Uncategorized

UPS Falls Victim of PoS Malware

Published

10 years ago

August 27, 2014

Kindly share this post

United Parcel Service (UPS), a shipping and courier giant, has confirmed a long-running data breach at 51 of its UPS Stores, across 24 states in the United States.

While the number of affected stores accounted for only total about 1% of its more than 4,400 locations, as many as 105,000 customer transactions may have been compromised thanks to the sheer length of the malware infection: it ran between January and August of this year.

According to reports by InfoSecurity, the thieves are believed to have made off with names, postal addresses, email addresses and credit- and debit-card data.

Worryingly, the government alerted the company to the malware—UPS’ own systems did not detect it. UPS has since hired a security firm to review and upgrade its systems.

“As soon as we became aware of the potential malware intrusion, we deployed extensive resources to quickly address and eliminate this issue. Our customers can be assured that we have identified and fully contained the incident,” said Tim Davis, president of the UPS Store subsidiary, in a statement.

However, the inability to catch the issue is, well, an issue. “The first malware infection recorded by UPS was on January 20, 2014 and lasted until August,” said Joshua Cannell, malware intelligence analyst at Malwarebytes Labs, in a comment to InfoSecurity Magazine.

“In order to avoid detection for such a long period, a custom and highly-targeted piece of malware must have been used, as most traditional malware wouldn’t survive a week without being detected by antivirus and anti-malware vendors. This type of malware is often produced by well-funded groups that carefully plan their attack by surveying weakness in the target and then building malware to exploit them.”

Also, the locations each run on independent private networks that are walled off from the corporate network, UPS said.

This is the cause of some consternation—in previous breaches, the hackers were able to use a third-party contractor, unwitting insiders or some other means to enter the main network, and install PoS scraping software at individual locations from there. Clearly, the cybercriminals’ operation is evolving.

“This shows that sophistication of IT isn’t an inoculation against a breach,” said Steve Hultquist, chief evangelist at RedSeal Networks.

“The combination of complexity and continuous change–including both growth and technological advancement–mean that it’s virtually impossible to be aware of all the potential paths of attack. It is critical for all enterprises to deploy not only reactive security analysis but also to use a cyber-attack prevention system to analyze their entire network as it is actually implemented to anticipate all potential paths and to provide guidance in plugging inappropriate holes. The situation will continue to expand and become more broad. Enterprises must take action to avoid being the next casualties.”

Overall, PoS breaches seem to be reaching epidemic levels, with a string of incidents dating back to last Thanksgiving hitting household name retailers: Supervalu grocery stores, Target, Neiman Marcus, PF Changs, and on and on.

The New York Times cited a government source in reporting that the same group of Eastern European criminals are behind several of them.

Researchers had an air of exasperation in commenting on the incident. “How many more point of sale breaches need to occur industry-wide before consumers rise up and start demanding proactive protection surrounding their personal information prior to the purchasing of goods and services from a company?” Kyle Kennedy, CTO of STEALTHbits Technologies, told Infosecurity.

“Is it time for a third-party service provider focused solely on financial transactions and securing the consumer’s personal information the answer for the consumer AND the retailer? Or is the risk of personal information potentially being breached so accepted by consumers that change isn’t possible? I refuse to believe, as a consumer and a security executive, that change isn’t possible around one of the most fundamental components of business – the buying of goods and services via credit cards.”

Eric Chiu, president & co-founder of HyTrust, suggested that in the meantime, consumers need to be hyperaware of how they’re using their cards.

“Major breaches are being reported weekly, sometimes daily,” he said in an email. “Attackers are using sophisticated attacks to either compromise PoS systems at physical stores or branches as well as gaining access to corporate networks to siphon off millions of customer records in centralized systems in the core of the data center. Consumers need to…be careful who they do business with and what information they share on the Internet as well as keep an eye on their finances to identify if they might be a victim of a recent breach.”

