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Cybercriminals Are Doubling Down on Credential Theft, Launching More Innovative Ransomware Attacks – Sophos 2023 Threat Report Reveals
Sophos, a global leader in innovating and delivering cybersecurity as a service, has on Monday published its 2023 Threat Report.
The report details how the cyberthreat landscape has reached a new level of commercialization and convenience for would-be attackers, with nearly all barriers to entry for committing cybercrime removed through the expansion of cybercrime-as-a-service.
The report also addresses how ransomware remains one of the greatest cybercrime threats to organizations with operators innovating their extortion tactics, as well as how demand for stolen credentials continues to grow.
Criminal underground marketplaces like Genesis have long made it possible to buy malware and malware deployment services (“malware-as-a-service”), as well as to sell stolen credentials and other data in bulk. Over the last decade, with the increasing popularity of ransomware, an entire “ransomware-as-a-service” economy sprung up.
Now, in 2022, this “as-a-service” model has expanded, and nearly every aspect of the cybercrime toolkit—from initial infection to ways to avoid detection—is available for purchase.
“This isn’t just the usual fare, such as malware, scamming and phishing kits for sale,” said Sean Gallagher, principal threat researcher, Sophos. “Higher rung cybercriminals are now selling tools and capabilities that once were solely in the hands of some of the most sophisticated attackers as services to other actors.
“For example, this past year, we saw advertisements for OPSEC-as-a-service where the sellers offered to help attackers hide Cobalt Strike infections, and we saw scanning-a-service, which gives buyers access to legitimate commercial tools like Metasploit, so that they can find and then exploit vulnerabilities.
“The commoditization of nearly every component of cybercrime is impacting the threat landscape and opening up opportunities for any type of attacker with any type of skill level.”
With the expansion of the “as-a-service” economy, underground cybercriminal marketplaces are also becoming increasingly commodified and are operating like mainstream businesses. Cybercrime sellers are not just advertising their services but are also listing job offers to recruit attackers with distinct skills. Some marketplaces now have dedicated help-wanted pages and recruiting staff, while job seekers are posting summaries of their skills and qualifications.
“Early ransomware operators were rather limited in how much they could do because their operations were centralized; group members were carrying out every aspect of an attack. But as ransomware became hugely profitable, they looked for ways to scale their productions. So, they began outsourcing parts of their operations, creating an entire infrastructure to support ransomware. Now, other cybercriminals have taken a cue from the success of this infrastructure and are following suit,” said Gallagher.
Indeed, as the cybercrime infrastructure has expanded, ransomware has remained highly popular—and highly profitable. Over the past year, ransomware operators have worked on expanding their potential attack service by targeting platforms other than Windows while also adopting new languages like Rust and Go to avoid detection. Some groups, most notably Lockbit 3.0, have been diversifying their operations and creating more “innovative” ways to extort victims.
“When we talk about the growing sophistication of the criminal underground, this extends to the world of ransomware. For example, Lockbit 3.0 is now offering bug bounty programs for its malware and ‘crowd-sourcing’ ideas to improve its operations from the criminal community. Other groups have moved to a ‘subscription model’ for access to their leak data and others are auctioning it off. Ransomware has become, first and foremost, a business,” said Gallagher.
The evolving economics of the underground has not only incentivized the growth of ransomware and the “as-a-service” industry, but also increased the demand for credential theft. With the expansion of web services, various types of credentials, especially cookies, can be used in numerous ways to gain a deeper foothold in networks, even bypassing MFA. Credential theft also remains one of the easiest ways for novice criminals to gain access to underground marketplaces and begin their “career.”
Sophos also analyzed the following trends:
·The war in Ukraine had global repercussions for the cyberthreat landscape. Immediately following the invasion, there was an explosion of financially motivated scams, while nationalism led to a shake-up of criminal alliances between Ukrainians and Russians, particularly among ransomware affiliates.
· Criminals continue to exploit legitimate executables and utilize “living off the land binaries” (LOLBins) to launch various types of attacks, including ransomware. In some cases, attackers deploy legitimate but vulnerable system drivers in“bring your own driver” attacks to attempt to shut down endpoint detection and response products to evade detection.
· Mobile devices are now at the center of new types of cybercrimes. Not only are attackers still using fake applications to deliver malware injectors, spyware and banking-associated malware, but newer forms of cyberfraud have been growing in popularity, such as “pig butchering” schemes. And this crime is no longer just affecting Android users, but iOS users as well.
