E-Business
The Evolving Threat Landscape: Top Cybercrime Trends Organisations Should Take Note of in 2023
By Emmanuel Asika
The cyber threat landscape continued to evolve last year, with malevolent players joining forces more than ever before, exchanging access to networks and systems, sharing malware and sharpening their attack methods.
Such heightened collaboration, coupled with the low cost of malware – three-quarters of malware kits cost less than ₦7,000 – are further triggering cybercrime to be more accessible.
The implication being that more devices and end-users will be vulnerable to being under attack in 2023, and as cyber criminals intensify attempts to access enterprises – these systems, PCs and printers will be at the forefront.
These challenges, for cyber-security experts, will be intensified by the growing economic slump and uncertainties. As cybersecurity spending is set to increase by 13.2% in 2023, cost projections will be under critical observation, with emphasis on the most important cybersecurity demands.
With tough impending decisions, below are four cybersecurity trends that institutions must plan for in 2023:
- Increasing costs can prompt an inflow of cyber hustlers and money mules, powering the cybercrime economy and leaving users at risk
The increase in the cybercrime gig economy, with its swing to platform-based business models, has made cybercrime simpler, affordable, and more dynamic.
Cybercrime devices and mentoring services are readily available at low costs, luring cyber hustlers – adherents with little technical skill – to access needed information to make gains.
With an impending global downturn, easy access to cybercrime tools and skills could enhance the number of scam SMS messages and emails filling our inboxes.
Lured by the potential of quick money, there is a likelihood of seeing more recruits into money-muling schemes, unintentionally encouraging the cybercrime ecosystem as enablers of fraudulent transactions, money laundering, and perhaps ransoms payments.
The interrelated nature of the cybercrime gig economy means that threat actors can easily make money from email compromise attacks.
If they find a victim and succeed by compromising an enterprise device, they can market that access to bigger ransomware gangs. This gives structured groups of hackers more reach, hence feeding into the cybercrime ecosystem.
With increasing attacks against users, embedding security in all devices from the hardware will be significant to prevent, detect and recover from attacks.
Adopting a robust security culture is key for building resilience, however, only when combined with technology that decreases an organization’s attack interface. A whole group of threats can be eradicated without relying on detection by isolating risky activities like malicious emails.
Threat containment technologies in this case ensure that if a user opens a malicious link or attachment, the malware can’t infect any data. With this model, businesses reduce the propensity of malicious attacks and protect employee interests without compromising their workflows.
- Notorious hackers will invest in more attacks below the operating system.
Until recently, firmware attacks were only used by sophisticated threat groups and countries.
However, just last year, early signs revealed an increased interest and development of attacks below the operating system – from tools to hack BIOS passwords, to rootkits and trojans targeting device’s firmware. Today, we now see firmware rootkits advertised relatively cheaply on cybercrime marketplaces.
As one would expect, sophisticated threat actors are always looking to stay one step ahead in terms of their attack capabilities. Unfortunately, firmware security is frequently disregarded by organizations, giving room for adversaries to attack and exploit.
Access to the firmware level allows attackers to gain persistent control and hide below the operating system, making them very hard to detect – let alone remove and remediate.
As such, organizations and individuals must ensure they understand industry best practices and standards for device hardware and firmware security.
Additionally, organizations must further endeavour to understand and evaluate the latest technology readily available to protect, detect and recover from firmware attacks.
- Remote access equipment will be on the forefront for attacks
Session hijacking is anticipated. The year will witness a growth in popularity – where an attacker hijacks a remote access session to obtain an organisation’s sensitive data and systems.
The user is characteristically unsuspecting that anything malicious has happened and takes milliseconds to inject key sequences and issue commands that generate an alternative gateway for persistent access.
It works even if Privileged Access Management (PAM) systems employ Multi-Factor Authentication (MFA), such as smart cards.
