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Ifeanyi Jude Muonagor, the Head of Security Operations Centre at the Central Bank of Nigeria, (CBN), said the bank’s deployment of cyber deception solution in 2017, has yielded positive results.
Muonagor, who spoke virtually at a one day event held in Lagos on the topic, ‘Importance of deception technology and identity security,’ said 80 per cent of system breaches have been linked to compromised credentials.
The event was organized by a Nigerian tech firm, InfoData Professional Services, in collaboration with Attivo Networks.
Muonagor said cyber-attack is so easy to conduct, making it hell for security personnel to deal with all the various incidents coming through with security protection mechanism that have not been full proof.
“But with deception solution, it helps the security professional to gain the knowledge of what the attacker was coming to do,” he said.
He added: “In 2017, we (CBN) identified the need for cyber deception technology and we moved with a particular solution. I will not mention names because I am not campaigning for any particular vendor. But we found out that there were fewer activities because of the deployment model.”
In his presentation, a Cyber Security Expert and Lead System Engineer at Attivo Networks, Osama Al-Shatnawi, said cyber-attacks do more damage than conventional warfare. “Everything can be done literally.
A single bank lost $70 million dollars through a cyber-attack. I can tell you about electricity companies. Just look at what happened to Ukraine.
Power was cut for the whole nation because of the cyber-attack. Any damage can happen due to cyber-attacks and that is why we need to take security seriously.”
Al-Shatnawi said based on different market analysis that have been done by different entities using Attivo with other solutions in place, their detection and protection capability has enhanced by 42 per cent.
Wayne Forsman, the Territory Manager at Attivo Networks, explained why cyber security breaches were on the increase.
“Conventionally, we set up a wall around our network, web security, email, next-generation firewalls. But effectively, by not protecting Active Directory (a Microsoft tool used to access networks and other applications), you’ve left the door open.”
He said 80 per cent of current attacks are through Active Directory, the reason why it must be protected. “In order to secure something, you really need to know about it. First, we have an Active Directory assessor which gives you full visibility into Active Directory.
“It will give you all the vulnerability and mitigation steps to effectively make Active Directory more secure. However, you also need to protect your information, the various profiles created for a user to have rights to a system – passwords, username.
“You need to protect that information. As for the current gaps, no solution is protecting the information on the Active Directory, which is the gap Attivo has closed.”
According to the President of Infodata Professional Services Global, Chuks Ulu Udensi; “Our commitment to delivering security solutions that are intuitive, intelligent and relevant to the realities of today’s business-critical infrastructure is further bolstered by our partnership with Attivo Networks”.
He said Solutions such as identity detection and response (IDR), IEV and others within the Attivo ThreatDefend®️ Platform gives users the ability to deploy decoy and deception technologies as well as an expanded portfolio of solutions that address the challenges of increased attack destructiveness for a globally distributed workforce as cloud-based solutions drive enterprise business productivity, profitability and efficiencies.
Mr. Ulu Udensi further reiterated Infodata’s commitment to the African Technology Landscape, noting: “We will continue to build, adopt and develop resources and solutions that ensure that our customer’s enterprise infrastructure is stable, secure, predictive and adaptive to the realities of today’s global constantly-evolving threat landscape.
InfoData Regional Solutions Manager, Eze Osiago, explained why the partnership with Attivo Solutions. “Attivo deceptive solution is one of its kind.
We have EDRs that do prevention but scenarios where the attacker is already inside, we currently do not have solutions that will detect the malicious insider or the attacker who is already inside.
“So, Attivo is that missing gap that comes in to say let’s do a scan around and spot anomalies to spot people who are misusing privileges,” he said.
Among the participants at the event were security professionals for various Nigerian financial institutions and other firms.
Michael Nnamdi, a systems security expert with Polaris bank said he gained so much about identity protection and Active Directory security.
“I will say that the idea by Attivo is really an interesting one. The idea of trying to protect these credentials, knowing that it is actually the gate to the kingdom,” he said.
Another participant, Kingsley Ozokwo from the information security department at Stanbic IBTC, said learning about how better to secure the Active Directory, is a very valuable experience.
“Active Directory is a major asset for any organization. The fact that there is a lot that can go wrong in that space is the reason we are here. I enjoyed the fact that this is moving us away from the traditional block and restrict, which is virtually what security is all about, to learn from the attackers themselves,” he said.
The Export-Import Bank of the United States (EXIM) has signed a memorandum of understanding (MOU) with the Nigerian Export-Import Bank (NEXIM) that will deepen collaboration and trade ties between the United States and Nigeria.
The agreement was signed by Exim President and Chair, Reta Jo Lewis, on behalf of Export Import Bank of United states, while Abba Bello, Managing Director/ Chief Executive of NEXIM signed on behalf of the Nigerian Export-Import Bank.
During the signing ceremony, EXIM President and Chair, Reta Jo Lewis, highlights increased opportunities for U.S. exports to Nigeria in critical minerals, clean energy, aviation and infrastructure.
Also, NEXIM MD/CE, Abba Bello, highlights that the partnership is a significant milestone for Nigeria and the US that will provide increased access to trade financing for Nigerian businesses whilst facilitating smoother and more robust mutually beneficial trade flows between the two countries.
The MOU demonstrates a shared desire to identify and promote trade and economic cooperation between the two countries, especially in sectors like clean energy, critical minerals, aviation, maritime transport, digital connectivity, and infrastructure, amongst others.
“Nigeria is the second largest U.S. export destination in Sub-Saharan Africa, but there is so much opportunity to grow,” said Chair Lewis.