· The devaluation of Monero, one of the most popular cryptocurrencies for cryptominers, led to a decrease in one of the oldest and most popular types of cryptocrime—cryptomining. But mining malware continues to spread through automated “bots” on both Windows and Linux systems.
To learn more about the changing threat landscape in 2022 and what it means for security teams in 2023, read the full Sophos 2023 Threat Report.
Keystone Bank has brought a motion seeking to be joined as a party to the suit over the ownership and control of Emerging Markets Telecommunication Service (EMTS), which is the holder and operator of 9Mobile Telecommunication licence.
The messy turnaround came as a Federal High Court sitting in Abuja resumed hearing in the suit.
At the hearing, Keystone Bank, brought a motion seeking to be joined as a party to the suite, a proposed statement of defence and counter-claim which discloses triable issues and also demonstrates applicant’s interest in the subject of this suit.
The bank in its counter-claim is seeking among other reliefs that the resolution of the 5th defendant passed on December 7, 2023, increasing the share capital of the 6th defendant to counter-claim from N90, 000,000 to N2, 000,000,000 and reducing the 3rd defendant’s percentage stake/interest/shareholding in the 6th defendant to counter-claim to approximately 4.5 percent is null and void.
Abubakar Funtua, the plaintiff, had dragged General Theophilus Danjuma (retd) and his company LH Telecommunication Limited, as well as the other defendants to court over the ownership and control of EMTS trading under the name of 9Mobile.
The other Defendants are Seltrix Limited (sued as the 1st defendant), the Corporate Affairs Commission, CAC, Nigerian Communications Commission, NCC, Hayatu Hassan Hadeija, Teleology Nigerian Limited and one Mohammed Edewor, a Director in Teleology Nigeria Limited.
At the resumed hearing in the case, parties were confronted with a motion by Keystone Bank seeking to be joined as a party to the suit with a statement of defence, counter-claim and allegation of fraud against some parties in the suit No. /ABJ/CS/1971/2024.
The motion states among other things that: “The applicant, Keystone Bank, also intends to present a counter-claim and has prepared a proposed statement of defence and counter-claim which discloses triable and fecund issues and also demonstrates applicant’s interest in the subject of this suit.
“The case of the applicant, is that the resolution passed by the 3rd defendant on May 9, 2023, approving the change of control/ownership of the 5th defendant from the 3rd defendant to the 8th defendant, in violation of the facilities agreements (Deed of Share charge) between the applicant and 3rd defendant, and the orders of the court made on February 20, 2023, in suit No. FHC/L/CS/297/2023 is illegal, null and void.
“The case of the applicant, as set out in the proposed statement of defence and counter-claim, is that the resolution passed by the 3rd defendant on May 9, 2023, approving the change of control/ownership of the 5th defendant from the 3rd defendant to the 8th defendant, in violation of the facilities agreements (Deed of Share charge) between the applicant and 3rd defendant, and the orders of the court made on February 20, 2023, in suit No. FHC/L/CS/297/2023 is illegal, null and void.
“The applicant also asserts in the proposed statement of defence and counter-claim that the resolution of the 5th defendant passed on December 7, 2023, increasing the share capital of the 6th defendant to counterclaim from N90,000,000 to N2,000,000,000 and reducing the 3rd defendant’s percentage stake/interest/shareholding in the 6th defendant to counterclaim to approximately 4.5 perceent is null and void.
“The applicant intends to seek the following reliefs, endorsed on the proposed statement of defence and counter-claim, at the hearing of the case: “A declaration that the 1st defendant to counterclaim is not a shareholder, either directly or indirectly, of the 6th defendant to counterclaim.
MTN Nigeria’s Go Make A Difference (Go MAD) campaign brought its message of innovation and empowerment to Aba, the renowned hub of enterprise, on Sunday, March 23, 2025.
L-R: Joseph Ogbuka, Manager, Go-To-Market, MTN Nigeria; Micheal Chinedum Ogbonna, CEO, Mua Couture; Dr. Precious Uche, CEO, Tonatel Beauty & Spa and MacDaniels Enwemuche, Regional Manager, Sales & Trade Development, MTN Nigeria at the Go MAD regional activation at Sugarland, Luxury City Hotels, Aba on Sunday March 23, 2025.
The event, held at Sugarland, Luxury City Hotel, celebrated local creativity and resilience while encouraging Nigerians to take bold steps toward transforming their communities.
