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E-Business

Experts Says Terrorist Now Waging War through Cyber Attacks

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Ran Feit, Israeli cyber security expert based in Nigeria, has revealed how Boko Haram and other insurgents all over the world are now attacking government agencies through there porous cyber security.

Feit, however, urged the Nigerian government to begin to set aside budget to protect it Ministries, Departments and Agencies (MDAs) against such attacks.

Speaking with newsmen at the weekend in Abuja, when the Federal University of Technology Minna sent 70 students led by Dr. Idris Ismaila, head of Department Cyber Security Science, to CyberDome’s Security Operation Center to see in real time how CyberDome Professionals respond to and handle cyber-incidents, Feit who is the head of firm said his organisation has collaborated with Federal University of Technology, Minna to ensure a bridge in the academia-industry gap in the area of cybersecurity

“The terrorist today are using cyber; the future wars won’t be with weapons but through the cyber. You can see all around the world, energy, water pumps and power plants shutdown suddenly; think about it! If you don’t have water you don’t have energy and you don’t need to fire a bullet to finish a country.

“When we wanted to do something about cyber security in Nigeria a few years ago but they said there was no budget for such or  we should do something cheap but we are coming from Israel although most of our employees are brilliant young Nigerian guys and all the time I am amazed at how clever they are.

“In Israel cyber security is something that is deep in our budget and we have invested Billions of dollars to defend ourselves and we thought as Nigeria being the largest economy in Africa and one of the biggest or maybe the biggest in Africa we thought maybe this is something we need to be here.

“More than two years ago when no one talked about cyber in Nigeria, we went to kinds of organisations, we explained to them what is the difference between security and cyber and everybody thinks antivirus and firewall is enough.

“Those tools for security are old and not relevant anymore and new tools have been introduced to the market used for fighting cyber. So we established this centre which we also have academy classes; we saw organisations and explained why we need to let them know the threat and I can tell you in the last year the awareness for cyber is much higher than two years ago here in Nigeria.”

Speaking on the need to raise budget against cyber attack, Feit said: “In Switzerland it is the main yearly economic summit which put cyber as the fifth threat in the world after climate and other things; cyber today is the fifth threats in the world, think about it! Everybody is talking with us but the problem is there is lack of budget which is not prioritized.

“We believe that a small percentage needs to be allocated to what the world and not us said this is one of the major threats.”

When asked to explain how terrorists could possibly attack a Nation through Cyber, Feit said: “This is not my field, we are providing defence but we believe we have seen other places in the world terrorists using social media like ISIS, using the social media in a clever way and they also have smart guys also working for them who know how to do cyberattacks and don’t think that they are not using it.

“It will be unwise to think they are not using it but 90 percent of the threats are economic and I believe everyone sometime suffer some kind of cyberattack through some leakage or through some fishing email to get his/her information from the bank into his/her account or through the cellular or leaks of some sort of private information.

“If you have more than 2,000 details of people in your database you need to carry out some actions to protect those details which you don’t want them to leak and there are so many leaks in Nigeria’s details outside including finance and so on. There is a lot of things to be done.”

Also speaking, a cyber security activist, Ayobami Akanji, urged the government to act act swiftly on cyber security in the country.

“As a matter policy and urgency the government is looking towards digital economy. We have a ministry of digital economy and communications, so it has to be a policy trust of the federal government to ensure that all critical agencies that are holding the pillars of national security infrastructures need to double up on the cyber security investment because the world economic forum noted that cyber security is the fifth most important global threat in the world and Nigeria is fighting insurgency and the insurgents are also very smart.

“The insurgents are using technology to advance their causes, so government as a matter of priority for national security should invest seriously into these sub-sectors.

“I think last year the federal government launched national security strategy and amongst the infrastructures we have someone from cyber security and we have a minister of digital communication who is very committed in the person of Dr. Aliyu Patanu. We expect him to double his effort and ensure that the government and critical sub unit of government will invest into this sector.”

 

 


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E-Business

ChatGPT-mimicking Cyberthreats Surge 115% in Early 2025, SMBs Increasingly Targeted

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In 2025, nearly 8,500 users from small and medium-sized businesses (SMBs) globally faced cyberattacks where malicious or unwanted software was disguised as popular online productivity tools, Kaspersky reports.

Based on the unique malicious and unwanted files observed, the most common lures included Zoom and Microsoft Office, with newer AI-based services like ChatGPT and DeepSeek being increasingly exploited by attackers. Kaspersky has released threat analysis and mitigation strategies to help SMBs respond.

