E-Business
Trend Micro’s Device Blocks Malicious Mails Targeted @ Nigerians
Trend Micro Incorporated, global cybersecurity leader, has said it blocked more than 10 million email threats, over 800, 000 malicious Uniform Resource Locator (URLs) and almost 4, 500 malicious mobile applications targeted at Nigerian businesses and consumers between January and June, this year.
In a statement, the firm said it happened when the complexity of the country’s cybersecurity threat landscape continues to intensify.
The statement said the findings were brought to life by the Trend Micro 2023 Midyear Cybersecurity Threat Report, which presents highlights from the company’s telemetry covering the broadest attack surface view across millions of commercial and consumer clients.
The report also uncovers key trends in criminal techniques, tactics and threat actor activity, providing important guidance for defenders looking to stay one step ahead of calculating cyber criminals.
Gareth Redelinghuys, country managing director, African Cluster, Trend Micro, said: “With each passing month, the local threat landscape becomes more intricate and convoluted. Our latest research shows that illegal actors are shifting targets and getting increasingly creative to become more efficient and prolific. Prioritising a set of proactive and holistic security solutions has never been more important.”
Furthermore the statement stated that during the first half of 2023, around 2.4 million malware families were blocked by Trend Micro in Nigeria.
“Ransomware, in particular, is a challenge for local companies, with hundreds of ransomware detections in June alone. However, the Midyear Report offers valuable insight into the ways in which ransomware groups are operating – not only updating their tools and techniques to extract data more efficiently, but also adapting their business models.
Earlier this year Trend Micro researchers discovered a new ransomware that uses legitimate search engine tools to search for files to encrypt. Investigation into this new ransomware, which researchers named ‘Mimic’, suggests a connection with the larger and more notorious Conti ransomware group. It’s suspected that collaboration between these criminal groups helps them lower costs and increase their market presence while also maintaining the efficacy of their criminal activities.
According to the report, many ransomware players are also turning their data exfiltration efforts toward tactics such as cryptocurrency theft and business email compromise (BEC).
Another key trend that emerged in the first half of 2023 was the use of AI by cybercriminals to carry out virtual crimes more efficiently.
A significant number of recently, malicious actors have abused AI technology to accurately impersonate real people as part of their attacks and scams. In fact, imposter scams such as virtual kidnapping are becoming increasingly rampant globally.
In the case of virtual kidnapping, malicious actors are able to create a deep fake voice of their victim’s child and use it as proof that they have the child in their possession to pressure the victim into sending large ransom amounts.
At the same time, ChatGPT and other AI tools are enabling criminals to automate the gathering of information, formation of target groups, and identification of vulnerable behaviours.
This is helping them lure big-name victims (also known as “big fish”) in harpoon whaling attacks.
Whaling involves tricking executives and directors through phishing campaigns for the purpose of stealing information or siphoning large sums of money.
Harpoon whaling, on the other hand, involves extensive research on targeted individuals.
This attack is a highly targeted social engineering scam that involves emails crafted with a sense of urgency and that contain personalised information about the targeted executive or director.
With AI tools becoming increasingly adept at creating text that can seem human-crafted; the effort needed to attack executives has been drastically reduced, making the targeting of hundreds of thousands of executives easier than ever before.
As innovations continue to evolve and involve more data, threat actors have also been finding more ways to victimise people.
For example, today’s connected cars contain over 100 million lines of code, giving smart functionality to the user but also opening doors to hackers. As more smart cars saturate the market, attackers will try to gain access to user account data and leverage it for crimes.
By hijacking or stealing such an account via phishing for credentials or installing malware, a cyber-criminal could locate the car, break into it and potentially sell it on for parts or follow-on crimes.
They might even be able to locate the owner’s home address and target it for burglary when they’re not in.
Threat actors have also been casting a wider net by leveraging vulnerabilities in smaller platforms for more specific targets, such as file transfer service MOVEit, business communications software 3CX, and print management software solution PaperCut.
“The increasingly sophisticated tactics being employed by hackers present a particular concern for local businesses which face untold potential damages at the hands of these malicious actors. It’s critical for defenders to gain a thorough understanding of the potential risks they are facing. Knowing these threats will help them make more informed decisions and ultimately take proactive measures to stay ahead in the increasingly convoluted cat and mouse game of cybersecurity,” Zaheer Ebrahim, solutions architect, Middle East and Africa at Trend Micro, said.
Nigeria Data Protection Commission (NDPC) has signed a Memorandum of Understanding with Mastercard to enhance data protection in Nigeria.
Dr. Vincent Olatunji, commissioner, NDPC and Derek Ho,deputy chief privacy officer, Mastercard
The agreement was sealed during a workshop where 150 Data Protection Officers (DPOs) were trained on Data Protection Impact Assessments (DPIAs).
Dr. Vincent Olatunji, commissioner, NDPC, said the event kicks off activities for the 8th NADPA conference, highlighting government efforts to train more certified DPOs.
Olatunji also disclosed the Federal Government’s commitment to increasing the number of certified DPOs with the required skills to manage data protection.
He noted that Nigeria’s digital-savvy youth are key to driving this agenda.
“Human capital is really key to us, and the ecosystem we are regulating is very special. It is still new, still emerging, and we need all we can to build the capacity of officers.
“We want to build the capacity of our people so we can be able to deliver on our mandate and fully deepen privacy in Nigeria.
“We are targeting to build the capacity of 250,000 DPOs annually, and we are working with partners like Mastercard to achieve that,” he said.
