E-Business
Check Point Cybersecurity Predictions Expect More Global Attacks, Government Regulation, and Consolidation in 2023
Check Point® Software Technologies, a leading provider of cyber security solutions globally, has released its cybersecurity predictions for 2023, detailing the key security challenges that organisations will face over the next year.
Globally, cyberattacks across all industry sectors increased by 28% in the third quarter of 2022 compared to 2021. Check Point predicts a continued sharp rise worldwide, driven by increases in ransomware exploits and in state-mobilised hacktivism driven by international conflicts.
Additionally, Check Point Research has found that cyber threats targeting companies across Africa outnumber those in other parts of the world. Adding further pressure to the volatile environment, organisations’ security teams will face growing pressure as the global cyber workforce gap of 3.4 million employees widens further, and governments are expected to introduce new cyber-regulations to protect citizens against breaches.
The dearth of cybersecurity professionals across Africa means it is more important than ever for the private sector to partner with government and tertiary education institutions to develop relevant education programmes.
These cybersecurity skills programmes can filter through the entire educational environment and create an enabling environment where a much-needed gap can be addressed.
In 2022, cyber criminals and state-linked threat actors continued to exploit organisations’ hybrid working practices, and the increase in these attacks is showing no signs of slowing as the Russia – Ukraine conflict continues to have a profound impact globally.
Meanwhile in Africa, most cyberattacks are targeting the ISP and communication sector, with more than 5 600 attacks per week identified.
Organisations need to consolidate and automate their security infrastructure to enable them to better monitor and manage their attack surfaces and prevent all types of threat with less complexity and less demand on staff resources.
Check Point’s cybersecurity predictions for 2023 fall into four categories: malware and phishing; hacktivism; emerging government regulations; and security consolidation.
Hikes in malware and hacking exploits
- No respite from ransomware: this was the leading threat to organisations in the first half of 2022, and the ransomware ecosystem will continue to evolve and grow with smaller, more agile criminal groups forming to evade law enforcement.
- Compromising collaboration tools: while phishing attempts against business and personal email accounts are an everyday threat, in 2023 criminals will widen their aim to target business collaboration tools such as Slack, Teams, OneDrive, and Google Drive with phishing exploits. These are a rich source of sensitive data given most organisations’ employees continue to often work remotely.
Hacktivism and deepfakes evolve
- State-mobilised hacktivism: in the past year, hacktivism has evolved from social groups with fluid agendas (such as Anonymous) to state-backed groups that are more organised, structured, and sophisticated. Such groups have attacked targets in the US, Germany, Italy, Norway, Finland, Poland, and Japan recently, and these ideological attacks will continue to grow in 2023.
- Weaponizing deepfakes: in October 2022, a deepfake of US President Joe Biden singing ‘Baby Shark’ instead of the national anthem was circulated widely. Was this a joke, or an attempt to influence the important US mid-term elections? Deepfakes technology will be increasingly used to target and manipulate opinions, or to trick employees into giving up access credentials.
Governments step up measures to protect citizens
- New laws around data breaches: the breach at Australian telco Optus has driven the country’s government to introduce new data breach regulations that other telcos must follow, to protect customers against subsequent fraud. We will see other national governments following this example in 2023, in addition to existing measures such as GDPR across the European Union and POPIA in South Africa.
- New national cybercrime task forces: more governments will follow Singapore’s example of setting up inter-agency task forces to counter ransomware and cybercrime, bringing businesses, state departments and law enforcement together to combat the growing threat to commerce and consumers. These efforts are partially a result of questions over whether the cyber-insurance sector can be relied upon as a safety net for cyber incidents. Cross-Africa collaboration and the potential establishment of a continental cybersecurity body could benefit all member states and companies both in terms of common laws and regulations, but also when it comes to providing a unified response to cyberthreats.
- Mandating security and privacy by design: the automotive industry has already moved to introduce measures to protect the data of vehicle owners. This example will be followed in other areas of consumer goods that store and process data, holding manufacturers accountable for vulnerabilities in their products.
