News
Paying Ransom Fuels Cost of Recovering from a Ransomware Attack, Sophos Warns
Sophos, a global leader in next-generation cybersecurity, has announced the findings of its global survey, The State of Ransomware 2020, which reveals that paying cybercriminals to restore data encrypted during a ransomware attack is not an easy and inexpensive path to recovery.
In fact, the total cost of recovery almost doubles when organizations pay a ransom. The survey polled 5,000 IT decision makers in organizations in 26 countries across six continents, including Europe, the Americas, Asia-Pacific and central Asia, the Middle East, and Africa.
More than half (51%) of organizations had experienced a significant ransomware attack in the previous 12 months, compared to 54% in 2017. In Nigeria, 53% of the organizations surveyed mentioned a ransomware attack in the last one year.
Globally Data was encrypted in nearly three quarters (73%) of attacks that successfully breached an organization, while in Nigeria, it was 74%. The average cost of addressing the impact of such an attack, including business downtime, lost orders, operational costs, and more, but not including the ransom, was more than $730,000.
This average cost rose to $1.4 million, almost twice as much, when organizations paid the ransom. More than one quarter (27%) of organizations hit by ransomware admitted paying the ransom. The survey also revealed 38% of the organizations that were attacked in Nigeria admitted to paying the ransom.
Chester Wisniewski, principal research scientist, Sophos, said “Organizations may feel intense pressure to pay the ransom to avoid damaging downtime.
“On the face of it, paying the ransom appears to be an effective way of getting data restored, but this is illusory.
“Sophos’ findings show that paying the ransom makes little difference to the recovery burden in terms of time and cost.
“This could be because it is unlikely that a single magical decryption key is all that’s needed to recover. Often, the attackers may share several keys and using them to restore data may be a complex and time-consuming affair.”
More than half (56%) the IT managers surveyed were able to recover their data from backups without paying the ransom compared to 44% in the Nigeria.
Globally in a very small minority of cases (1%), paying the ransom did not lead to the recovery of data while in Nigeria it was in 10% of cases.
This figure rose to 5% for public sector organizations. In fact, 13% of the public sector organizations surveyed never managed to restore their encrypted data, compared to 6% overall.
However, contrary to popular belief, the public sector was least affected by ransomware, with just 45% of the organizations surveyed in this category saying they were hit by a significant attack in the previous year.
At a global level, media, leisure and entertainment businesses in the private sector were most affected by ransomware, with 60% of respondents reporting attacks.
Attackers increase pressure to pay
SophosLabs researchers have published a new report, Maze Ransomware: Extorting Victims for 1 Year and Counting, which looks at the tools, techniques and procedures used by this advanced threat that combines data encryption with information theft and the threat of exposure.
This approach, which Sophos researchers have also observed being adopted by other ransomware families, like LockBit, is designed to increase pressure on the victim to pay the ransom. The new Sophos report will help security professionals better understand and anticipate the evolving behaviors of ransomware attackers and protect their organizations.
“An effective backup system that enables organizations to restore encrypted data without paying the attackers is business critical, but there are other important elements to consider if a company is to be truly resilient to ransomware,” added Wisniewski. “Advanced adversaries like the operators behind the Maze ransomware don’t just encrypt files, they steal data for possible exposure or extortion purposes. We’ve recently reported on LockBit using this tactic.
“Some attackers also attempt to delete or otherwise sabotage backups to make it harder for victims to recover data and increase pressure on them to pay. The way to address these malicious maneuvers is to keep backups offline, and use effective, multi-layered security solutions that detect and block attacks at different stages.”
News
Head of Civil Service Celebrates 100 Days in Office with the Launch of Galaxy Backbone’s “Govmail”
In a landmark moment for Nigeria’s public service, the Head of Civil Service of the Federation, Mrs. Didi Esther Walson-Jack, OON, MINI, today marked her 100 days in office and officially launched three digital services platforms for the Civil Service.
These include, Govmail, ServiceWise GPT and the Federal Civil Service Online Portal. These platforms, underscore President Bola Ahmed Tinubu’s administration’s commitment to enhancing digital governance and driving innovation across the nation’s Federal Civil Service.
Govmail, an email platform developed and powered by Galaxy Backbone (GBB) is an innovative solution set to enhance communication, boost efficiency, and accelerate Nigeria’s digital transformation journey within the public sector.
Speaking at a meeting where the Govmail Interface was first officially presented and demonstrated to her, the Head of Civil Service expressed her excitement about the platform, stating, “GBB’s Govmail is unbelievably WOW!
This is a game-changer for our nation’s civil service, streamlining communication and creating a secure path to other government digital services. With Govmail, we are truly embracing the future of digital governance.”
Govmail is a secure, Nigeria-centric email platform designed by a team from Galaxy Backbone, exclusively for public service professionals. It ensures that all official communication are seamlessly managed while safeguarding Nigeria’s data sovereignty. The initiative emerged as a key outcome of the Digitalisation War Room, established by Mrs. Walson- Jack, to drive the implementation of cutting-edge digital solutions in government.