“This MOU with NEXIM sends a strong market signal to Nigeria that EXIM is eager to forge a stronger commercial relationship by supporting U.S. exports in key sectors.”
The MD/CE NEXIM in his own remarks noted that, “This collaboration marks a significant milestone in our efforts to strengthen trade ties between Nigeria and the United States.
We are confident that this partnership will open new avenues for economic growth and development”. The MOU, signed virtually marks a significant milestone for the United States and Nigeria.
The MOU will enhance the competitiveness of companies in both nations and strengthen collaboration by exploring options for utilizing EXIM’s medium- and long-term loan guarantees and/or direct loans to finance U.S. exports to Nigeria.
This MOU contributes directly to EXIM’s Sub-Saharan Africa mandate. Over the past three years, EXIM has approved approximately $4 billion of authorizations in support of U.S. exports to sub-Saharan Africa.
The Export-Import Bank of the United States (EXIM) is the nation’s official export credit agency with the mission of supporting American jobs by facilitating U.S. exports.
To advance American competitiveness and assist U.S. businesses as they compete for global sales, EXIM offers financing including credit insurance, working capital guarantees, loan guarantees, and direct loans.
As an independent federal agency, EXIM contributes to U.S. economic growth by supporting tens of thousands of jobs in exporting businesses and their supply chains across the United States.
Economic and Financial Crimes Commission (EFCC) has filed a 13-count charge of N12.3 billion fraud against Chief Oba Otudeko, chairman, Honeywell Group, and Stephen Olabisi Onasanya, the former managing director, First Bank of Nigeria (FBN).
Chief Oba Otudeko, chairman, Honeywell Group, and Stephen Olabisi Onasanya, former managing director, First Bank
The charges were filed at the Federal High Court in Lagos.
They are joined by Soji Akintayo, a former board member of Honeywell, and Anchorage Leisure Limited, a company linked to Otudeko.
The four defendants are accused of orchestrating a fraudulent scheme involving the diversion of N12.3 billion from First Bank, with the fraudulent activities allegedly occurring between 2013 and 2014.
The charges against them include claims that they unlawfully obtained funds in multiple transactions, including N5.2 billion, N6.2 billion, N6.15 billion, N1.5 billion, and N500 million.
These funds were allegedly obtained under the false pretence of credit facilities for V-Tech Dynamic Links Limited and Stallion Nigeria Limited.
The EFCC further alleged that the defendants falsified documents to mislead First Bank into processing these transactions.
In the first charge, the defendants were accused of conspiring to fraudulently obtain N12.3 billion from First Bank, misrepresenting that it was for V-Tech Dynamic Links Limited and Stallion Nigeria Limited, despite knowing the information to be false.
In the second charge, they allegedly obtained N5.2 billion from First Bank on November 26, 2013, by falsely claiming it was for V-Tech Dynamic Links Limited.
Between 2013 and 2014, the defendants are accused of obtaining N6.2 billion from First Bank, falsely claiming it was for Stallion Nigeria Limited.
The EFCC also alleged that, on or about September 3, 2013, the defendants forged documents, including a “Letter of Application” to deceive First Bank into believing that the documents were from V-Tech Dynamic Links Limited.
In a similar manner, they were accused of forging a document titled “Authorization to Issue Investment Certificate to First Bank” with the intent to mislead the bank.
Additionally, the charges included accusations that the defendants procured the transfer of N6.2 billion from Stallion Nigeria Limited’s account at First Bank to conceal fraudulent activities.
On December 11, 2013, the defendants allegedly facilitated a transfer of N2.09 billion from Stallion Nigeria Limited’s account to Emmerado Logistics Limited as part of the fraudulent scheme.
Alos, Chief Otudeko is accused of failing to declare a personal interest in a loan facility of N6.15 billion sought by V-Tech Dynamic Links Limited, in breach of banking regulations.
The charges are based on violations of the Advance Fee Fraud and Other Fraud Related Offences Act 2006, the Miscellaneous Offences Act, the Money Laundering (Prohibition) Act 2011, and the Banks and Other Financial Institutions Act 2004.
The four defendants are expected to face serious legal consequences if found guilty.
The case is set to proceed on January 20, 2025, and could set an important precedent in the fight against financial fraud in Nigeria’s banking sector.
TikTok plans to shut U.S. operations of its social media app used by 170 million Americans on Sunday, when a federal ban is set to take effect, barring a last-minute reprieve, people familiar with the matter said.
The Washington Post reported President-elect Donald Trump, whose term begins a day after a ban would start, is considering issuing an executive order to suspend enforcement of a shutdown for 60 to 90 days. The report did not say how Trump could legally do so.
Users who have downloaded TikTok would theoretically still be able to use the app, except that the law also bars U.S. companies starting Sunday from providing services to enable the distribution, maintenance, or updating of it.
The Trump transition team did not have an immediate comment. Trump has said he should have time after taking office to pursue a “political resolution” of the issue.
“TikTok itself is a fantastic platform,” Trump’s incoming national security adviser Mike Waltz told Fox News on Wednesday. “We’re going to find a way to preserve it but protect people’s data.”
The New York Times separately reported that Tiktok CEO has been extended an invitation to attend the President-elect’s inaugration and sit in “a position of honor”.
A White House official told Reuters Wednesday President Joe Biden has no plans to intervene to block a ban in his final days in office if the Supreme Court fails to act and added Biden is legally unable to intervene absent a credible plan from ByteDance to divest TikTok.
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