Consolidation matters
- Cutting complexity to reduce risks: the global cyber-skills gap grew by over 25% in 2022. Yet organisations have more complex, distributed networks and cloud deployments than ever before because of the pandemic.
Security teams need to consolidate their IT and security infrastructures to improve their defences and reduce their workload, to help them stay ahead of threats. Over two-thirds of CISOs stated that working with fewer vendors’ solutions would increase their company’s security.
Predictions From Check Point Executives:
Issam El Haddioui, Head of Security Engineering, EMEA – Africa, Check Point Software: “The frontier between the cyber world and our everyday lives has become vanishingly small and the impact of a cyber threat can have multiple faces.
“Impact ranges from financial implications caused by ransomware attacks to the disruption of organisational profit flow, to the inability to bring goods and services to citizens. The cyber threat landscape is an evolving environment and therefore cyber security posture enhancement needs to be a continuous journey, with measures that need to be evaluated and adapted to new realities.”
Charnie-Lee Adams-Kruger, Country Manager for Southern Africa at Check Point: “Cybercrime is a global problem that has affected South Africa, both in the private sector and in government. Financial losses have been in the billions and could continue to increase if stricter measures are not put in place. The main target of the African continent is mainly South Africa due to its high connectivity rate, wealth, and GDP per capita.”
Mark Ostrowski, Office of the CTO, Check Point Software: “Deepfakes will go mainstream with hacktivists and cybercriminals leveraging video and voicemails for successful phishing and ransomware attacks.”
Maya Horowitz, VP of Research, Check Point Software: “We are entering a new era of hacktivism, with increasing attacks motivated by political and social causes. Threat actors are becoming increasingly shameless and will turn their attention to critical infrastructure.”
Micki Boland, Office of the CTO, Check Point Software: “We will see a nation-state lead a sustained and lengthy attack against the USA’s power grid, leading to power disruptions impacting critical business and societal functions.”
Deryck Mitchelson, EMEA CISO, Check Point: “Cloud transformation will slow due to cost and complexity, with many firms considering bringing workloads back in-house or to private data centres to reduce their overall threat surface.”
Deryck Mitchelson, EMEA CISO, Check Point Software: “We will see much more debate around and push for security regulation, as the current carrot and stick approach has not worked.”
Dan Wiley, Head of Threat Management, Check Point Software: “The cyber insurance industry is undergoing major tectonic shifts. Companies will most likely not be able to rely on insurance as a safety net for cyber incidents.
Like we have seen with the auto industry, policymakers will act to protect their constituents with legislation holding makers accountable for software defects that create cyber vulnerabilities. In turn, this will put the onus on software vendors to build in security validations.”
Jeremy Fuchs, Research Analyst, Avanan, a Check Point company: “While email and phishing go hand-in-hand and will still be dangerous and proliferate, in 2023 cyber criminals will also turn to business collaboration compromise, with phishing attacks used to access Slack, Teams, OneDrive, Google Drive, etc.
“Employees are often loose with sharing data and personal information while using these business apps, making them a lucrative source of data for hackers.”
Jony Fischbein, CISO, Check Point Software: “In our multi-hybrid environment, many CISOs struggle to build a comprehensive security program with multiple vendors. In 2023, CISOs will decrease the number of security solutions deployed in favour of a comprehensive, single solution to reduce complexity.”
Oded Vanunu, Head of Products Vulnerability Research, Check Point Software: “Dramatic increase of digital scams, due to a global economic slowdown and inflation. Cyber criminals will increasingly turn to social media campaigns via Telegram, WhatsApp, and other popular messaging apps. There will also be more cyber-attacks on Web3 blockchain platforms, mainly to overtake platforms and their users’ crypto assets.”
Nick Turley, OpenAI’s Head of Product, testified in Washington that the company would be interested in acquiring Google’s Chrome browser if antitrust enforcers succeed in forcing Alphabet to sell the popular web browser.
This testimony was part of a high-profile trial in which the US Department of Justice is pushing to break up Google’s monopoly in the online search and advertising markets, Reuters reported on Tuesday.