Kaspersky analysts explored how frequently malicious and unwanted software are disguised as legitimate applications commonly used by SMBs, using a sample of 12 online productivity apps. In total, Kaspersky observed more than 4,000 unique malicious and unwanted files disguised as popular apps in 2025. With the growing popularity of AI services, cybercriminals are increasingly disguising malware as AI tools.

The number of cyberthreats mimicking ChatGPT increased by 115% in the first four months of 2025 compared to the same period last year, reaching 177 unique malicious and unwanted files. Another popular AI tool, DeepSeek, accounted for 83 files. This large language model launched in 2025 immediately appeared on the list of impersonated tools.

“Interestingly, threat actors are rather picky in choosing an AI tool as bait. For example, no malicious files mimicking Perplexity were observed. The likelihood that an attacker will use a tool as a disguise for malware or other types of unwanted software directly depends on the service’s popularity and hype around it. The more publicity and conversation there is around a tool, the more likely a user will come across a fake package on the Internet.

To be on the safe side, SMB employees – as well as regular users – should exercise caution when looking for software on the Internet or coming across too-good-to-be-true subscription deals. Always check the correct spelling of the website and links in suspicious emails. In many cases these links may turn out to be phishing or a link that downloads malicious or potentially unwanted software,” says Vasily Kolesnikov, security expert at Kaspersky.

Another cybercriminal tactic to look for in 2025 is the growing use of collaboration platform brands to trick users into downloading or launching malware. The number of malicious and unwanted software files disguised as Zoom increased by nearly 13% in 2025, reaching 1,652, while such names as “Microsoft Teams” and “Google Drive” saw increases of 100% and 12%, respectively, with 206 and 132 cases.

This pattern likely reflects the normalisation of remote work and geographically distributed teams, which has made these platforms integral to business operations across industries.

Among the analysed sample, the highest number of files mimicked Zoom, accounting for nearly 41% of all unique files detected. Microsoft Office applications remained frequent targets for impersonation: Outlook and PowerPoint each accounted for 16%, Excel for nearly 12%, while Word and Teams made up 9% and 5%, respectively.

The top threats targeting small and medium businesses in 2025 included downloaders, trojans and adware.

Phishing and spam

Apart from malware threats, Kaspersky continues to observe a wide range of phishing and scam schemes targeting SMBs. Attackers aim to steal login credentials for various services — from delivery platforms to banking systems — or manipulate victims into sending them money through deceptive tactics. One example is a phishing attempt targeting Google Accounts.

Attackers promise potential victims to increase sales by advertising their company on X, with the ultimate goal being to steal their credentials.

Beyond phishing, SMBs are flooded with spam emails. Not surprisingly, AI has also made its way into the spam folder — for example, with offers for automating various business processes.

In general, Kaspersky observes phishing and spam offers crafted to reflect the typical needs of small businesses, promising attractive deals on email marketing or loans, offering services such as reputation management, content creation, or lead generation, and more.

 


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NFIU Credits AML/CFT Reforms behind Nigeria’s Nears Exit from FATF Greylist

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Nigerian Financial Intelligence Unit (NFIU) has credited a series of strategic reforms under the national Anti-Money Laundering, Counter-Financing of Terrorism, and Counter-Proliferation Financing (AML/CFT/CPF) framework, behind Nigeria’s significant strides toward exiting the Financial Action Task Force (FATF) greylist, marking a critical milestone in the country’s fight against money laundering, terrorist financing, and financial crimes.

In a statement, Chief Executive Officer of NFIU, Hafsat Bakari, praised the collective efforts of government agencies and stakeholders. “Congratulations and a job well done as Nigeria comes closer to exiting the FATF grey list. The results achieved as part of the strategic reforms must be applauded,” she said.

She said the NFIU, serving as the Secretariat of the Inter-Ministerial Committee on AML/CFT/CPF, spearheaded the development of a comprehensive roadmap to address deficiencies highlighted in Nigeria’s 2021 mutual evaluation report. She explained that the  roadmap was recently reviewed and endorsed at the FATF Plenary in Strasbourg, France, where it was acknowledged that Nigeria has completed the implementation of its Action Plan within the agreed deadline—a rare achievement among listed jurisdictions.

Bakari emphasised the pivotal role of political leadership in this success: “The clear focus and leadership of His Excellency, President Bola Ahmed Tinubu GCFR, provided an enabling environment for the reform processes. His dynamic leadership, alongside the support of the Federal Executive Council and the National Assembly, has been a critical success factor.”

