr Zacch Adedeji, Executive Chairman, Federal Inland Revenue Service (FIRS), President, Fintech Association in Nigeria, Mr Peter Shodipo, and the President, Committee of Chief Compliance Officers of Capital Market Operators in Nigeria (CCCOCIN) among others.(NAN)