Onyinye Ikenna-Emeka, Chief Marketing Officer of MTN Nigeria had earlier the inspiration behind the Go M.A.D initiative. “The Go M.A.D. campaign is rooted in the belief that MTN data gives you the power to take on the world, to achieve the extraordinary, and to make a meaningful difference, in your community, your family, and your workplace.”
The campaign has already made stops in cities like Abuja, Enugu, Calabar, Ibadan, and Benin, showcasing changemakers who embody the spirit of progress. In his opening remarks, MacDaniels Enwemuche, Regional Manager, Sales & Trade Development at MTN Nigeria, emphasised the importance of resilience during challenging times. He stated: “MTN is here to remind us that every great achievement starts small. We’re providing a platform for Nigerians to showcase their skills and products, not just locally but globally, removing limitations and amplifying their impact.”
Describing Aba as Nigeria’s “Silicon Valley”, Enwemuche explained the need to activate this campaign in Aba, due to the city’s industrious spirit and alignment with the Go MAD philosophy: “Aba is already making a difference. Every person — doctor, teacher, shoemaker — has a role to play in our ecosystem. Do it well.”
The event featured inspiring stories from local changemakers. Like chessmaster Tunde Onakoya, the campaign’s ambassador, these stories reflected how small steps can lead to global impact. Onakoya rose from humble beginnings to become a Guinness World Record holder for the longest chess marathon. His journey exemplifies the transformative power of determination and digital connectivity.
Local talents also took centre stage in a vibrant showcase. A body painter, tailor, and mechanical engineer demonstrated their crafts live, while fashion designer Prinna Nnanna unveiled an athleisure line sewn overnight and modelled on-site.
The Icons of Impact session highlighted changemakers using MTN data to drive social change. Dr. Precious Uche, CEO of Tonatel Beauty and Spa, shared her mission to redefine beauty standards:
“My business fights bleaching and promotes ‘black is beautiful.’ MTN data has helped me spread this message across Owerri and Aba.”
Fashion entrepreneur Michael Chinedu Ogbonna, CEO of Mua Couture, discussed how digital tools have expanded his reach: “The internet has made the world a global village. I now create clothes for clients in Malaysia, the US, and Canada — all thanks to data.”
Through storytelling, cultural showcases, and real-life examples, the Go MAD Aba activation reminded attendees that even small acts of courage can spark significant change. The campaign continues to celebrate resilience and innovation across Nigeria while empowering communities with digital tools.
With upcoming activations planned for cities like Jos, Lagos, and Kano, MTN remains committed to inspiring Nigerians to make a difference, one bold step at a time.
Ayotunde Coker, chief executive officer of OpenAccess Data Centre has described Open Access fabric, the company’s Africa-led interconnection platform as key driver of a digital economy, offering a range of virtual connectivity services from Open Access Data Centres (OADC) facilities.
Empowered by West Indian Ocean Cable Company (WIOCC), extensive digital backbone, OAfabric offers enterprises and service providers access to diverse digital ecosystems, supporting user-to-service, user-to-user and site-to-site connectivity.
Coker stated this during a tour of Open Access Data Centre facility in Lagos by some journalists recently.
According to him, “designed as a future-ready foundation, OAfabric unites cloud and local connectivity with OADC’s market-leading colocation solutions, establishing an innovative, scalable African infrastructure platform that addresses both local and global digital transformation demands.
“OA fabric offers a reliable, adaptable interconnection platform to support Africa’s growing digital needs and hybrid infrastructures for local and global providers
“Enabling secure, direct cloud connections, OA fabric supports data sovereignty and fosters local provider growth, OA fabric provides IX peering, virtual interconnection, and tailored IP services for Africa’s digital landscape.
“It’s not about a particular service provider, it’s about everybody. Once you have a network and you are able to route traffic, even if you are not live yet, and you are hoping to come in the future, we are waiting for you to come on board. So, that platform converges everybody.
“With Open Access fabric, everyone is expected to interconnect. You are collaborating with the government. You are collaborating with the banks. We are collaborating with all these guys to interconnect everyone, Microsoft, Google, all the cloud companies connect into it, because we already have the connectivity business”.
He noted that, “Through OA fabric, all the other connectivity providers have access to any content on OA fabric, so SMB, SMEs, MSMEs, who probably doesn’t have a registered business, but on social media, selling clothes and things like that, can have cost effective access to resources on the internet.
Speaking on Metro fiber project which OADC is partnering with WBT, Coker explained that they have covered over 5 million homes in Lagos. “The job of the Internet Service Provider or MNO in the project is to maintain relationship with the residents of that area, make sure that the infrastructure is secured”.
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