Commenting on this milestone, Professor Ibrahim A. Adeyanju, Managing Director/CEO of Galaxy Backbone, shared, “We are immensely proud to have developed this revolutionary platform, ensuring that every Nigerian civil servant has access to a robust and secure communication channel.
Govmail is not just about email—it’s about enabling productivity, efficiency, and sovereignty in governance. Galaxy Backbone remains committed to driving the digital transformation of Nigeria’s public sector.”
The Permanent Secretary, Federal Ministry of Communications, Innovation & Digital Economy, Engr. Faruk Yusuf Yabo emphasized the strategic importance of the Govmail for the nation’s Civil Service stating that “Govmail significantly reduces the government’s reliance on foreign email platforms, cutting costs and addressing licensing challenges. This is a commendable achievement by the Head of Service and the leadership of Galaxy Backbone.”
Through GBB’s dedicated efforts, Govmail will rapidly roll out email accounts to over 70,000 Federal civil servants across Nigeria, ensuring every government professional is equipped with a secure communication platform in record time. This initiative aligns with Nigeria’s goal of leveraging technology to build a digitally driven and globally competitive public service.
The Senate has approved the new external borrowing plan request of $2.2 billion presented for consideration by President Bola Tinubu.
The approval followed the adoption of the report of the Senate Committee on Local and Foreign Debts at the plenary session on Thursday.
The report was presented by the Sen. Aliyu Wammako, chairman of the Committee.
President Bola Tinubu had on Tuesday, Nov 19, in separate letters to both chambers of the National Assembly, requested approval of a $2.2 billion external borrowing plan to part fund the N9.7 trillion deficit in the 2024 budget .
Senate upon receipt of the request, mandated its committee on local and foreign debts to expeditiously ensure further legislative inputs on the request and report back within 24 hours.
Presenting the committee‘s report, Wammako said the presidential request was very necessary for approval.
He said the loan request would be utilised for execution of ongoing projects and programmes in the 2024 appropriation act , saying that the projects were critical for national growth and development.
“It will contribute to the implementation of the debt management strategy, which seeks to reduce the cost of borrowing.
” It will lengthen maturity of the public debt stock, free – up space in the domestic market for other borrowers, and help increase Nigeria’s external reserves .” Wammako said Nigeria could raise all or part of the 2.2billion dollars through the issuance of Eurobonds in the International Capital Market ( ICM) .
Wammako thereafter is recommended as follows:
“That the Senate do approve the implementation of the new external borrowing of 2.2 billion dollars at the budget exchange rate of one dollars to N800 in the 2024 appropriation act and that the amount should be raised from one or more sources.
“Namely, issuance of eurobonds in the ICM, issuance of debut sovereign Sukuk in the ICM, and bridge, syndicated loans, subject to market conditions.”
The report was thereafter unanimously approved via an affirmative voice vote.
In his remarks after the approval, Senator Jibrin Barau, deputy president of the Senate, who presided plenary, commended the Wammako led committee for a job well done.
Airtel Nigeria, a telecommunication and mobile money service provider, has announced a groundbreaking partnership with Mobihealth International, a pioneering telehealth service provider.
This strategic collaboration is set to significantly improve healthcare access for millions of people across Nigeria, particularly in underserved communities.
Under this partnership, Nigerians will enjoy affordable and round the clock access to Mobihealth’s innovative telemedicine services, allowing them to connect with licensed healthcare professionals from the comfort of their homes via mobile phones.
Mobihealth’s platform offers a range of services including 24/7 teleconsultations, prescription services, delivery of genuine medications, and access to international medical specialists.
A Game Changer for Healthcare in Africa
Airtel’s vast network infrastructure will empower Mobihealth to extend its reach to rural and remote areas, ensuring that even the most vulnerable populations can access quality healthcare. This partnership also aims to support the government’s efforts at resolving the nation’s healthcare challenges, including limited access to doctors, high healthcare costs, and a shortage of medical facilities.
Speaking on the partnership, Femi Oshinlaja, Chief Commercial Officer of Airtel Nigeria, stated, “We believe that telemedicine will play a crucial role in Nigeria’s healthcare future. Our partnership with Mobihealth showcases our dedication to providing innovative solutions that significantly improve the lives of Nigerians.”
Dr. Funmi Adewara, Founder and CEO of Mobihealth, added: “This partnership with Airtel is a major milestone in our mission to democratize healthcare in Africa. Together, we will offer a lifeline to millions who face barriers to accessing timely, affordable, and quality medical care. Our telehealth platform will provide convenient access to qualified doctors, diagnostics, and treatments, ensuring that no one is left behind.”
This collaboration is expected to transform the healthcare landscape across Nigeria, making healthcare services more accessible, affordable, and effective.
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