Friday, August 07

Ginimbi Fails To Tell Court How He Maintains His Lavish Lifestyle

THE trial of businessman Genius Kadungure, popularly known as Ginimbi, for allegedly failing to declare income returns to the Commissioner of Taxes kicked off yesterday, with the court hearing that he failed to account for his lavish lifestyle between 2010 and 2012 when the Zimbabwe Revenue Authority (Zimra) undertook a lifestyle audit on him.

His company, Piko Trading, also failed to declare income returns to Zimra from gas sales during the same period.

Piko Trading is facing accusations of smuggling 5 289kg of gas into the country.

Kadungure and his company, the court heard, were also not forthcoming with information regarding income and expenditure patterns when Zimra officials asked him to declare such for tax calculation purposes.

State witness Mr Adrian Maudzeni told the court that although Kadungure paid $30 000 in January this year and $5 000 yesterday into the Zimra account towards repaying the amount he allegedly prejudiced Zimra, he was still liable to answer to charges of failing to make the declaration.

“We conducted a lifestyle audit and source of income for the client from 2010 to 2013,” he said. “The client was requested to give proof of source of income and client failed to give proof of source of income between 2010 and 2012.

“The client later provided proof for 2013 to 2015, so he was left with a liability to declare for that period. Zimra was prejudiced $119 815,93 which was undeclared. The total prejudice was $30 864,19 including interest and penalties. To date, $30 000 was recovered on January 15, 2020.” Mr Maudzeni said the amount was due when they conducted the audit.

He said there was still an outstanding amount inclusive of penalties and interest.

“Although he is saying he made a payment of $5 000 today (yesterday),” Mr Maudzeni said. “The charge is not on the amount or dispute on the figure with Zimra, but the charge is on non-submission of returns. The claims have not been submitted.”

Zimbabwe Energy Regulatory Authority acting chief executive Mr Eddington Tapera Mazambani told the court that records showed that the gas in question was imported by Piko Trading, which was trading as Pioneer Gas.

Another witness, Paul Chimungosho, was ordered to verify documents with transactions that Kadungure and his company claim were extracted from Zimra.

Kadungure and his company denied the charges when they appeared before magistrate Mr Crispen Mberewere. They told the court that he complied with the law and paid all duties.

“The accused will state that it has always complied with the law and paid all duties that were requested by Zimra,” he said in his defence.

Piko Trading has since admitted and been convicted on two other counts of failing to declare tax returns to the Commissioner of Taxes.

Mr Andrew Kumire and Mr Loveit Masuku prosecuted.

The trial continues tomorrow.

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Cyber Insurance for Small Business: Coverage Guide

Cyber insurance has moved from a nice-to-have policy to a serious risk management tool for small businesses. Even companies with fewer than 50 employees depend on email, cloud software, online banking, remote access, customer databases, websites, point-of-sale systems, and mobile devices. A single ransomware infection, stolen password, or fraudulent wire request can stop operations and create expensive response costs.

Cyber insurance is designed to help with certain costs after a covered cyber incident. It is not a replacement for good security, but it can support response and recovery when controls fail. The exact coverage depends on the insurer, policy form, endorsements, exclusions, and security requirements.

First-party coverage applies to the business's own losses. This may include breach response, forensic investigation, data restoration, business interruption, ransomware response, crisis communications, legal consultation, and customer notification. If a business cannot operate because systems are locked or cloud access is disrupted, business interruption coverage may help replace covered lost income during the downtime period.

Third-party coverage applies when other people or organizations claim your business caused harm. This may include legal defense, settlements, regulatory investigations, privacy claims, media liability, or contractual claims after a data breach. Businesses that store customer records, health information, financial data, payment information, or confidential client files should pay close attention to this area.

Business email compromise is one of the most important topics to ask about. Many losses now involve fraudulent emails, fake invoices, payroll diversion, vendor impersonation, or wire transfer scams. Some cyber policies cover social engineering or funds transfer fraud only if a special endorsement is added. Others exclude it or provide a lower sublimit. Ask specifically: If an employee is tricked into sending money to a criminal, is that covered?

