Connect with us

News

Nigeria’s Financial, Telecoms’ Firms Hit by 586,130 Cyber Attacks in Six Months

Published

on

Kindly share this post

Cybervergent, a cybersecurity-focused technology company, at the weekend released its half year cyber threat report on the activities of hackers that focus their attacks on Nigeria’s financial institutions and telecoms companies, revealing how it detected 586,130 attacks on organisations that it manages in Nigeria.

Nigeria’s Financial, Telecoms Firms Hit by 586,130 Cyber Attacks in Six Months

The attacks mostly external, were monitored from January to June 2024.

Among the 586,130 attacks launched on various organisations, Cybervergent was able to resolve 226,103 of the attacks by automation, while 19,920 endpoints were protected by Cybervergent.

According to the report, events analysed by Cybervergent’s Security Operations Centre (SOC), reached 304,522, while all potentially malicious events analysed by Cybervergent within the same six months period, reached 42,200.

Analysing the report, Mr. Gbolabo Awelewa, chief solutions officer at Cybervergent, said with the increasing threat in cyberspace, organisations must ensure that regular application and systems updates are carried out on existing applications and systems to prevent the attacks at scale.

“As we move forward, our Cyber Operations Centre remains steadfast in its mission to anticipate, detect, and thwart evolving threats that seek to compromise the integrity of digital assets. With a deep understanding of the threat landscape and a relentless pursuit of innovative security solutions, we are poised to continue our unwavering defense of the financial sector and other industries’ digital landscape, safeguarding organisations’ trust and confidence in the face of ever-changing cybersecurity challenges,” Awelewa said.

Highlighting the threat actors that targeted Nigeria in the first half of the year, Awelwewa listed them to include: Gelsemium, Equation Group, Lyceum, Gamaredon, Circus Spider, Mirage, Common Raven, Bronze Highland, Earth Krahang, as well as Insider Threat Syndrome.

According to him, Gelsemium is a sophisticated cyber espionage group known for its targeted attacks on high profile organisations across various sectors.

“They use custom malware and advanced techniques to evade detection, and their target is on public administration, educational services and national security,” he said.

Awelewa described the different types of insider threats to include: Disgruntled Employees, Accidental Insiders and Negligent Insiders. He explained that motivated by anger, financial gain, or a feeling of being benched, the disgruntled employee could inflict serious damage, while accidental insiders are those that capitalise on mistakes of others to launch an attack on the organisation.

He said the negligent insiders are those that reveal their credentials to others or forget to lock their laptops when leaving the office, advising on staff duty rotation and compulsory leave for all staff.

The report highlighted cybersecurity trends that organisations and institutions must tackle in the second quarter of 2024 as Zero-Day Exploits, where hackers exploit unknown vulnerabilities before anyone can patch them; Cloud Security Focus, since every organisation and institution is moving to the cloud; Cybercrime as-a-service, which allows hackers to launch frequent attacks; and Ransomware Surge, with attackers likely to use more sophisticated encryption and sneaky tactics to avoid detection and maximise the impact, including insider threats.

 


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

News

How Hackers Manipulated, Stole N622m from Interswitch within Minutes- Police

Published

on

Kindly share this post

Justice Yellim Bogoro of the Federal High Court in Lagos has heard how Daniel Ikeoha and Sylvester Ebeta, two alleged hackers, manipulated Interswitch Nigeria Limited’s Payment Gateway  switch and siphoned N622 million within minutes.

How Hackers Manipulated, Stole N622m from Interswitch within Minutes- Police

Police intelligence operatives from Special Fraud Unit, Ikoyi, Lagos State, who later uncovered the two alleged, arraigned before Justice Bogoro for causing multiple fraudulent transfers and withdrawals of N622 million from various bank accounts of other customers to their own accounts.

Justice Bogoro, the presiding judge, ordered both Daniel and Sylvester remanded in the Ikoyi facility of the Nigerian Correctional Services (NCoS), after they pleaded not guilty to the charges of alleged conspiracy, hacking into the Interswitch’s server and unlawful conversion/taking possession of proceeds of an unlawful acts.

The offences which contravened Sections 27(1)(b) and 14(1)of the Cyber Crimes (Prohibition, Prevention Etc.) Act, 2015 as Amended in 2024, read along with Section 14(1) of the same Act.

The offence also contravened Section 18(2)(b)(d) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.

Justine Enang, the prosecutor and a chief superintendent of police at the Legal Department of PSFU, Ikoyi, Lagos, alleged that the defendants and others at large have between January 2022 and October 12, 2023, conspired among themselves to commit illegal acts.

Enang told the Court that the two defendants and others at large, unlawfully suppressed the Interswitch Payment Gateway Merchants to interchange the system switch and caused multiple fraudulent transfers and withdrawals of N622 million, from various bank accounts of other customers to their own accounts.