The DOJ’s case centres on Google’s dominance in online search, which it argues unfairly stifles competition. A key aspect of the DOJ’s proposed remedies includes requiring Google to divest assets, including its Chrome browser, to restore a more competitive search environment.
According to the report, Turley’s statement provided insight into OpenAI’s competitive positioning within the generative AI space.
He noted that Google’s refusal to partner with OpenAI for access to its search technology within ChatGPT had pushed the company to explore alternative partnerships, particularly with Microsoft’s Bing.
Turley had previously written that ChatGPT leads the consumer chatbot market and did not consider Google its biggest competitor, according to an internal OpenAI document presented by Google’s lawyers during the trial.
He clarified that the document was meant to inspire OpenAI employees and emphasised that the company would still benefit from distribution partnerships, Reuters reported.
Earlier in the day, Turley testified that Google rejected OpenAI’s bid to use its search technology within ChatGPT.
OpenAI had reached out to Google after experiencing issues with its own search provider, Turley said, though he did not identify the provider. ChatGPT currently uses Microsoft’s Bing for search.
“We believe having multiple partners, and in particular Google’s API, would enable us to provide a better product to users,” OpenAI had told Google in an email shown at the trial.
OpenAI first reached out in July, but Google declined the request in August, citing concerns about competition. “We have no partnership with Google today,” Turley said.
The trial also highlighted Google’s internal strategy, including efforts to secure exclusive search agreements with major Android device manufacturers like Samsung.
According to Turley, such exclusivity could hinder the development of competing AI technologies, like ChatGPT, which depend on a range of search and data sources.
E-Business
Digital consumers are driving a new era of online shopping, transforming how Nigerian youth buy
The digital revolution is hitting Nigeria’s retail scene fast, and it’s being powered by the country’s youth. Armed with smartphones and a demand for affordability, they’re shaping the e-commerce industry where convenience reigns supreme.
Nigeria’s internet users, reaching more than half its population, creates a strong foundation for e-commerce growth. This growth is significantly fueled by the nation’s youth, a substantial 160 million (70% of the population), whose tech-forward nature drives the popularity of platforms like Temu, satisfying their demand for accessible and budget-friendly online retail.
This generation has flipped the retail script. Value is their compass, price comparisons their weapon, social media their guide, and convenience their non-negotiable. This isn’t just shopping; it’s a calculated pursuit of savvy options, the widest selection, and the best value-for-money deals.
The power of finding a good deal is undeniable, especially for these shoppers watching their wallets. Social media is a testament to this, filled with posts celebrating the newfound ability to purchase items once considered luxuries.
Take Anwulika Udanoh (@Anwulika Udanoh on Facebook), for example. Her recent post, detailing her shopping experience on Temu, is a perfect snapshot of this online shopping revolution. She stumbled upon affordable jewelry on the platform, swayed by glowing reviews, and took a chance. What followed was a delightful surprise: customised earrings bearing her name, a feat once thought impossible.
Even her son’s friend jumped on the personalisation trend with custom pendants. ‘Their prices will shock you,’ she wrote, with genuine excitement. And despite any concerns about longevity, the sheer joy of affordable, personalised style at good quality won her over. That’s the power of this shift.
This goes beyond mere bargain hunting; it’s about empowerment. It’s about unlocking the ability to express your unique style without sacrificing your financial stability. It’s about finding those small sparks of joy, like personalised jewelry that feels uniquely yours. For many, these platforms are a portal to a more colourful and individually tailored life.
Then there’s the spirit of adventure, captured in a simple tweet by Steph (@steph on X): ‘ordered a couple of desk items, wish me luck.’ It’s the essence of a generation eager to discover new ways to elevate their everyday life.
Launched in the country in November 2024, Temu offers a diverse selection that aligns with the dynamic needs of young Nigerians. The direct-from-factory online marketplace is known for cutting out layers of middlemen and their associated markups and costs, passing on savings to consumers. Serving more than 90 markets globally, Temu has become one of the most visited e-commerce sites worldwide and a top Apple-recommended app of 2024.
