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Experts Urge Banks to Fortify Against Impending Threats Surge in 2024

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Financial institutions and organisations should fortify their defenses in 2024, as threats will surge driven by AI and heightened automation according to Kaspersky experts.

In its crimeware report and financial predictions for 2024, the cybersecurity company anticipates an increase in cyberattacks, exploitation of direct payment systems, the resurgence of Brazilian banking trojans, and a rise in open-source backdoored packages.

The report also includes a comprehensive review of the accuracy of last year’s predictions, emphasising trends like the rise in Web3 threats and increased demand for malware loaders. Adapting to the evolving landscape, 2024 demands proactive cybersecurity strategies, sector collaboration, and innovative defenses.

Last year, Kaspersky experts accurately predicted the rise in Web3 threats, increased demand for malware loaders, and the shift of ransomware groups towards destructive activities. Notably, the foresight on “Red Team” frameworks and a Bitcoin payment shift remained unfulfilled.

Looking ahead, 2024 predicts an AI-driven surge in cyberattacks that mimic legitimate communication channels, leading to a proliferation of lower-quality campaigns.

Moreover, the Kaspersky experts expect cybercriminals to capitalise on the popularity of direct payment systems, resulting in the emergence of clipboard malware and increased exploitation of mobile banking Trojans. Families like Grandoreiro have already expanded abroad, targeting over 900 banks in 40 countries.

Another concerning trend in 2024 could be the rise in open-source backdoored packages. Cybercriminals will exploit the vulnerabilities in widely used open-source software, compromising security and potentially leading to data breaches and financial losses.

And the experts forecast affiliate groups in the cybercriminal ecosystem will exhibit a more fluid structure in the coming year, with members frequently switching between or working for multiple groups simultaneously.

This adaptability will make it more challenging for law enforcement to track them and combat cybercrime effectively.

Other important predictions include:

  • Global adoption of Automated Transfer Systems (ATS). The global adoption of mobile ATS will extend beyond Brazilian borders, allowing cybercriminals worldwide to exploit these systems for financial gain.
  • Decrease in zero-days, increase in one-day exploits. Crimeware actors will shift to more reliable one-day exploits due to the scarcity of zero-days, aiming for increased accessibility.
  • Exploitation of misconfigured devices and service. An increase in the exploitation of misconfigured devices and services, providing cybercriminals with unauthorised access for launching attacks.

“In the ever-evolving landscape of financial cybersecurity in 2024, we anticipate a surge in threats, heightened automation, and the unwavering persistence of cybercriminals. To stay ahead, financial institutions and organisations must proactively adapt their cybersecurity strategies, fortifying defenses to safeguard assets and sensitive data.

“The key to success lies in fostering collaboration between the public and private sectors, forging a united front against the escalating risks that define the financial cybersecurity terrain in the year ahead,” says Marc Rivero, lead security researcher at GReAT, Kaspersky.

 


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E-Business

Microsoft Servers Hacked by Chinese Groups

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Chinese “threat actors” have hacked Microsoft’s SharePoint document software servers and targeted the data of the businesses using it, the firm has said.

Microsoft Servers Hacked by Chinese Groups

 

China state-backed Linen Typhoon and Violet Typhoon as well as China-based Storm-2603 were said to have “exploited vulnerabilities” in on-premises SharePoint servers, the kind used by firms, but not in its cloud-based service.

The US tech giant has released security updates in response and has advised all on-premises SharePoint server customers to install them.

“Investigations into other actors also using these exploits are still ongoing,” Microsoft said in a statement.

The firm said it had “high confidence” the hackers would continue to target systems which have not installed its security updates.

It added that it would update its website blog with more information as its investigation continues.

Microsoft said it had observed attacks in which hackers had sent a request to a SharePoint server “enabling the theft of the key material by threat actors”.

Charles Carmakal, chief technology officer at Mandiant Consulting firm, a division of Google Cloud, told reporter, it was “aware of several victims in several different sectors across a number of global geographies”.

