Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

E-Business

FBN Insurance Brokers Develops Digital Solutions

Published

on

Kindly share this post

FBN Insurance Brokers Limited, a subsidiary FBN Holdings Plc, has developed a digital roadmap that will provide digital solutions for the Nigerian insurance market.

The company said part of the plan is an interactive website that would be re-launched soon with more Nigerians getting connected digitally.

Olumide Ibidapo, the company’s Chief Executive Officer, said FBN Insurance Brokers would continue to engage with the public and create as much awareness as possible, paying particular attention to the financially excluded segments, knowing that insurance is a solution everybody needs.

Ibidapo, who spoke during an interview with select journalists in Lagos, said the 21 years old brokerage firm is partnering with other stakeholders towards creating more channels and avenues to reach more people.

“We at FBN Insurance Brokers believe that the future is digital. So, we have developed a digital roadmap that entails providing digital solutions for the Nigerian insurance market.

“Part of that plan is our highly interactive website that would be re-launched soon. With more Nigerians getting connected digitally, this is one area that must be paid attention to,” he said.

According to him, there is no gainsaying that the business environment the company operates in is a very tough one, and to have navigated the tough terrain for more than 20 years is a testament to the management’s resilience and continuous reinvention.

“We are happy to be making our input in nation development and this will continue and even get better years to come. At 21, we are proudly in a special league of elite companies from this part of the world.

“Today, there are over 500 insurance brokers listed and registered with NAICOM. That number might keep growing as long as the industry as a whole keeps performing,” he said.

He said surviving new entrants and squaring up to old giants requires a strategy that makes competition irrelevant.

He added that the company is not focusing on what others do or don’t do. “Our focus is on how to out-perform ourselves year on year. These days, we are focused on disrupting our business and reinventing ourselves. This has really helped us over the years.”

He, however, commended the regulators of the industry for the work they have been doing thus far, saying the growth experienced would not have been possible without their guidance.

Ibidapo noted that the insurance market potential in Nigeria was huge, adding that comparing insurance penetration and uptake rate in Nigeria with that of other African countries like South Africa, Kenya and Ghana, one would see that the company could be doing more.

Speaking on the recapitalisation of the insurance industry, he said the Covid-19 pandemic played a major part in slowing down the regulator’s plan for the exercise.

He however said it was something that would eventually come to play; and would be for the benefit of the entire industry and all the major stakeholders.

“Ultimately, recapitalisation will enable underwriters to play big and have higher capacity to underwrite more local insurance businesses and also meet up with their claims obligations. This will help in improving the trust that Nigerians have in the insurance industry and consequently increase insurance uptake, ”he added.


Kindly share this post

Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

Continue Reading
Advertisement
Comments

E-Business

Firm Reports a 48% Increase in Malicious Packages Threatening Software Supply Chains

Published

on

Kindly share this post

Kaspersky’s Global Research and Analysis Team (GReAT) experts at the 10th annual Cyber Security Weekend – META 2025 held recently, talked about supply chain attacks and reported that by the end of 2024 a total of 14,000 malicious packages were found in open-source projects, a 48% increase compared to the end of 2023. 42 million versions of open-source packages have been examined by Kaspersky throughout 2024 in search for vulnerabilities.

Open-source is software with source code that anyone can inspect, modify, and enhance. Popular open-source packages include GoMod, Maven, NuGet, npm, PyPI, and others.

These are tools that power countless applications and help developers easily find, install, and manage pre-built code libraries, making it simpler to build software by reusing code others have written. Attackers take advantage of the popularity of these and other packages.

In March 2025, the Lazarus Group was reported to have deployed several malicious npm packages, which were downloaded multiple times before removal. These packages contained malware to steal credentials, cryptocurrency wallet data, and deploy backdoors, targeting developers’ systems across Windows, macOS, and Linux.

The attack leveraged GitHub repositories for added legitimacy, highlighting the group’s sophisticated supply chain tactics. Kaspersky’s GReAT also found other npm packages related to this attack. Malicious npm packages could have been integrated into web development, cryptocurrency platforms, and enterprise software, risking widespread data theft and financial losses.

In 2024, a sophisticated backdoor was discovered in XZ Utils versions 5.6.0 and 5.6.1, a widely used compression library in Linux distributions. Inserted by a trusted contributor, the malicious code targeted SSH servers, enabling remote command execution and threatening countless systems globally.