Let’s be real: budgets matter. In a country where every naira is carefully considered, competitive pricing and accessible payment methods, aided by partnerships like Temu and Verve, empower Nigerian shoppers with greater choice and freedom to embrace trends while making the budget go beyond. It’s like opening up a world of possibilities.
Adding to the appeal is a user experience designed for the mobile age. With 193.9 million cellular connections, smartphones are the gateway to this digital world, and intuitive platforms allow for seamless browsing and purchasing on the go, perfectly aligning with the dynamic rhythms of young Nigerian life.
This mobile-first approach is further amplified by the power of social proof. In a nation of 31.60 million social media users, reviews and recommendations carry significant weight, transforming satisfied shoppers into passionate brand advocates.
A growing digital environment, particularly in urban areas, presents a rich opportunity for platforms that resonate with the aspirations of young people. They seek more than just products; they want to build online communities, create digital identities, and shape their lifestyles.
Real stories like those of Anwulika and Steph show that Temu isn’t just a place to shop, but a platform that’s unlocking joy, creativity, and financial freedom for Nigeria’s youth. Whether it’s personalised jewellery, playful desk accessories or everyday essentials, Temu is turning everyday purchases into moments of empowerment — proving that with the right platform, anything is possible.
Gold prices surged to a fresh record high on Monday, April 21, while the dollar weakened and global stock markets presented a mixed picture, as concerns mounted over former President Donald Trump’s escalating tariff strategy and his ongoing confrontation with the Federal Reserve.
Amid subdued activity due to continued Easter holiday closures in several markets, investors focused on the potential fallout from Trump’s latest trade moves and looked ahead to key economic data releases later this week that may shed light on the broader impact of the evolving U.S.-led trade war.
The administration’s tariff campaign has triggered swift responses from major economies. While some, like Japan, are reportedly seeking accommodations to ease Washington’s trade levies, China issued a sharp warning to governments not to negotiate at the expense of its interests. A spokesperson for China’s commerce ministry said Monday that appeasement and compromise would fail to win peace or respect, calling on nations to avoid sacrificing broader interests for temporary gains.
Beijing’s tone contrasted with Trump’s comments last Thursday in which he signaled ongoing discussions with China, expressing optimism about reaching a deal. However, tensions remain high, with China facing tariffs of up to 145 percent on some goods, and retaliating with duties of 125 percent on U.S. exports.
The growing uncertainty over the global economic outlook has driven investors toward safe haven assets. Gold climbed above $3,384 per ounce, buoyed both by the geopolitical instability and a weakening U.S. dollar. The dollar’s decline has been exacerbated by concerns over Trump’s comments directed at Federal Reserve Chair Jerome Powell, who warned that the tariffs could lead to a temporary rise in inflation and downplayed prospects for interest rate cuts.
Trump criticized Powell for his remarks and hinted at the possibility of removing him from office, stating: “If I want him out, he’ll be out of there real fast, believe me.” Powell has maintained that he will not step down and emphasized the legal foundation of the central bank’s independence.
The dollar fell against major currencies, with the yen and euro gaining strength. France’s finance minister Eric Lombard said Trump’s tariff policies had already damaged the credibility of the U.S. currency and warned that undermining the Federal Reserve would further shake investor confidence. Chicago Fed President Austan Goolsbee underscored the importance of central bank independence, calling it a near-universal principle among economists.
Asian stock markets reflected the uncertainty, with Tokyo’s Nikkei falling 1.2 percent, while gains were seen in Shanghai, Seoul, Singapore, Manila, and Jakarta. Oil prices declined amid renewed fears over global demand, with West Texas Intermediate and Brent crude both dropping 1.7 percent.
Investors are now watching closely for April manufacturing data from key economies, which are expected to provide early signals about the tangible effects of the tariffs. Analysts warn that U.S. fiscal and monetary policy are increasingly being viewed as volatile geopolitical forces rather than stable economic anchors. Stephen Innes of SPI Asset Management said the reputational damage to the U.S. economic brand is becoming entrenched, with global markets and allies adjusting expectations accordingly.
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Digital consumers are driving a new era of online shopping, transforming how Nigerian youth buy
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