When a malicious attack links to Operational Technology (OT) and Industrial Control Systems (ICS) running factories and industrial plants, there could also be a noticeable impact on operational readiness and safety – possibly cutting off access to energy or communication for entire areas.
The only way of preventing these kinds of attacks is breaking the attack chain and strong isolation technology, either through using a physically separate system, like a Privileged Access Workstation (PAW), or virtual separation, via hypervisor-based approaches.
- Neglect print security at your risk in 2023
Presently, print security is endangered by the constant tendency to be a neglected factor of the total cybersecurity environment and with more printers connected to corporate networks due to hybrid working, the risks keep increasing. Institutions need to structure security policies and processes for monitoring and protecting print gadgets from attacks, at home and in the workplace.
The challenge is the risk telemetry coming from end points, including printers, is growing by the day. Consequently, we will see institutions concentrate investments on solutions and services delivery that provide functional intelligence rather than merely delivering more security data.
Tackling increasing threats
This year, organisations must be intentional with their security approaches. Often, security glitches start at the endpoint, hence, by embedding protection in these devices, businesses can lessen the burden on their security unit.
Regardless of the threats institutions face in 2023, it is apparent that the tactics we deploy to protect devices and data has to change.
The key consideration here is strategic resource allocation, and the security teams need to recognise the specific areas of the business that are most susceptible to threats, and that would be most impacted in the event of a breach.
It is also vital to have a layered approach to security which will allow institutions to execute isolation, gain actionable intelligence, isolation and more, whilst helping to lessen their attack surface and maintain safety of key data.
Emmanuel Asika is Country Head for Nigeria, at HP
Nigeria Data Protection Commission (NDPC) has secured the support of the National Judicial Institute (NJI), in line with its objective of safeguarding the data privacy rights of Nigerians.
Dr. Vincent Olatunji, national commissioner and CEO, NDPC Hon. Justice Salisu Garba Abdullahi (Rtd) of NJI
This was contained in a press statement signed by Mr Itunu Dosekun, head of Media, NDPC, and made available to journalists in Abuja, the nation’s capital.
NJI is a government institution responsible for the training of judicial officers in Nigeria, from magistrate courts to the Supreme Court of Nigeria.
During a courtesy visit by the Commission to NJI, Dr. Vincent Olatunji, national commissioner and CEO, NDPC, lauded the management of NJI under the leadership of Hon. Justice Salisu Garba Abdullahi (Rtd) for the milestones the Institute has achieved in human capital development, particularly for judicial officers and fellows of the Institute.
While commenting on the importance of the Nigeria Data Protection Act in the face of disruptive technologies, Dr Olatunji reiterated the need to collaborate with NJI in keeping judicial officers abreast of privacy jurisprudence.
He noted that decisions on the enjoyment of data privacy rights concerning one citizen have fundamental implications for all citizens.
“It is the digital age, and the protection of the privacy of all citizens worldwide is paramount.
“It is now the right of all citizens to have their privacy protected. This is why countries across the globe are putting adequate measures in place to ensure enforceable data protection rights, as well as establishing data protection authorities to enforce data protection laws,” Dr Olatunji stated.
In his response, Justice Abdullahi commended the NDPC, under Dr Olatunji’s leadership, for its significant achievements since its establishment.
He pledged to collaborate with the NDPC to raise awareness of data protection and privacy within the judiciary and accepted the NDPC’s proposal, anchored on capacity building for judges, NJI fellows, and employees.
“The issue of data protection is very important. It is new, and judges need to be trained. The first step we should take is to review the Act (NDP Act) that established the Commission. Additionally, there is a need for us to train our fellows on data protection.”
NJI and NDPC have put in place a technical working group that will draw up a work plan and coordinate the initiatives for capacity building. The working group is expected to report back within days to commence implementation.
Flutterwave, Africa’s payments technology company, said it has formed a strategic partnership with the National Information Technology Development Agency (NITDA), to drive digital transformation and ultimately economic growth across Nigeria.