She also highlighted the crucial contributions of the Judiciary, which has demonstrated the effectiveness of Nigeria’s legal framework in combating financial crimes. The Attorney-General of the Federation and Minister of Justice, Minister of Finance and Coordinating Minister of the Economy, and the Minister of Interior, who led the Inter-Ministerial Committee, were credited for providing strategic direction.

“The commitment of these key officials, along with support from the National Security Adviser and various ministers, has been instrumental in driving the reforms forward,” Bakari noted.

A broad coalition of agencies formed the backbone of the national effort, including the Central Bank of Nigeria, Economic and Financial Crimes Commission (EFCC), Federal Inland Revenue Service (FIRS), Nigeria Customs Service, Nigeria Police Force, and many others. Their coordinated efforts have strengthened Nigeria’s defenses against illicit financial activities.

Despite the progress, Bakari cautioned that key steps remain before Nigeria can officially exit the greylist. “A critical upcoming milestone is the onsite assessment by the FATF in the next few weeks. This assessment is an opportunity to demonstrate Nigeria’s highest political commitment to sustaining the reform programme and to showcase the impressive results achieved by both public and private sectors in preventing, detecting, and disrupting serious crimes.”

She reaffirmed the NFIU’s dedication to the ongoing fight: “The NFIU remains committed to supporting and working with all stakeholders in strengthening our collective defenses against money laundering, terrorist financing, and other serious crimes.”


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AfCFTA Positions Africa to Tap into $712bn Digital Trade Market by 2035

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The African Continental Free Trade Area (AfCFTA) is strategically positioning Africa to tap into a $712 billion digital trade market by 2035, leveraging key partnerships and trade-enabling infrastructure to deepen continental integration and economic sovereignty.

Wamkele Mene, Secretary General of the AfCFTA Secretariat, made this known on Wednesday at the 2025 Afreximbank Annual Meetings (AAM2025) in Abuja.

According to him, the Protocol on Digital Trade is central to AfCFTA’s strategy for unlocking the potential of Africa’s growing digital economy.

“We intend to harness this significant market, which is estimated to be over $712 billion by the year 2035, presenting opportunities for young entrepreneurs, investment in data centres, the commercialisation and movement of data, and the development of digital public infrastructure,” Mene said.

He emphasised the critical role of Afreximbank in providing the financial architecture required to support the AfCFTA’s implementation, especially in reducing and eliminating tariff and non-tariff barriers.

“Without the support of Afreximbank, the AfCFTA will not succeed. It requires trade finance tools, support for industrial development, green trade, and green industrialisation,” he added.

Among the tools introduced in collaboration with Afreximbank is the Pan-African Payment and Settlement System (PAPSS), which enables intra-African payments in local currencies, reducing dependence on the US dollar and lowering transaction costs. Mene stressed that trading in foreign currencies like US dollar between African countries is no longer sustainable.

“We must use our own currencies. We must ensure the economic sovereignty of our continent and guard ourselves against ever-shifting global geopolitical tensions that affect payment systems,” he said.

He also disclosed that $10 billion has been mobilised under the AfCFTA Adjustment Fund to support countries implementing the agreement, with an initial ZIP package of $1 billion. Furthermore, a $1 billion AfCFTA Automotive Fund has been established to support component manufacturers and vehicle assembly on the continent. The sector, if well-supported, could generate $46 billion by 2035.

Additional initiatives include the AfCFTA E-Tariff platform, the Rules of Origin Manual, and the soon-to-be-launched Transit Guarantee System, which are all geared towards simplifying trade procedures and boosting intra-African trade.

“We have moved beyond political aspirations to establishing a functional and legally binding multilateral African trading system. This includes protocols on investment, competition policy, and digital trade,” Mene said.

Despite these milestones, he warned that numerous challenges persist. These include inefficient customs systems, high trade costs that limit SME market entry, political instability, and persistent food insecurity which blocks smallholder farmers from accessing markets. He called for continued collaboration between political leaders and development finance institutions to address these obstacles.

“We should be proud of what we have achieved, but also mindful of the difficult journey ahead. Conflict and instability, particularly in rural regions, continue to prevent millions of farmers from accessing markets. We must tackle these issues with urgency if the full potential of AfCFTA is to be realised,” Mene said.

During a question and answer after the launch of African trade and economic outlook report, Yemi Kale, Group chief economist and managing director of Research and Trade Intelligence at the African Export Import Bank, said between May 2024 and 2025 transaction volume through Pan-African Payment and Settlement System (PAPSS) increased by over 1,000 percent, reflecting increased adoption of the payment system.


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