E-Business
Kaspersky Report shows Financial Trojans Increase in Nigeria by 32% in Q2 2021
With digital transformation a top priority on the corporate agenda as companies identify new ways to grow their business, cyber attackers and opportunist cybercriminals remain very active.
Trojan horse virus
And although Africa is not necessarily considered a focus area for the more sophisticated types of cybercriminal activity such as targeted attacks or advanced persistent threats (APTs), the continent is certainly not immune to these or other types of cyber risks, warn Kaspersky researchers.
When looking at the general cyberthreat landscape as it impacts consumers and businesses, Kaspersky research shows that in 2020, worldwide, approximately 10% of computers experienced at least one malware attack.
Interestingly, in some African countries, including South Africa, the figure was only slightly under the global 10% average, making the African region comparable to that of North America or Europe in terms of cyberattacks.
On some parts of the continent, in countries like Liberia Tunisia, Algeria and Morocco as examples, Kaspersky has seen a slightly higher rate, while other parts show a lower rate – a 5% or 6% average. For the first quarter of 2021, the figures are only slightly lower than 10%, both in relative and absolute terms.
Says David Emm, Principal Security Researcher at Kaspersky; “Generally speaking, and based on our research, Africa has the same hit rate as we would see for other parts of the globe when it comes to cyberattacks and activity.
“This only emphasises that the cyber threat landscape truly does incorporate the whole globe where no continent or country is free of this growing danger and where all consumers, businesses and industries alike need to pay attention to effective cybersecurity measures – and especially during the current pandemic and resultant turbulent times.”
No respite in an evolving cybercrime landscape
In South Africa, Kenya and Nigeria, Kaspersky’s research has identified the top malware families as ransomware, financial/banking trojans, and crypto-miner malware. When comparing Q1 2021 with Q2 2021, Kaspersky saw a 24% increase in ransomware in Q2 2021 in South Africa, as well as an increase of 14% in crypto-miner malware.
In Kenya and Nigeria, Kaspersky saw a large increase in financial/banking trojans in Q2 2021 when compared to the figures for Q1 2021 – a 59% increase in Kenya and a 32% increase in Nigeria.
While on a technical level, not much has changed when it comes to cyberattacks, what is different is that the pandemic presents a persistent topic in which the world has a vested interest in.
So, unlike the Olympics or Valentine’s Day which are limited in terms of a timeline, the pandemic offers a wealth of opportunities for cybercriminals to use malware to attack. Everything from the daily numbers and lockdown restrictions to vaccinations, hackers are leveraging on every aspect of the current situation to compromise systems.
“While the bulk of attacks are still speculative and randomly targeting individuals and businesses, there is a shift happening with the increase of APTs and more strategically targeted based attacks.
“These use continuous, clandestine, and sophisticated hacking techniques to gain access to a system and remain inside for a prolonged period, with potentially destructive consequences. Because of the time and effort required to perpetrate such an attack, these are often levelled at high value targets, such as nation states and large businesses,” adds Emm.
Furthermore, another concern is that as the cyberthreat landscape evolves, the nature of malware is changing.
Continues Emm; “Take ransomware as an example. In the beginning, it was very random targeting as many people as possible hoping for a relatively small amount of money paid in ransom.
“During the past five years, there has been a shift with a decline in the number of ransomware families being developed as well as an overall global decline in attacks. However, attackers are now focusing on specific companies and individuals where they can get the maximum benefit.
“The new approach of ransomware is to expose data, negatively impacting the reputation of a company. To this effect, financial crime has become more sophisticated and organised.”
Financial institutions a top targeted industry
The financial services sector remains a top targeted industry in Africa when it comes to cybercriminal activity and such cyberthreats – not surprising when one considers the digital first approach this sector continues to take, driven by the needs and expectations of its customers.
“It is relatively easy for a hacker to target an individual and capture passcodes, one-time passwords, and install malware on their computers to get financial information. Increasingly, this is expanding to financial institutions given the sheer number of new entrants in the market emerging. For hackers, online or cyber fraud offers direct monetisation of an attack and gives them access to money as quickly as possible,” adds Emm.
Financial based malware and cyberattacks are also becoming more targeted, complicated, and difficult to prevent, and with digital transformation progressing at a rapid rate within such a sector, there is no shortage of attack surfaces for cybercriminals to exploit.