Ransomware coverage also varies. Some policies may help with negotiation, legal guidance, recovery support, and covered payments where legally allowed. However, insurers may require security controls before offering ransomware coverage. These controls can include multifactor authentication, endpoint detection, backups, patch management, email filtering, employee training, and privileged access restrictions.

Cyber insurance applications have become more detailed. Insurers may ask whether multifactor authentication is used for email, remote access, administrator accounts, and cloud systems. They may ask about backups, encryption, endpoint protection, firewalls, vulnerability scanning, incident response plans, vendor access, and security training. Answer honestly. Inaccurate answers can create problems during a claim.

Not every cyber event is covered. Common exclusions may involve prior known incidents, war or nation-state activity, bodily injury, infrastructure failure, intentional acts, failure to maintain required controls, unencrypted devices, or losses outside policy definitions. Because exclusions can be broad, review the policy with someone who understands cyber risk.

Small businesses should also ask about the insurer's response team. A strong cyber policy is not just a reimbursement document. It should connect the business with breach coaches, forensic firms, ransomware response vendors, public relations support, and legal resources. In an incident, speed matters. Knowing who to call can reduce confusion.

Cyber insurance pricing depends on revenue, industry, data type, employee count, security controls, claims history, remote access, vendor exposure, and coverage limits. Health care, financial services, legal firms, schools, professional services, and e-commerce businesses may face higher scrutiny because they handle sensitive data or payments.

Before buying a policy, map your most important systems. Include email, accounting, online banking, payroll, website hosting, customer records, cloud drives, point-of-sale, remote access, and backup systems. Then compare policy limits against realistic incident costs. A small ransomware event can involve forensics, legal review, overtime, lost revenue, customer notice, and system rebuilds.

Cyber insurance works best when paired with basic security. Use multifactor authentication, strong password management, least privilege access, regular patching, offline or immutable backups, endpoint protection, DNS filtering, email security, vendor reviews, and employee phishing training. Document these controls because insurers may request proof.

For small businesses, cyber insurance is not about fear. It is about resilience. The right policy can help a company recover faster, protect customers, and survive an incident that might otherwise be financially damaging.

Best Cybersecurity Services for Financial Institutions

Financial institutions face nonstop cyber threats in 2026.

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Hackers target banks, lenders, investment firms, and payment platforms because financial data remains incredibly valuable.

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One successful breach can destroy customer trust overnight.

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That’s why demand for the best cybersecurity services for financial institutions keeps growing rapidly.

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Why Financial Firms Face Elevated Risk

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Cybercriminals aggressively pursue:

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  • Customer account information
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  • Wire transfer access
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  • Banking credentials
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  • Loan application data
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  • Investment accounts
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AI-powered attacks are making threats even more sophisticated.

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Critical Security Services Financial Firms Need

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Strong cybersecurity strategies often include:

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  • Endpoint protection
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  • SIEM monitoring
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  • Penetration testing
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  • Multi-factor authentication
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  • Employee phishing training
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  • Incident response planning
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Security gaps become expensive quickly.

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Regulatory Pressure Continues Growing

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Financial institutions must comply with strict regulations.

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Failure to protect customer information may trigger:

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  • Lawsuits
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  • Regulatory penalties
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  • Reputation damage
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  • Customer loss
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Compliance and cybersecurity now work together closely.

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Final Takeaway

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The best cybersecurity services help financial institutions reduce risk, maintain compliance, and protect customer trust.

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Cybersecurity is no longer just an IT issue.

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It’s a core business survival issue.

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FAQ

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Why are banks targeted by hackers?

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Financial data and payment systems remain highly profitable for cybercriminals.

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What cybersecurity controls matter most?

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Multi-factor authentication, monitoring systems, employee training, and endpoint protection remain critical.

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