Olugbenga Agboola, founder and CEO of Flutterwave and Kashifu Abdullahi, director-general & CEO of NITDA
The collaboration aims to address the slow adoption of digital solutions among small and medium-sized enterprises (SMEs), a critical challenge that, when solved, can significantly boost the nation’s digital economy.
By promoting digital literacy, encouraging fintech innovation, and supporting key national initiatives such as the National Digital Economy Policy and Strategy (NDEPS), the partnership has a goal to accelerate Nigeria’s transition into a thriving digital ecosystem.
Despite the rapid evolution of digital payment systems, many SMEs in Nigeria still rely on traditional business models that limit their growth potential.
The inability to adopt digital payments, leverage e-commerce, and access secure financial solutions creates barriers to scaling and participating in the global economy.
Recognising this challenge, Flutterwave and NITDA were collaborating to bridge the digital divide and equip businesses with the right tools and expertise to embrace digital transformation.
Speaking on the partnership, Olugbenga Agboola, founder and CEO of Flutterwave, said, “many small businesses in Nigeria struggle to fully embrace digital solutions, and we believe that by providing seamless and secure payment technologies, we can empower them to scale with confidence.
“This partnership with NITDA reinforces our dedication to encouraging a truly inclusive digital economy, and we are proud to contribute to the outstanding work NITDA is doing to transform Nigeria’s digital landscape.”
Kashifu Abdullahi, director-general & CEO of NITDA, added, “Flutterwave’s reputation for fintech innovation aligns perfectly with our vision for a thriving digital economy. We recognize that slow digital adoption among SMEs has hindered economic growth, and through this collaboration, we aim to provide businesses with the necessary resources and infrastructure to transition into the digital age.”
The partnership represents a significant step toward Nigeria’s digital transformation, with Flutterwave and NITDA working hand in hand to create an environment where businesses can thrive through innovative financial solutions.
Flutterwave is a payments technology company that enables businesses across the world to expand their operations in Africa and other emerging markets through a platform that enables local and cross-border transactions via one Application Programming Interface (API).
Flutterwave has processed over 890 million transactions in excess of $34 billion, serves global and African customers like Uber, Air Peace, Bamboo, PiggyVest, and across various industries.
Vice President, Kashim Shettima, has stated that the African Continental Free Trade Area (AfCFTA) Digital Trade Protocol is set to grow intra-African trade from 18 per cent in 2022 to 50 per cent by 2030.
Commenting at the AfCFTA Digital Trade Workshop and Global Market, with the theme, “Unlocking State Exports Potential,” held in Abuja, Shettima who was represented by the Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole, highlights Nigeria’s role in digital commerce, citing the country’s 109 million internet users and expanding mobile economy as key enablers.
He emphasised that Nigeria’s advancements in mobile payments have revolutionized cross-border transactions, financial inclusion, and digital commerce, positioning the country as Africa’s digital trade hub.
“The internet economy is expected to contribute 5.2 per cent of Africa’s GDP this year, with the digital economy projected to grow to $180 billion, up from $115 billion in 2020,” he noted.
Shettima reaffirmed Nigeria’s commitment to modernising passport application systems and upgrading port infrastructure to streamline trade, reduce customs processing times, and strengthen the country’s role in handling West Africa’s cargo.
“We must move from policy discussions to implementing digitally enabled trade that fosters economic prosperity,” he urged.
The African Union (AU) recently recognised Nigeria as the Digital Trade Champion for Africa under the AfCFTA Digital Trade Protocol, a status confirmed during the 38th Ordinary Session of the Assembly of Heads of State and Government in Addis Ababa, Ethiopia.
Governor Uba Sani of Kaduna State, represented by Deputy Governor Dr. Hadiza Balarabe, warns that any nation failing to embrace digital trade risks being left behind. He commends the Tinubu administration for its achievements in the ICT sector.
“Digital trade platforms have broken traditional barriers, allowing businesses of all sizes to access regional and global markets more efficiently,” he says.
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