“In a world where cybercrime remains rife and is only fuelled by aspects like the pandemic, there is never a moment one should not consider the implications of a cyberattack, especially as the cyberthreat landscape evolves and become even more targeted and sophisticated than it was a mere few years ago. Cybercrime is a business.
This means that consumers and companies alike must remain vigilant against an increasing attack surface. Not only does this entail a more focused cyber training approach for staff within an organisation, but also using the latest technologies that feature artificial intelligence and machine learning for accurate and proactive protection and prevention in real-time,” concludes Emm.
QNET, a global lifestyle and wellness-focused direct-selling company, in partnership with Transblue Nigeria Ltd, hosted a successful Product Expo at Anchor Events Place, Ikeja, Lagos.
The event showcased QNET’s diverse product line, addressing misconceptions and empowering Nigerian entrepreneurs.
Mr. Akeem Ajisafe, Managing Director of Transblue Nigeria Ltd, emphasized the expo’s significance: “This is our opportunity to showcase our products, tackle misconceptions, and educate people about QNET’s direct-selling approach.”
QNET’s partnership with Transblue has yielded multiple workshops and exhibitions, promoting economic viability and youth empowerment.
Ajisafe highlighted the benefits: “QNET has contributed significantly to Nigeria’s tax revenue, and our programs teach entrepreneurship skills, enabling individuals to build their own businesses.”
Commander Mitchell Ofoyeju, Tincan Island Port Strategic Command, Lagos, praised QNET’s potential: “The product line is amazing, people-centric, and has great potential in Nigeria. It’s impressive, and I recommend it to young Nigerians.”
Ofoyeju emphasized QNET’s capacity-building opportunities: “This can generate wealth, increase productivity, and engage youth meaningfully, keeping them away from crime and illicit activities.”
The expo featured health products, luxury watches, jewelry, and educational materials, demonstrating QNET’s commitment to enhancing lives through innovative products.
As QNET continues to expand its presence in Nigeria, the partnership with Transblue is poised to empower entrepreneurs, promote economic growth, and foster a positive impact on Nigerian youth.
E-Business
ALX Nigeria Champions Innovation and Growth at Akwa Ibom Tech Expo and Ogun Digital Summit
ALX, Africa’s leading tech accelerator, recently demonstrated its commitment to tech skills acquisition and fostering inclusive growth across Nigeria by participating in two significant industry events: the Akwa Ibom Tech Week and the Ogun Digital Summit.
Ruby Igwe, Country General Manager for ALX Nigeria, attended the Akwa Ibom Tech Expo, where she participated in a panel session discussing the topic ‘Leveraging Innovation for Inclusive Growth’.
She emphasised the critical role of building an inclusive community encouraging freedom and innovation through tech skills empowerment.
“ALX is an organisation focused on development, providing opportunities for the millions of African and Nigerian youths that make up our community. We recognise the uniqueness of each member of our community and encourage them to be themselves.”
Ruby stated. “When we think about innovation we encourage our community members to come from a problem-solving approach. Focusing on the problem and interrogating it with the right data will only lead to coming up with the right solution.”
Nkechi Belinda Idinmachi, Fellowship Specialist at ALX Nigeria, spoke at the event and highlighted the global talent shortage driven by widespread digital transformation across organizations.
“There is a massive shortage of talent globally with a projected spike of 83 million by 2023. ALX is on a mission to create more opportunities for young Africans, and to date, we have trained over 200,000 young people across Africa. We have mastered training at scale with our infrastructure.” She stated.
Following the Akwa Ibom Tech Week, ALX also had a notable presence at the Ogun Digital Summit, which brought together innovators, industry leaders, and tech enthusiasts from across the country.
At both events, participants had the opportunity to engage with the award-winning tech career accelerator and learn about the world-class offerings available within the ALX ecosystem.
From state-of-the-art tech hubs to a vibrant community, and world-class tech programmes, ALX continues to reaffirm its commitment to nurturing the next generation of African leaders.
QNET, a global lifestyle and wellness-focused direct-selling company, in collaboration with its Nigerian partner Transblue Limited, hosted the Amezcua Product Workshop at the Radisson Hotel, Ikeja GRA, on Friday.
L-R: Bernhard Gaksch, QNET’s Category Manager and Global Trainer, Mr. Akeem Ajisafe, Managing Director, Transblue Nigeria Ltd, Biram Fall, Regional General Manager of QNET for Sub-Saharan Africa and Prof.Abiodun Adebayo, Vice-Chancellor Covenant University at the Amezcua Product Workshop at the Radisson Hotel, Ikeja GRA, on Friday.
