Telecom
Sophos Survey Shows Increase in Ransomware Attacks on Education Institutions
Sophos, a global leader in next-generation cybersecurity, has published a new sectoral survey report, The State of Ransomware in Education 2022.
The findings reveal that education institutions – both higher and lower education – are increasingly being hit with ransomware, with 60% suffering attacks in 2021 compared to 44% in 2020.
Education institutions faced the highest data encryption rate (73%) compared to other sectors (65%), and the longest recovery time, with 7% taking at least three months to recover – almost double the average time for other sectors (4%).
Additional findings include:
· Education institutions report the highest propensity to experience operational and commercial impacts from ransomware attacks compared to other sectors; 97% of higher education and 94% of lower education respondents say attacks impacted their ability to operate, while 96% of higher education and 92% of lower education respondents in the private sector further report business and revenue loss
· Only 2% of education institutions recovered all of their encrypted data after paying a ransom (down from 4% in 2020); schools, on average, were able to recover 62% of encrypted data after paying ransoms (down from 68% in 2020)
· Higher education institutions in particular report the longest ransomware recovery time; while 40% say it takes at least one month to recover (20% for other sectors), 9% report it takes three to six months
“Schools are among those being hit the hardest by ransomware. They’re prime targets for attackers because of their overall lack of strong cybersecurity defenses and the goldmine of personal data they hold,” said Chester Wisniewski, principal research scientist at Sophos.
“Education institutions are less likely than others to detect in-progress attacks, which naturally leads to higher attack success and encryption rates. Considering the encrypted data is most likely confidential student records, the impact is far greater than what most industries would experience.
“Even if a portion of the data is restored, there is no guarantee what data the attackers will return, and, even then, the damage is already done, further burdening the victimized schools with high recovery costs and sometimes even bankruptcy.
“Unfortunately, these attacks are not going to stop, so the only way to get ahead is to prioritize building up anti-ransomware defenses to identify and mitigate attacks before encryption is possible.”
Interestingly, education institutions report the highest rate of cyber insurance payout on ransomware claims (100% higher education, 99% lower education). However, as a whole, the sector has one of the lowest rates of cyber insurance coverage against ransomware (78% compared to 83% for other sectors).
“Four out of 10 schools say fewer insurance providers are offering them coverage, while nearly half (49%) report that the level of cybersecurity they need to qualify for coverage has gone up,” said Wisniewski. “Cyber insurance providers are becoming more selective when it comes to accepting customers, and education organizations need help to meet these higher standards.
“With limited budgets, schools should work closely with trusted security professionals to ensure that resources are being allocated toward the right solutions that will deliver the best security outcomes and also help meet insurance standards.”
In the light of the survey findings, Sophos experts recommend the following best practices for all organizations across all sectors:
· Install and maintain high-quality defenses across all points in the environment. Review security controls regularly and make sure they continue to meet the organization’s needs
· Proactively hunt for threats to identify and stop adversaries before they can execute attacks – if the team lacks the time or skills to do this in-house, outsource to a Managed Detection and Response (MDR) team
· Harden the IT environment by searching for and closing key security gaps: unpatched devices, unprotected machines and open RDP ports, for example. Extended Detection and Response (XDR) solutions are ideal for this purpose
· Prepare for the worst, and have an updated plan in place of a worst-case incident scenario
· Make backups, and practice restoring from them to ensure minimize disruption and recovery time
The State of Ransomware in Education 2022 survey polled 5,600 IT professionals, including 320 lower education respondents and 410 high education respondents, in mid-sized organizations (100-5,000 employees) across 31 countries.
Telecom
NCC Waxes Worriedly as Telcos Lose Billions to Vandalism, Theft
Dr. Aminu Maida, executive vice chairman, Nigerian Communications Commission (NCC), has said that telecommunications operators in Nigeria are currently facing immense challenges with frequent fibre cuts, vandalism, and theft of equipment costing them billions of Naira.
Maida stated this against the backdrop of the recent declaration of telecom infrastructure as Critical National Information Infrastructure (CNII) by President Bola Tinubu through an Executive Order.
Delivering the keynote address at the launch of the CNII Protection and Resilience Workshop, organized by the National Cybersecurity Coordination Centre (NCCC) under the Office of the National Security Adviser, Maida said Nigeria is now set to address the challenge.
While noting that workshop series was to drive the urgent implementation of the CNII Executive Order as a major step towards securing Nigeria’s communications and digital infrastructure, the NCC boss said:
“The telecom industry faces significant challenges, including frequent fibre cuts, vandalism, and theft, which cost operators billions of Naira in revenue and billions of Naira in repair expenses.
“Additionally, restricted access to telecom facilities by property owners and government entities hampers network expansion efforts, limiting connectivity and impacting service quality.”
Over the years, stakeholders in the Nigerian ICT sector have been calling on the government to designate telecom infrastructure as a critical national asset to address the persistent attacks on the infrastructure across the country.