Kindly share this post

Uncategorized

FG Offers Nine-month Amnesty for Illegal Dollar Holdings

Published

4 days ago

November 1, 2024

Ugo Onwuaso

Kindly share this post

Federal Government on Thursday announced a nine-month programme beginning on October 31 that allows individuals to deposit dollar bills held outside the formal banking system without scrutiny.

Wale Edun

It said the new initiative aims to address the rising costs of commodities influenced by the foreign exchange rate, driven by demand and supply dynamics.

Wale Edun, finance minister and coordinating minister of the Economy, revealed this after the 144th meeting of the National Economic Council, the country’s highest economic advisory body, chaired by Vice President Kashim Shettima at the State House, Abuja.

“There will be no penalty; there will be no taxes, and there will be no questions,” he told journalists at a briefing after Thursday’s conclave.

Edun said that, under this programme, individuals can bring in U.S. dollars in cash without facing penalties, taxes, or scrutiny, provided that the funds are not linked to criminal or illicit activities.

Participants will only need to meet the standard Know-Your-Customer requirements set by banks to secure these funds, integrate them into the financial system, and make them accessible for legitimate economic activities.

He explained, “One element of the cost increase is the foreign exchange rate, which is demand and supply. There will be a programme starting today, October 31, and lasting nine months that will allow people to bring in cash outside the banking system.

“[Such cash] is unsafe, insecure and outside legal limits. They will be allowed forbearance to bring dollars cash. Let me emphasise once again: it is to bring dollars that they are holding outside the system to get them in and credit it to their bank accounts, as long as it is not proceeds of crime or illicit money.

“They should just meet the standard Know-Your-Customer criteria of banks and have an opportunity to bring in those funds, making them safe, secure, and available through regular economic activity.

Edun said his ministry will first issue guidelines for the programme, followed promptly by additional guidelines from the Central Bank.

According to the Minister, this measure offers law-abiding individuals a way to formalise their cash holdings. It also provides the financial system with additional dollar reserves, which may help to stabilise the exchange rate.

“This is an opportunity, not just for people who would normally like to comply, to be compliant with the laws and normal business practice, but of course, it allows us to bring those dollars from where they are doing nothing to where they are within the financial system, they add to our reserves, and of course can help with the exchange rate,” he added.

Edun equally gave an update on government economic relief measures, saying 25 million Nigerians have benefitted from federal social protection initiatives, including digital outreach, microenterprise loans, and sector-specific support for power, agriculture, manufacturing, health, and compressed natural gas initiatives.

Kindly share this post

Uncategorized

Wema Bank Launches Export Trade Academy to Empower Nigerian SMEs

Published

5 days ago

October 31, 2024

Chike Onwuegbuchi

Kindly share this post

Wema Bank has announced the launch of the Wema Export Trade Academy, a comprehensive training programme designed to equip Nigerian Small and Medium Enterprises (SMEs) with the essential skills and tools needed to succeed in the competitive landscape of global trade.

Moruf Oseni, the Managing Director and Chief Executive Officer of the bank, this initiative represents Wema Bank’s commitment to enhancing the capacity of Nigerian businesses, supporting their ambitions to thrive on an international scale.

Oseni said the Wema Export Trade Academy is designed as a solution to these challenges faced by Nigerian SMEs when entering international markets.

The Academy is specifically structured to address each critical aspect of global trade, providing SMEs with targeted guidance on compliance, documentation, financial planning, and risk management.

Through the Wema Export Trade Academy, SMEs will benefit from expert-led sessions, mentorship from industry professionals, and practical insights into international business practices, positioning them to make significant contributions within global markets.

The programme also places emphasis on building a network of Nigerian exporters, encouraging peer support and collaboration, while fostering connections between businesses and international trade facilitators.

Oseni said: “This holistic approach to export training will enhance efficiency and productivity, empowering Nigerian businesses to become competitive players in the global economy.

