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Nigeria’s Financial, Telecoms’ Firms Hit by 586,130 Cyber Attacks in Six Months

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Cybervergent, a cybersecurity-focused technology company, at the weekend released its half year cyber threat report on the activities of hackers that focus their attacks on Nigeria’s financial institutions and telecoms companies, revealing how it detected 586,130 attacks on organisations that it manages in Nigeria.

Nigeria’s Financial, Telecoms Firms Hit by 586,130 Cyber Attacks in Six Months

The attacks mostly external, were monitored from January to June 2024.

Among the 586,130 attacks launched on various organisations, Cybervergent was able to resolve 226,103 of the attacks by automation, while 19,920 endpoints were protected by Cybervergent.

According to the report, events analysed by Cybervergent’s Security Operations Centre (SOC), reached 304,522, while all potentially malicious events analysed by Cybervergent within the same six months period, reached 42,200.

Analysing the report, Mr. Gbolabo Awelewa, chief solutions officer at Cybervergent, said with the increasing threat in cyberspace, organisations must ensure that regular application and systems updates are carried out on existing applications and systems to prevent the attacks at scale.

“As we move forward, our Cyber Operations Centre remains steadfast in its mission to anticipate, detect, and thwart evolving threats that seek to compromise the integrity of digital assets. With a deep understanding of the threat landscape and a relentless pursuit of innovative security solutions, we are poised to continue our unwavering defense of the financial sector and other industries’ digital landscape, safeguarding organisations’ trust and confidence in the face of ever-changing cybersecurity challenges,” Awelewa said.

Highlighting the threat actors that targeted Nigeria in the first half of the year, Awelwewa listed them to include: Gelsemium, Equation Group, Lyceum, Gamaredon, Circus Spider, Mirage, Common Raven, Bronze Highland, Earth Krahang, as well as Insider Threat Syndrome.

According to him, Gelsemium is a sophisticated cyber espionage group known for its targeted attacks on high profile organisations across various sectors.

“They use custom malware and advanced techniques to evade detection, and their target is on public administration, educational services and national security,” he said.

Awelewa described the different types of insider threats to include: Disgruntled Employees, Accidental Insiders and Negligent Insiders. He explained that motivated by anger, financial gain, or a feeling of being benched, the disgruntled employee could inflict serious damage, while accidental insiders are those that capitalise on mistakes of others to launch an attack on the organisation.

He said the negligent insiders are those that reveal their credentials to others or forget to lock their laptops when leaving the office, advising on staff duty rotation and compulsory leave for all staff.

The report highlighted cybersecurity trends that organisations and institutions must tackle in the second quarter of 2024 as Zero-Day Exploits, where hackers exploit unknown vulnerabilities before anyone can patch them; Cloud Security Focus, since every organisation and institution is moving to the cloud; Cybercrime as-a-service, which allows hackers to launch frequent attacks; and Ransomware Surge, with attackers likely to use more sophisticated encryption and sneaky tactics to avoid detection and maximise the impact, including insider threats.

 


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Standard Chartered, BII Renew $350 million Commitment to Support Trade Finance in Emerging Markets

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Standard Chartered, a leading international cross-border bank, and British International Investment (BII), the UK’s development finance institution (DFI) and impact investor, announce the signing of a USD350 million risk participation agreement. This facility aims to bolster the trade finance needs of SMEs and corporates across Africa and South Asia and to boost economic growth in these regions.

Since the initial agreement in 2013, Standard Chartered and British International Investment have enabled over USD10 billion in trade volumes in over 10 countries across Africa and South Asia including Kenya, Tanzania, Nigeria, Bangladesh, Pakistan and Nepal. In the past year, approximately USD450 million of trade has been supported via this facility.

The renewed facility will cover an expanded number of dynamic markets and seek to provide much needed support in trade and economic growth in Africa and South Asia by further enabling trade finance access and liquidity across Standard Chartered’s extensive global network. It will support many sectors such as food, agriculture, healthcare, industrials, metals infrastructure, electrical, electronics, technology, telecom and mobility to name a few.

The facility also supports the United Nations’ Sustainable Development Goals of Decent Work & Economic Growth (UN SDG 8), Industry Innovation & infrastructure (UN SDG 9), Responsible Consumption & Production (UN SDG 12).