Telecom
Telcos Key to Bridging Financial Gaps, Fostering Inclusion – MTN’s Tobe Okigbo
Telecommunications operators will undoubtedly play an indispensable role in bridging financial gaps and fostering inclusion, particularly in Nigeria.
Tobe Okigbo, Chief Corporate Services & Sustainability Officer of MTN Nigeria, underscored this role during a panel discussion at the Africa Breakfast Convos, held on the sidelines of the recent United Nations General Assembly (UNGA79).
Okigbo emphasised that telcos can leverage their extensive networks to connect Nigerians across diverse regions to essential financial services.
“Telcos are very instrumental in bridging the gap and promoting financial inclusion. Given our extensive reach, I firmly believe that telecommunications companies are instrumental in broadening access to digital financial services,” he said.
However, there are serious challenges facing the industry that make it difficult for operators to fill this role. “One of the biggest challenges we have in bridging the gap is access to devices. It goes beyond the lack of education because Nigerians can easily adapt to systems. However, not everyone has access to devices that enable digital financial services,” he stated, expressing optimism that solutions would emerge within the next three years to enhance financial inclusion in Nigeria.
The panel conversation, featuring Okigbo, in discussion with Claudine Moore of Allison Worldwide, Iyin Aboyeji of Future Africa, and Anie Akpe of African Women In Tech (AWIT), at Stagwell Commons inside The World Trade Centre in New York City, touched on wide-ranging issues ranging from digital transformation to Africa’s business landscape, as well as the continent’s sustainable growth.
Tobe Okigbo lauded the innovation of African businesses across diverse sectors, highlighting their capacity to turn challenges into lucrative opportunities.
“African businesses are not just solving local issues; they’re turning billion-dollar problems into billion-dollar opportunities,” he said.
A World Bank report recently revealed that although 49 per cent of adults in Sub-Saharan Africa have bank accounts, a rate that has doubled since 2011, there are still significant gaps in account ownership for women, uneducated persons, young adults and people in rural communities.
The MTNN CCSSO revealed that MTN Nigeria has been at the forefront of financial inclusion initiatives, offering an array of digital financial services with its fintech platform, MoMo PSB.
Telecom
ACTIS Threatens MTN with Loss of 80m Subscribers if It Hikes Tariff
Association of Telephone Cable TV And Internet Subscribers of Nigeria (ATCIS), has warned MTN Nigeria, the largest mobile network operator in Nigeria, to desist from increasing its tariffs or else it will lose about 80 million customers who have subscribe to its services in the country.
Recall that MTN recently raised alarms over a potential shutdown if tariffs are not increased to address rising operational costs.
Karl Toriola, chief executive officer, had highlighted that the telecommunications sector is facing severe financial strain, especially from escalating diesel prices required to power base transceiver stations.
But Sina Bilesanmi, national president of ATCIS, said the service shut down would not affect its subscribers, urging the telco to desist from threatening its customers.
According to him, “when ATCIS saw it on Tuesday, I shared it on the ICAF platform, ATCIS wrote MTN CEO to go ahead with the 80 million+ subscribers, but have promised them with their association body, with the power of the ATCIS Masses being the National President of telecom subscribers in Nigeria, if MTN try it, that may be the end of MTN.”
MTN claimed it has invested N2.6 billion in corporate social responsibility, according to its 2023 Sustainability Report, is currently operating on profits accumulated over two decades. However, he stressed that this is unsustainable.
“We must return the industry to profitability,” Toriola emphasized, adding that the company’s reserves are depleting.
Earlier this year, telecom operators called for the first tariff hike in 11 years, citing the need to manage rising costs and maintain service quality. Without such an increase, they warned, the financial viability of the sector, along with service standards, would continue to decline.
Toriola also pointed out that MTN, once one of Nigeria’s top corporate taxpayers, has seen its tax contributions decline due to the financial challenges. In the first half of 2024, MTN reported a staggering N519.1 billion loss, largely attributed to foreign exchange losses from the naira’s devaluation and high inflation.
In addition, Toriola revealed that MTN may suspend Unstructured Supplementary Service Data (USSD) banking services due to a N250 billion debt owed by Nigerian banks. “We are seeking regulatory approval to halt support for USSD services used for banking transactions unless the debt is resolved and tariffs are adjusted,” he said.
- Telecom2 days ago
ACTIS Threatens MTN with Loss of 80m Subscribers if It Hikes Tariff
- E-Financial2 days ago
Moniepoint Secures $110 Million Investment to Scale Digital Payments, Banking Solutions
- E-Financial3 days ago
CBN Plans Stricter Fines on Banks for Non Compliance with Regulations
- E-Financial2 days ago
Google among Investors Funneling $110m into Moniepoint Nigeria
- E-Financial3 days ago
Despite Crackdown, $59Bn Cryptocurrency Flow into Nigeria in 12 Months- Report
- Telecom3 days ago
MoMo PSB Launches Outbound Remittance Service across Africa
- News3 days ago
FG Cracking Down on Journalists Citing “National Security” – IJNet
- E-Business3 days ago
Oba Otudeko Honoured with Doyen of Business Award @Family Business Summit 2024