“The Wema Export Trade Academy reinforces Wema Bank’s dedication to building the capacity of Nigerian businesses and supporting their evolution into formidable global competitors.

“By addressing the barriers in export trade, we are enabling Nigerian SMEs to seize new opportunities in international markets, which aligns with our vision to empower lives and support sustainable business growth.

“The Wema Export Trade Academy embodies Wema Bank’s pioneering spirit and commitment to providing SMEs with practical, impactful solutions.

“With comprehensive training on export processes and access to strategic financial products, the program stands as a testament to Wema Bank’s role as an enabler of growth for Nigerian enterprises.

“Wema Bank continues to set the standard for innovation within Nigeria’s financial services industry, supporting individuals and businesses across various sectors to achieve sustainable growth.

“The Wema Export Trade Academy represents the latest stride in Wema Bank’s mission to empower Nigerian SMEs, further strengthening its reputation.”

Kindly share this post

Uncategorized

MTN Foundation to Celebrate 20 Years of Impact with Anniversary Conference and Dinner

Published

5 days ago

October 31, 2024

Ugo Onwuaso

Kindly share this post

MTN Foundation is set to celebrate a milestone—its 20th Anniversary—with a series of events designed to reflect on its contributions to communities across Nigeria.

The anniversary conference will take place on November 6, 2024, in Abuja, while the celebratory dinner is scheduled for November 14, 2024, in Lagos.

These events will bring together key stakeholders from both the public and private sectors, highlighting the Foundation’s commitment to sustainable development and community engagement.

Since its inception in 2004, the Foundation has been at the forefront of corporate social responsibility (CSR) initiatives in Nigeria. It was one of the first corporate entities in the country to establish a dedicated foundation for managing CSR activities.

The Foundation was officially commissioned in May 2005, with MTN Nigeria Communications PLC pledging to allocate up to 1% of its Profit After Tax (PAT) for funding various projects aimed at improving lives across the nation.

Over the past two decades, the Foundation has invested over NGN 24.73 billion into impactful projects that span all 36 states and the Federal Capital Territory (FCT). With more than 1,023 project sites across Nigeria, the Foundation has successfully executed 50 unique projects, reaching over 31 million people.

These initiatives have addressed critical areas such as education, health, youth empowerment, and arts and culture, making a significant difference in the lives of countless Nigerians.

As part of this celebration, the Foundation will unveil its new logo along with refreshed mission and vision statements.

This rebranding effort symbolizes a renewed commitment to its core values and goals as it looks toward the future.

Odunayo Sanya, Executive Director of MTN Foundation, expressed her enthusiasm for the upcoming celebrations and reflected on the journey thus far.

“This anniversary is both a celebration of our impact in Nigeria and a commitment to do more,” Sanya stated.

“We have always believed in the power of collaboration and community engagement to drive meaningful change.

“As we gather to reflect on our journey, we look forward to engaging with our partners and stakeholders to explore new avenues for sustainable development.”

The upcoming anniversary events aim to foster dialogue among leaders from various sectors, encouraging collaboration that can lead to innovative solutions for pressing societal challenges.

The conference will feature keynote speakers and panel discussions around national development and youth empowerment, as well as interactive sessions designed to inspire participants and share best practices in CSR and community development.

In addition to its focus areas, the Foundation has been instrumental in promoting digital literacy among Nigerian youth through various educational programs. By leveraging technology as a tool for empowerment, the Foundation has equipped thousands of young people with skills necessary for success in an increasingly digital world.

The anniversary conference and dinner are expected to be engaging experiences that will not only celebrate two decades of impact but also set the stage for future initiatives aimed at fostering community growth and resilience.

By bringing together diverse stakeholders, MTN Foundation hopes to ignite conversations that lead to actionable strategies for addressing Nigeria’s most pressing challenges.

The upcoming anniversary events promise to be an inspiring celebration of progress made while looking forward to new horizons in community development.

Kindly share this post