The recent rapid proliferation and increased sophistication of Mallox ransomware signals a pressing demand for organisations to urgently bolster their defenses, protecting their digital assets and mitigating risks.

To address this need, Kaspersky has released a report titled “Mallox Ransomware: In-Depth Analysis and Evolution”. The new publication provides a comprehensive analysis of the Mallox ransomware, chronicling its transformation from a privately operated malware to a full-scale Ransomware-as-a-Service (RaaS) operation.

The report highlights Mallox’s significant impact since its initial appearance in early 2021. Originally a highly targeted, human-operated ransomware, Mallox inflicted severe damage on organisations worldwide.

Kaspersky’s research details how this once-isolated threat has rapidly evolved, with more than 700 new samples identified from 2021 to mid-2024. This surge in activity is largely attributed to Mallox’s transition into a RaaS model, enabling it to expand aggressively by recruiting affiliates and partners through a dark web forum.

In January 2023, the operators behind Mallox launched a robust RaaS affiliate program, actively seeking skilled “pentesters” to expand their reach. Offering lucrative profit-sharing terms, the program has attracted a host of cybercriminals, contributing to a marked increase in Mallox-related attacks.

The report further delves into the advancements in Mallox’s encryption schemes, which have become increasingly sophisticated. Kaspersky’s detailed analysis of these cryptographic techniques underscores the continuous innovation by Mallox developers to enhance the ransomware’s efficacy.

The report also sheds light on Mallox’s global spread, focusing on its preferred infection vectors. Notably, the attackers often exploit vulnerabilities in MS SQL and PostgreSQL servers, demonstrating its adaptability and threat to a broad range of industries. This in-depth analysis serves as an essential resource for cybersecurity professionals, offering critical insights into the nature and evolution of this formidable ransomware.

Mallox has demonstrated a particular preference for targeting certain regions. Brazil, Vietnam, and China have emerged as the most frequently targeted countries.

Although India, Russia, Saudi Arabia, Lebanon, Colombia, Turkiye, and the United States of America have experienced fewer attacks, they remain vulnerable to the ransomware’s threat.

“Understanding the Mallox ransomware – its evolution, characteristics, and devastating potential – empowers organisations to fortify their defenses.

“With the right security measures in place, companies can not only protect their digital assets but also diminish the risk of becoming the next target of this formidable threat,” comments Kaspersky security expert Fedor Sinitsyn.

Sterling Bank Limited, has made history by migrating to what is believed to be the continent’s first-ever indigenous core banking solution called SeaBaaS.

The implementation of SeaBaaS, developed by Peerless, according to a statement obtained by Nigeria CommunicationWeek, marks the completion of a new banking system announced to customers in August 2024.

This strategic move positions Nigeria as a leader in digital banking, driven by local talent and cutting-edge technology.

Leveraging advanced data analytics and artificial intelligence, the system according to the lender, promises to enhance customer experience and operational efficiency, providing smarter, faster financial services.

Speaking on the achievement, Abubakar Suleiman, CEO of Sterling Bank, said SeaBaaS is the first fully developed core banking platform that is wholly built and owned by an African technology company.

He described the development as the start of a new revolution in Africa’s drive for economic self-sufficiency, noting that the intellectual property underpinning SeaBaas will be available to partners across the continent in the coming months.

For regulators, it ensures greater transparency, robust reporting, and compliance with evolving standards.

“Partnering with Peerless to create SeaBaaS is not just a milestone for us; it is a renewal of our resolve and ambition to remain a world-class organization. It is proof that African institutions can do great things that will make the world stand up and take notice of us,” said Suleiman.

“We are once again proving that the notion of Nigerian banking being one of the most technologically advanced is not just a myth, but a reality that is manifested in the quality of solutions we can develop, and services we can deliver to our customers.”

Suleiman explained that the transition to SeaBaaS represents many things to many people. “For the African banking industry, it is the continent’s first indigenously conceived and engineered core banking application, built and owned entirely by a Nigerian company, with every line of code, database configuration and interface proudly African, delivered by homegrown talent.

“For our customers, it offers faster transactions, enhanced security and innovative financial products tailored to their needs. For regulators, it ensures greater transparency, robust reporting and compliance with evolving standards.”

The bank’s CEO acknowledged the challenges faced during the implementation, stating that implementation issues had been resolved, with the institution’s full bouquet of digital banking services being restored in phases for customers’ use.

According to him, “This successful deployment reminds us that nothing truly valuable comes without challenges. While this transition has tested our systems and patience, it also reinforced our commitment to innovation and excellence. We enter this new phase confident that the migration will deliver unmatched efficiency and transformative customer experiences.”

He also pointed out the financial implications of the migration, noting that African banks collectively spend hundreds of millions of dollars annually on foreign core banking systems, which exacerbates the continent’s trade balance issues.

“The introduction of SeaBaaS not only sets a new benchmark for Nigerian financial services but also paves the way for a future where African institutions can reduce their technology costs, thereby enhancing financial inclusion, he said.

Sterling Bank’s migration to SeaBaaS adds to its history of being at the forefront of market-leading innovations. The bank pioneered Nigeria’s first contactless prepaid transport card (FarePay) and the first automated retail lending solution (Specta).

It has also partnered with state governments to deploy innovations like the first drone delivery system for pharmaceutical consumables with Zipline in Kaduna, and digitized medical records.

Konga’s Back-to-School campaign has been a game-changer for parents, students, teachers, and other stakeholders in Nigerian education.

Since its launch three weeks ago, the campaign—which offers necessary school supplies and educational tools at discounts of up to 80%—has given educators and families alike a lifeline.

In a time when many are feeling the pinch of the current economic climate, Konga’s Back-to-School campaign has stepped up to support Nigerian families in preparing for the new academic year.

Because of the back-to-school campaign, parents can now afford to buy everything their kids need for school, including tech devices, backpacks and stationery, without straining their finances.

At the core of Konga’s Back-to-School initiative is its commitment to empowering learners as they resume a new session. The deals provide a wide range of educational resources to make sure pupils are prepared for academic success.

Konga has addressed the diverse demands of all students, from nursery school pupils in need of new stationery to university students requiring laptops for their schoolwork.

Moreover, with the discounts offered during the campaign, more families can now afford high-quality products. This ensures that every learner, regardless of their financial situation, has the tools they need to thrive academically.

Konga’s Back-to-School campaign has also been a tremendous support for parents and educators. By offering substantial discounts on a wide range of products, Konga has made it easier for parents and educators to shop for what they need, while saving money.

Furthermore, Konga’s Back-to-School campaign is not just about school supplies; it aims to meet the broader needs of the educational community. The campaign has also featured deals on items like beauty, health and personal care products, electronics and fashion.

This ensures that students are not only academically prepared but also physically and mentally ready for the challenges of a new school year.

In addition, Konga has made it easy for shoppers to access these incredible deals through its user-friendly online platform. With just a few clicks, customers can browse, select, and purchase what they need, with the added convenience of nationwide delivery.

As the Konga Back-to-School campaign continues, it is evident that it has made a significant difference in the lives of many Nigerians.

For those who are yet to take advantage of these deals, there is still time to shop and save before the end of September. Visit Konga.com today and equip your kids with everything they need for a successful school year.