The UK’s Development Minister Anneliese Dodds said: “I am delighted to see BII and Standard Chartered renew their facility to deliver trade finance throughout Africa and South Asia. This is an important partnership that will support SMEs and corporates to grow and deliver critical goods and services.

“Trade plays an important role in economic transformation, and this risk-sharing facility demonstrates how BII can work with financial institutions to support our shared development objectives.”

Nick O’Donohoe, CEO, BII, said: “We are proud of the positive impact that this long-standing trade finance facility with Standard Chartered has had in Africa and South Asia. By enabling over $10bn in trade volumes, the facility continues to empower businesses and facilitate the vital flow of essential goods and services including food and healthcare.

This is pivotal in supporting economic growth and creating new opportunities in these regions. It is also a step closer to narrowing the global trade finance gap.”

Saif Malik, CEO, UK and Head of Banking & Coverage, UK, Standard Chartered said: “We are thrilled to renew our commitment to work with BII in support of trade. As a leading international banking group, we play a vital role in enhancing access to the capital and liquidity that is essential for global trade.

This strategic agreement will provide significant support to businesses with high potential but constrained access to finance. It aligns to our vision of the role that banking and finance can play in supporting the growth ambitions of corporations that innovate for the future by connecting the world’s most dynamic markets in trade, investment and capital flows.

 


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Substandard CNG Cylinder is Recipe for Disaster- SON

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Standards Organisation of Nigeria (SON) has warned the public against the use of substandard and uncertified Compressed Natural Gas (CNG) cylinders.

 

The warning is coming in the wake of the unfortunate recent incident of CNG cylinder explosion at the NIPCO CNG Refueling Station in Benin City, Edo State.

In a statement, the organisation said it has put robust and effective regulatory measures in place to ensure that all CNG equipment and conversion kits conform to approved standards before being certified for public use.

“The conformity assessment schemes are designed to prevent the import, manufacturing, and use of substandard products,” it stated.

In addition, SON said it is collaborating with the Presidential Initiatives on CNG and other relevant government bodies to finalise the Nigerian Gas Vehicle Monitoring System (NGVMS) – a platform that will provide centralized monitoring and surveillance of CNG systems to ensure that only vehicles equipped with certified conversion kits can access gas at retail outlets.

“The NGVMS will also offer a database of approved CNG equipment and suppliers which will go a long way in preventing the substandard installations and further mitigating the associated risks.”

 

 

 


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Access Bank Wins Best Digital, Best Website at 2024 Digital Jurist Awards

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Access Bank PLC has been named the 2024 Best Digital Award Winner in the Commercial Banks Category at the Digital Jurist Awards, organized by Phillips Consulting (pcl.).

In addition to this top honour, the Bank also secured the Best Website Award, achieving an impressive score of 201 points for its engaging and user-friendly digital experience. Access Bank’s cumulative score of 380 points reflects its excellence across digital touchpoints, including its website, web portal, mobile app, and social media.

Commenting on the recognition, Amaechi Okobi, Chief Communications Officer of Access Holdings PLC, said, “We are honoured to receive the Best Digital and Best Website Awards at this year’s Digital Jurist Awards. At Access, our focus on digital innovation is driven by our commitment to deliver seamless, secure, and customer-centric solutions across all touchpoints.

This recognition validates our ongoing efforts to enhance our digital platforms, making financial services more accessible and efficient for our customers. We thank Phillips Consulting for recognising our efforts and will continue to raise the bar in digital excellence.”

Phillips Consulting has long served as a development partner to Nigerian financial institutions and other organisations with an online presence. Leveraging its proprietary Digital Jurist platform, the firm has conducted assessments of digital touchpoints in various sectors, from financial services and insurance to telecommunications and government agencies, over the past 17 years.

Originally established as Web Jurist®, the platform was reimagined as Digital Jurist to assess new and diversified digital channels in the evolving digital economy. Digital Jurist’s evaluation framework examines a range of factors, including user experience, accessibility, performance, functionality, security, customer service, support, marketing, and content engagement across digital platforms.

These awards reinforce Access Bank’s leadership in digital banking, adding to recent accolades including 2024 Best Digital Bank and Best Mobile Banking App by World Finance, Best Mobile Banking App and Best Digital Bank by The Digital Banker Awards, and Best Digital Banking Initiative at the Global Retail Banking Innovation Awards 2024.

 


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