The prosecutor told the court that the defendants wired the N622 million to their under-listed banks and accounts: Kuda Microfinance Bank, account no. 2012900334; UBA Plc, account no. 2259918436; Zenith Bank Plc, account no, 225135546; Eco Bank Nigeria Limited, account no. 4360057510 and 4360057503; GTB Plc account nos. 0025473624, 0560512839; FCMB, account nos. 7358218027, 7358218010; Moniepoint Microfinance Bank, account no. 5397559320; GTB Plc, account no. 0167915358; Stalonvee Concept, Stalonvee Concept, account no. 6397559320, 5397602542 and Zenith Bank Plc, account no. 240753383.

  1. S. Hart, their lawyer, informed the court that she had two applications before the Court for the Court to determine.

She told the court that the first application is challenging the court’s jurisdiction in entertaining the charges against her client, because her clients have been charged before a magistrate court. Hence, the charges against them before the Court was an abuse of court process.

She also told the Court that the second application is the bail application of her clients.

In response, the prosecutor told the Court that the charge before the Magistrate Court has been withdrawn.

On the application for bail, the prosecutor told the court that he has responded to same, by filing a counter-affidavit.

Based on the submissions of the parties, Justice Bogoro ordered parties to move the bail application. And upon taking arguments on the bail application, Justice Bogoro adjourned ruling till 14th November, 2024, while ordering that the two defendants be remanded in the custody of the Nigerian Correctional Services (NCoS) pending when the bail application will be determined.

 

 


Kindly share this post
Continue Reading

News

Standard Chartered, BII Renew $350 million Commitment to Support Trade Finance in Emerging Markets

Published

on

Kindly share this post

Standard Chartered, a leading international cross-border bank, and British International Investment (BII), the UK’s development finance institution (DFI) and impact investor, announce the signing of a USD350 million risk participation agreement. This facility aims to bolster the trade finance needs of SMEs and corporates across Africa and South Asia and to boost economic growth in these regions.

Since the initial agreement in 2013, Standard Chartered and British International Investment have enabled over USD10 billion in trade volumes in over 10 countries across Africa and South Asia including Kenya, Tanzania, Nigeria, Bangladesh, Pakistan and Nepal. In the past year, approximately USD450 million of trade has been supported via this facility.

The renewed facility will cover an expanded number of dynamic markets and seek to provide much needed support in trade and economic growth in Africa and South Asia by further enabling trade finance access and liquidity across Standard Chartered’s extensive global network. It will support many sectors such as food, agriculture, healthcare, industrials, metals infrastructure, electrical, electronics, technology, telecom and mobility to name a few.

The facility also supports the United Nations’ Sustainable Development Goals of Decent Work & Economic Growth (UN SDG 8), Industry Innovation & infrastructure (UN SDG 9), Responsible Consumption & Production (UN SDG 12).

The UK’s Development Minister Anneliese Dodds said: “I am delighted to see BII and Standard Chartered renew their facility to deliver trade finance throughout Africa and South Asia. This is an important partnership that will support SMEs and corporates to grow and deliver critical goods and services.

“Trade plays an important role in economic transformation, and this risk-sharing facility demonstrates how BII can work with financial institutions to support our shared development objectives.”

Nick O’Donohoe, CEO, BII, said: “We are proud of the positive impact that this long-standing trade finance facility with Standard Chartered has had in Africa and South Asia. By enabling over $10bn in trade volumes, the facility continues to empower businesses and facilitate the vital flow of essential goods and services including food and healthcare.

This is pivotal in supporting economic growth and creating new opportunities in these regions. It is also a step closer to narrowing the global trade finance gap.”

Saif Malik, CEO, UK and Head of Banking & Coverage, UK, Standard Chartered said: “We are thrilled to renew our commitment to work with BII in support of trade. As a leading international banking group, we play a vital role in enhancing access to the capital and liquidity that is essential for global trade.

This strategic agreement will provide significant support to businesses with high potential but constrained access to finance. It aligns to our vision of the role that banking and finance can play in supporting the growth ambitions of corporations that innovate for the future by connecting the world’s most dynamic markets in trade, investment and capital flows.

 


Kindly share this post
Continue Reading

News

Substandard CNG Cylinder is Recipe for Disaster- SON

Published

on

Kindly share this post

Standards Organisation of Nigeria (SON) has warned the public against the use of substandard and uncertified Compressed Natural Gas (CNG) cylinders.

 

The warning is coming in the wake of the unfortunate recent incident of CNG cylinder explosion at the NIPCO CNG Refueling Station in Benin City, Edo State.

In a statement, the organisation said it has put robust and effective regulatory measures in place to ensure that all CNG equipment and conversion kits conform to approved standards before being certified for public use.

“The conformity assessment schemes are designed to prevent the import, manufacturing, and use of substandard products,” it stated.

In addition, SON said it is collaborating with the Presidential Initiatives on CNG and other relevant government bodies to finalise the Nigerian Gas Vehicle Monitoring System (NGVMS) – a platform that will provide centralized monitoring and surveillance of CNG systems to ensure that only vehicles equipped with certified conversion kits can access gas at retail outlets.

“The NGVMS will also offer a database of approved CNG equipment and suppliers which will go a long way in preventing the substandard installations and further mitigating the associated risks.”

 

 

 


Kindly share this post
Continue Reading

Trending