Biram Fall, Regional General Manager of QNET for Sub-Saharan Africa, who delivered an insightful speech highlighting the company’s commitment to enhancing lives through innovative products.
In his address, Fall emphasized QNET’s dedication to ethical and legal standards, noting that the company has been operating in Nigeria for the past two years through various channels across over 25 countries.
He highlighted QNET’s unique business model, which combines direct selling with an e-commerce platform, enabling the company to serve a diverse customer base and provide entrepreneurial opportunities for financial independence.
“The global direct-selling industry is highly competitive, valued at approximately $167.7 billion in 2023 and projected to reach $204.9 billion by 2032,” Fall stated.
“These significant figures act as a catalyst for growth in Nigeria’s direct-selling market, which is expected to expand considerably, thereby supporting the country’s economic development.”
Fall also shared that several of QNET’s products, including EDG3, Prospark toothpaste, and Physioradiance face serum, have been certified by NAFDAC in Nigeria.
He reflected on last year’s product workshop in Lagos, which featured experts like Dr. Shafi Shaik and Professor Abiodun Adebayo, and set the stage for a successful product expo.
The workshop focused on the Amezcua line, including the Amezcua Chi-Pendant 4 and the Bio-Disc 3, designed to harmonize and energize the body.
Fall also discussed the Amezcua E-Guard X, which offers protection from electronic radiation.
Before concluding, Fall announced QNET’s second Product Expo in Lagos, scheduled to start on November 16th, 2024, at the Anchor Events Place in Ikeja.
The expo will showcase QNET’s lifestyle and wellness products and provide insights into the company’s business model and commitment to quality.
“We are dedicated to being a leading global lifestyle and wellness-focused direct-selling organization and look forward to welcoming our media partners to the event,” Fall concluded.
Mr. Akeem Ajisafe, Managing Director of Transblue Nigeria Ltd, also spoke at the event, emphasizing the importance of the partnership in connecting Nigerians to QNET’s global network and empowering the youth.
He highlighted QNET’s “Say No” campaign launched in November 2023 to raise awareness about the dangers of fraudulent job offers used by scammers to lure victims into human trafficking in Nigeria, Senegal, and Burkina Faso.
This ongoing campaign underscores the urgent need to protect youth from falling prey to unscrupulous individuals and organizations.
Ajisafe noted that QNET has collaborated with government agencies like the Nigerian State Consumer Protection Agency on Consumer Rights Day to eradicate harmful market practices and champion fairness and accountability.
He also mentioned QNET’s participation in the Training Program for Nigerian Youth, a partnership with the Federal Ministry of Labour and Employment, aimed at equipping young individuals with essential skills and knowledge to safely navigate the job market.
Ajisafe highlighted QNET’s impressive efforts to implement youth empowerment initiatives in Nigeria, including the Signature of Financial Literacy Program, which has equipped over 1,350 youths with employability and entrepreneurial skills to achieve financial independence.
These initiatives reflect QNET’s commitment to debunking misconceptions about the company in Nigeria, promoting transparency, and fostering innovation among youths through education and training.
Bernhard Gaksch, QNET’s Category Manager and Global Trainer, highlighted the importance of wellness solutions in today’s tech-driven world.
“Every electronic device, from smartphones to smart TVs, emits electromagnetic fields, which research suggests may contribute to issues like headaches, fatigue, and other serious health problems,” he explained.
QNET’s response includes products inspired by nature and backed by advanced science. Among them is the Bio-Disc 3, which restores water’s natural molecular structure, improving hydration, detoxification, and immune function.
“The best water comes from a stream, but as it travels, it loses energy. The Bio-Disc revitalizes this energy,” Gaksch stated, adding that its benefits extend to plants, pets, and food.
Complementing the Bio-Light 3, which uses sequenced light technology to accelerate healing, targeting chronic inflammation, muscle pain, and migraines. Gaksch noted its effectiveness in promoting faster recovery and nerve repair.
To combat harmful EMFs, QNET introduced the Chi-Pendant 4 and Amezcua eGuard X, which protect against 5G radiation and other electronic emissions.
The Chi-Pendant preserves the body’s natural biofield, shielding users from stress and fatigue, while the eGuard X transforms harmful EMFs into beneficial frequencies, creating a safer environment. “It’s like protecting yourself from tobacco, but for the wireless age,” Gaksch remarked.
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