How Cleva Protects Your Data: Our Commitment to Privacy and Security

In today’s digital world, cyber threats are evolving at an alarming rate. According to IBM’s 2024 Cost of a Data Breach Report, the average cost of a data breach globally reached $4.45 million, a 15% increase over three years. Cybercriminals are getting more sophisticated, targeting individuals and businesses alike.

Nigeria is not exempt. A 2022 report by Surfshark found that Nigeria ranked 32nd globally for data breaches, with over 82,000 accounts compromised in a single year. For anyone handling digital transactions, the stakes are higher than ever.

That’s why, on Data Privacy Day, we’re reinforcing our commitment at Cleva, ensuring that your personal and financial information remains secure.

The Story of Sarah and the Sneaky Scam

Sarah, a busy entrepreneur, received what looked like an urgent email from her bank. The email warned of a security breach and urged her to verify her account by clicking a link. The website looked legitimate, so she entered her details, only to realize later that she had been scammed.

Sarah’s story isn’t unique. Phishing attacks account for over 36% of all data breaches globally (Verizon, 2023). Even tech-savvy individuals can fall victim to these sophisticated schemes.

So, how can you protect yourself? And how does Cleva ensure your data stays safe?

Cleva’s Industry-Leading Security Measures

As a Y Combinator-backed company, we take security seriously. Here’s how Cleva protects your data and transactions:

1. Robust Data Encryption

• All your sensitive information, including transaction details and personal data, is encrypted.
• This ensures that your data remains confidential and secure during transmission and storage.

2. Secure Payment Gateway for Every Transaction

• All transactions are processed through a safe payment gateway, ensuring your funds and details remain secure.
• Cleva prevents unauthorized access by implementing multi-layer authentication for transactions.

3. Rigorous Compliance with Global Regulations

• Cleva is registered with FinCEN (U.S. Financial Crimes Enforcement Network) and complies with strict KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations.
• Our compliance measures prevent fraud, identity theft, and unauthorized transactions.

4. Regular Security Audits and Penetration Testing

• We conduct regular audits to identify vulnerabilities before cybercriminals can exploit them.
• Our system undergoes penetration testing by cybersecurity experts to simulate attacks and strengthen our defenses.

5. A Data Breach Response Plan —Because Prevention Isn’t Enough

• While Cleva takes every precaution to prevent breaches, we also have a rapid-response security team in place.
• In the event of a security issue, our team acts immediately to contain, investigate, and notify affected users.

How You Can Protect Your Data Online

While Cleva prioritizes your security, here are additional steps you can take to safeguard your information:

1. Use Strong Passwords: A combination of uppercase, lowercase, numbers, and special characters makes your password harder to crack. Consider using a password manager.
2. Enable Two-Factor Authentication (2FA): This adds an extra layer of security beyond your password.
3. Be Wary of Phishing Scams: Always verify emails before clicking links. Banks and financial institutions will never ask for login credentials via email or SMS.
4. Keep Your Software Updated: Security patches protect against vulnerabilities that hackers exploit.
5. Monitor Your Transactions: Regularly review your statements and report any suspicious activity immediately.

Data Protection is a Shared Responsibility

On this Data Privacy Day, Cleva reaffirms its commitment to transparency, security, and trust. But security isn’t just about technology, it’s also about awareness. Together, we can create a safer, more secure digital environment for all users.

Stay safe. Stay informed. Stay Cleva.