Derek Ho,deputy chief privacy officer, Mastercard, also stressed the need for collaboration to build trust in the digital economy and urged participants to embrace training as data protection keeps evolving.
Central Securities Clearing System PLC (CSCS) has announced the launch of *7270#, its Unstructured Supplementary Service Data (USSD) code service, set to go live on May 8th, 2025.
The USSD code service is an innovative solution designed to enhance the ease and accessibility of investment services for all users.
Also, this service leverages the network capabilities of MTN Nigeria to bring unparalleled convenience to investors.
Driven by a relentless commitment to innovation, CSCS aims to revolutionize information access within the Nigerian capital market through this USSD code service.
As the Central Securities Depository (CSD), CSCS focuses on enhancing investor experiences and providing deeper market insights with unparalleled convenience.
The CSCS USSD code service offers seamless access to essential market information directly from mobile phones, eliminating the need for internet connectivity or specialized trading platforms.
Investors can now effortlessly retrieve Clearing House Number (CHN), check Direct Cash Settlement (DCS) status, view stock positions, account balances, and account status confirmations.
Haruna Jalo-Waziri, managing director/chief executive officer of CSCS, said ” We are excited to launch the *7270# USSD code service, a significant step in leveraging mobile technology to democratize access to account and portfolio information.
“This service empowers every investor, regardless of their location or resources, to stay informed about their investments. At CSCS, we believe that financial inclusivity is key to driving economic growth.
“Our partnership with MTN Nigeria on this project represents a significant leap toward a more inclusive financial landscape, leveraging the spread of the MTN network.
“This collaboration enhances the investing experience, reinforcing our shared commitment to empowering individuals with the tools they need to manage their financial futures effectively.” he added.
The CSCS USSD code service will initially be available to MTN users only. However, CSCS plans to expand this service to other networks soon.
This innovative service offers investors streamlined and secure access to critical market information at their fingertips.
Aisha Umar Mumuni, chief digital officer of MTN Nigeria, said, “This collaboration with CSCS on the *7270# USSD service underscores MTN’s commitment to harnessing the power of mobile technology to simplify complex processes for our users.
“By making critical investment information available at the touch of a button, we are helping to democratize access to the capital markets and, in the process, enhance investor engagement and market transparency,” she said.
CSCS continues to lead the way in technological advancements, reinforcing its position as a pivotal player in the Nigerian capital market ecosystem.
This initiative underscores our dedication to enhancing market efficiency and empowering investors with the tools they need for informed decision-making.
The need to maximise local digital assets, amid dwindling Oil revenues and a struggling economy, has been reiterated by the Chief Executive Officer of Quomodo Systems Africa, Oluwole Asalu, who maintained this measure remains the path to prosperity.
Asalu, while addressing the press in Lagos, recently asserted that global shift towards digital economies, presents a pivotal opportunity for Nigeria at this time to mobilise sufficient resources towards effective governance.
He emphasised harnessing the burgeoning local digital economy to expedite national diversification goals, while break away from overdependence on oil output.
Asalu, boasted further that Nigeria’s tech-savvy, youthful population and increasing recognition from global tech giants already position its digital sector as a driver of inclusive growth and job creation.
“Nigeria’s overreliance on oil is no longer tenable. As global markets shift towards renewable energy, the urgency to diversify has never been greater. Technology stands out as the most promising avenue, not merely as a sector, but as an enabler of growth across all facets of the economy,” he explained.
According to him, Nigeria’s tech talent remains the new oil, a renewable resource with the potential for significant returns, if strategically harnessed.
Like India’s successes in information technology services, Asalu want Nigeria to tap into lucrative outsourcing industry to draw foreign investment.
“Foreign investment in Nigeria’s tech sector is rising. Programmes like Digital Explorers have led European firms such as Telesoft to establish operations in Nigeria. Tech giants like Microsoft and Facebook have followed suit, injecting capital and creating jobs,” he stated.
He again pointed to the emergence of three unicorns within Nigeria’s tech ecosystem as a breakthrough and sign of maturity.
“Nigeria’s tech ecosystem is already showing signs of maturity, with three unicorns emerging from its soil. These success stories, powered by local innovation, underscore the viability of a home-grown, world-class tech sector,” he affirmed.
He however emphasized urgent need to close existing gap in skills and infrastructure, in addition to embracing governance and collaboration to fully harness digital potential cum future.
NDPC, Mastercard Partner to Strengthen Data Protection
CSCS Launches *7270#, USSD Code Service
NIPOST Suspends Cash Transactions Nationwide
CBN Spending on Naira Printing, Distribution up by 306 Percent
ABoICT Lecture 2025 to Focus on Governance, Standardization in Artificial Intelligence Era
E-Business1 day agoExpert Urges FG to Leverage Digital Assets to Drive Diversification Goal
General News1 day agoSeamlessHR, AOPN Push Payroll Innovation for Nigeria’s Outsourcing Growth
General News1 day agoFG Faults AfDB’s Adesina on Nigeria’s GDP Per Capita Figures
Telecom1 day agoTelcos Plan Zero Tariff in Some Regions with Low Opex
News1 day agoCabals Still Fighting our Refinery – Dangote
E-Financial1 day agoFirst Asset Management Surpasses ₦1 Trillion in Assets Under Management
Telecom1 day agoAVEVA Appoints Sébastien Ory as EMEA VP Partners & Channels
News1 day agoNPAN Hails Tribunal’s Ruling on FCCPC’s $220M Fine Against Meta