Detected before widespread exploitation due to performance anomalies, the incident highlighted the dangers of supply chain attacks. XZ Utils is integral to operating systems, cloud servers, and IoT devices, making its compromise a threat to critical infrastructure and enterprise networks.

In 2024, Kaspersky’s GReAT discovered that attackers uploaded malicious Python packages like chatgpt-python and chatgpt-wrapper to PyPI, mimicking legitimate tools for interacting with ChatGPT APIs.

These packages, designed to steal credentials and deploy backdoors, capitalised on the popularity of AI development to trick developers into downloading them. These packages could have been used in AI development, chatbot integrations, and data analytics platforms, endangering sensitive AI workflows and user data.

“Open-source software is the backbone of many modern solutions, but its openness is being weaponised. The 50% rise in malicious packages by the end of 2024 shows attackers are actively embedding sophisticated backdoors and data stealers in popular packages, which millions rely on.

“Without rigorous vetting and real-time monitoring, a single compromised package can trigger a global breach. Organisations need to secure the supply chain before the next XZ Utils-level attack succeeds,” comments Dmitry Galov, Head of Research Center for Russia and CIS at Kaspersky’s Global Research and Analysis Team.


Kindly share this post
Continue Reading

E-Business

NDPC Probes Suspected Data Breach in Examination Centres

Published

on

Data Breach
Kindly share this post

Nigeria Data Protection Commission (NDPC) has launched an investigation into allegations that the confidentiality and integrity of candidates’ personal data may have been compromised by hackers.

NDPC Probes Suspected Data Breach in Examination Centres

The Commission initiated the inquiry following concerns over possible data breaches during examinations.

Preliminary findings indicate that several examination centres may not have implemented adequate technical and organizational measures to safeguard candidates’ personal information, as required under data protection regulations.

Although the incident reportedly affected 379, 997 candidates, the NDPC’s investigation is poised to cover a systemic audit of data processing and third parties.

It will be recalled that JAMB recently admitted that a technical error on its platform affected a total of 379,997 candidates in 157 examination centres across Lagos and the South-East.

Further investigation led to the arrest of at least 20 suspects who are currently in the custody of the Department of State Services and the Nigerian Police Force.

 

 

 


Kindly share this post
Continue Reading

E-Business

Nigeria Among Hotspots as Kaspersky Warns of Rising Ransomware Threat in Africa

Published

on

Kindly share this post

Cyber security firm, Kaspersky, has once again warned that sophisticated cybercriminals increasingly target Africa as ransomware and advanced persistent threats (APTs) escalate across the region.

Speaking at the company’s annual Cyber Security Weekend for the Middle East, Turkiye and Africa (META) region, the cybersecurity firm’s Global Research and Analysis Team highlighted growing digital threats affecting African nations.

Kenya, Nigeria, and South Africa emerged as hotspots, with Kenya recording one of the highest web threat incident rates at 20.1% in first quarter 2025.

“While ransomware is less prevalent in Africa due to lower levels of digitisation and economic constraints, countries like South Africa and Nigeria are seeing a sharp rise in attacks,” said Sergey Lozhkin, head of META and APAC regions at Kaspersky.

Kaspersky noted a 0.01 percentage point increase in African ransomware cases year-on-year, reaching 0.41%, still below global and Middle Eastern averages, but a troubling sign for the continent’s emerging digital infrastructure.

Experts warned that attackers are refining their tactics, shifting focus to unconventional entry points like IoT devices, smart appliances, and misconfigured hardware.

“As these economies expand digitally, sectors such as manufacturing, finance and government are becoming key targets,” said Lozhkin

The cyber-crime landscape is evolving quickly, fuelled by AI tools and dark web access to large language models, which enable less skilled actors to launch convincing phishing and malware campaigns.

Groups like FunkSec, which uses AI-generated code and a low-cost ransom model, are redefining ransomware operations.

“African organisations face the dual challenge of expanding digital footprints and limited cybersecurity awareness. This makes layered defense strategies, including network segmentation, real-time monitoring and regular staff training, essential,” stated Lozhkin

Kaspersky continues to monitor 25 active APT groups in the META region, including SideWinder and MuddyWater, some of which are known to target African institutions.

To bolster defenses, the firm recommends using tools such as its free Anti-Ransomware Tool for Business and the Kaspersky Next suite for threat visibility and response.

 


Kindly share this post
Continue Reading

Trending