Business
Trend Micro reveals new cybercriminal tactics, prevents attacks of Nigerian businesses
Trend Micro reveals new cybercriminal tactics, prevents attacks of Nigerian businesses
Trend Micro Incorporated, a global cybersecurity leader, has blocked over 10 million email threats, 800,000 malicious URLs and almost 4,500 dangerous mobile apps targeted at Nigerian businesses and consumers between January and June 2023.
This comes at a time the complexity of the country’s cybersecurity threat landscape continues to intensify.
These findings are 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.
“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,” says Gareth Redelinghuys, Country Managing Director, African Cluster at Trend Micro.
Ransomware groups are collaborating on ever shifting targets.
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 is 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).
AI making hackers more productive
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 Nigerian businesses have implemented AI in some form in a bid to elevate their operations – but they are not the only ones.
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 deepfake 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.
Threat actors are innovating, finding new ways to target victims
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 cybercriminal 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 are 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,” says Zaheer Ebrahim, Solutions Architect, Middle East and Africa at Trend Micro.
“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.”
Aviation
Aviation workers threaten nationwide airports shutdown over Customs officer assault
Aviation workers threaten nationwide airports shutdown over Customs officer assault
Aviation unions have announced plans to shut down airports across Nigeria starting March 31 in protest against the failure to remove a customs officer who allegedly assaulted the Director of Aviation Security at the Federal Airports Authority of Nigeria (FAAN).
In a joint statement signed by Ocheme Aba (NUATE), Frances Akinjole (ATSSSAN), and Abdul Rasaq Saidu (ANAP), the unions condemned the repeated physical assaults on FAAN staff, vowing not to tolerate such incidents any longer.
The unions also called on the government to urgently reduce the number of customs officers operating within the aviation sector, aligning with global best practices. They warned that if their demands are not met, they will proceed with the nationwide shutdown, potentially disrupting air travel and operations.
The statement reads: “Considering the enormity and frequency of physical and psychological assault on the staff and management personnel of FAAN, of which there is no end in sight, we are compelled to inform the management of the unwavering determination of our unions to cause the establishment of a clear framework of mutual respect among FAAN staff and the security agencies operating at the airports.
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“Consequential sanctions are in place which guarantee the safety and human rights of FAAN staff. We shall direct all the workers to withdraw from the airports with effect from March 31, 2025, pending when such protocols are established.
“The recent assault on no less a personality than the Director of Aviation Security of FAAN is one too many, which leaves a taste too bitter to swallow. It is our sincere hope that our demand in the above respect is well met to avoid the industrial conflagration that will ensue in the absence of acceptable remedial actions.”
In response, Abdullahi Maiwada, the spokesperson for Customs, stated in a recent release that the disagreement between FAAN officials and officers of the Nigeria Customs Service (NCS) stemmed from a miscommunication over equipment movement and seating arrangements.
Aviation workers threaten nationwide airports shutdown over Customs officer assault
Business
SEC announces stricter measures to protect investors
SEC announces stricter measures to protect investors
The Securities and Exchange Commission (SEC) has reaffirmed its commitment to protecting investors in Nigeria’s capital market by cracking down on fraudulent activities.
According to the Director-General of SEC, Dr. Emomotimi Agama, operators engaging in unscrupulous practices will face strict penalties as the Commission prioritizes safeguarding investor interests.
“So, clearly for us, it is getting people to understand that there is no hiding place anymore for anybody that has the intention to defraud Nigerians and to defraud anybody that is investing in this market,” Dr. Agama stated, emphasizing the Commission’s zero-tolerance policy.
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Dr. Agama highlighted that the Investments and Securities Act (ISA) 2007 serves as the framework for securities regulation in Nigeria, ensuring that market operators adhere to high ethical standards.
He emphasized the importance of the “fit and proper person’s test,” which requires operators to meet specific regulatory criteria to maintain their licenses.
“This is because the very ethics of regulating or registering a securities market operator is in the principle of the fit and proper person’s test,” he explained.
“What you have been seeing most recently by the revocation of licenses, the suspension of operators and our follow-up to operators that are not registered with the SEC is only a tip of the iceberg as to what we intend to do this year.”
Dr. Agama assured stakeholders that the SEC will leverage its regulatory powers under Nigerian law to deter fraudulent activities, noting, “We believe strongly that a protected investor is a powerful investor.”
SEC announces stricter measures to protect investors
Business
Bitcoin rises above $86,000 as crypto market gains momentum
Bitcoin rises above $86,000 as crypto market gains momentum
Bitcoin and other leading cryptocurrencies extended their gains on Monday, buoyed by positive investor sentiment despite concerns over upcoming U.S. tariffs and key economic data releases later this week.
As of 7am WAT, Bitcoin rose 3.2% to $86,590, while Ethereum gained 2.3%, trading at $2,047.
The global cryptocurrency market capitalization increased by 2.94% in the past 24 hours, reaching $2.84 trillion.
Other notable performers included XRP, Cardano, and Dogecoin, which posted gains of 3%, 2%, and 3.8%, respectively. Chainlink, Avalanche, Hedera, and Stellar recorded growth ranging from 3% to 10%.
“Bitcoin is holding above $86,000, registering a 3% gain today. The key resistance level to watch is $86,700; a breakout could pave the way for $90,000,” said Vikram Subburaj, CEO of Giottus.
Bitcoin’s market capitalization surged to $1.727 trillion, with dominance rising to 60.73%. Its 24-hour trading volume soared by 93% to $18.2 billion, while stablecoin transactions accounted for 94.74% of total crypto trading, reaching $57.58 billion, according to CoinMarketCap.
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Solana Outperforms Peers Amid Positive Market Sentiment
Solana (SOL) emerged as a standout performer, surging over 7% in the past 24 hours to trade above $139.
The rally was fueled by reports suggesting that President Trump’s April 2 tariffs may be more targeted than initially feared, easing market concerns.
Weekend rumors indicated that the tariffs might include country exemptions and non-cumulative charges on metals, contributing to improved sentiment across global markets.
The Federal Reserve’s projections for two rate cuts this year further supported risk assets, with the central bank describing potential tariff-induced inflation as “transitory.”
BitMEX co-founder Arthur Hayes expressed optimism about Bitcoin’s trajectory, stating, “The Fed’s policy orientation could help Bitcoin achieve $110k before it retests $76.5k.”
Solana’s momentum aligns with unprecedented acceptance rates. DeFiLlama reported that Solana’s total value locked (TVL) reached 54.87 million SOL, its highest level since June 2022. Ali Charts revealed that a record 11.09 million addresses now hold SOL, underscoring growing adoption.
Bitcoin rises above $86,000 as crypto market gains momentum
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