Carmakal said it appeared that governments and businesses that use SharePoint on their sites were the primary target.

A number of adversaries who stole material encoded by cryptography were then able to regain ongoing access to the victims’ SharePoint data, he said.

“This was exploited in a very broad way, very opportunistically before a patch was made available. That’s why this is significant,” Carmakal said.

Carmakal said the “China-nexus actor” was deploying techniques similar to previous campaigns associated with Beijing.

Microsoft said Linen Typhoon had “focused on stealing intellectual property, primarily targeting organizations related to government, defence, strategic planning, and human rights” for 13 years.

It added that Violet Typhoon had been “dedicated to espionage”, primarily targeting former government and military staff, non-governmental organizations, think tanks, higher education, the media, the financial sector and the health sector in the US, Europe, and East Asia.

Meanwhile, Storm-2603 was “assessed with medium confidence to be a China-based threat actor”.

 

 

 


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NIMC Warns Nigerians of Fake NIN Website

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National Identity Management Commission (NIMC) has issued a public warning that it is not associated with NINcard.com.

NIMC Warns Nigerians of Fake NIN Website

According to the commission, the website has been circulating online to offer services for Nigerians seeking National Identification Number (NIN) services.

NIMC, in a post on its official X account on Wednesday, said, “NINcard.com is not in anyway affiliated to NIMC. Stay vigilant!”

The warning was accompanied by screenshots of fake payment receipts and OTP request pages from the website, both of which were boldly stamped “FAKE” by NIMC to alert the public.


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NITDA, API Partner Against Harmful Online Content

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National Information Technology Development Agency (NITDA), in partnership with the Advocacy for Policy and Innovation (API), has convened a one-day workshop in Abuja to advance dialogue on the draft Online Harm Protection (OHP) Bill to confront harmful online content.

NITDA, API Partner Against Harmful Online Content

The bill, a rights-based, locally rooted, and multi-stakeholder initiative, is aimed at addressing the challenges of the digital age.

The event, which held yesterday, brought together government officials, civil society, academics, digital platforms, and legal experts to shape a policy framework designed to combat online ills such as cyberbullying, disinformation, hate speech, digital exploitation, and gender-based violence, while safeguarding democratic freedoms and digital inclusion.

In his keynote remarks, Kashifu Inuwa, director general, NITDA urged a paradigm shift in the way society engages with digital technologies.

“For almost two decades, we have viewed digital technology through a consumer lens. But these technologies are not just products and services. They are transforming how we live, work, and interact. They shape our politics, our society, and our democracy,” he said.

Warning against unaccountable digital power in the hands of private corporations, the DG likened the digital journey to the tale of Alice in Wonderland, where initial fascination with innovation has given way to deeper concerns about privacy, autonomy, and manipulation by big tech platforms.

“We thought we were using Google, but now we realise Google is using us. Social media, once a tool of expression, has become a tool of surveillance and influence,” Inuwa noted.

He, therefore, emphasised the urgency of developing a democratic and accountable framework.  He explained that following the 2021 Twitter ban, NITDA facilitated dialogue between the government and platform operators, leading to a Code of Practice that stressed Nigeria’s sovereignty and legal standards.

According to him, the same process birthed the multi-stakeholder steering committee and the OHP White Paper in December 2024, laying the foundation for the current legislative push.

Earlier in her opening remarks,  Victoria Manya, co-founder, API, observed the moral and civic necessity of the bill.

Her words: “The internet did not break society, it merely revealed its unfiltered version. Every day, Nigerians are exposed to harassment, disinformation, exploitation, and even algorithmic violence. The OHP Bill is not a war on the Internet. It is a peace offering to its users, a social contract for a digital future that is safe, inclusive, and democratic.

“We cannot answer the question of algorithmic power with unchecked state control. We must answer it with shared, rights-based governance. This bill must not be written for the people, but with them.”


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