Cyber Threats – Tech | Business | Economy https://techeconomy.ng Tech | Business | Economy Mon, 08 Jun 2026 16:28:32 +0000 en-GB hourly 1 https://wordpress.org/?v=7.0 https://techeconomy.ng/wp-content/uploads/2025/06/cropped-256Px-32x32.png Cyber Threats – Tech | Business | Economy https://techeconomy.ng 32 32 WhatsApp Accuses NSO Group of New Spyware-Linked Attacks, Seeks Court Sanctions https://techeconomy.ng/whatsapp-nso-group-spyware-campaign-contempt-order-us-court/ https://techeconomy.ng/whatsapp-nso-group-spyware-campaign-contempt-order-us-court/#respond Mon, 08 Jun 2026 16:28:32 +0000 https://techeconomy.ng/?p=183057 WhatsApp has accused Israeli spyware company NSO Group of carrying out a new hacking campaign despite a US court order that bars the company from targeting the messaging platform and its users.

The Meta-owned platform said on Monday that it had uncovered and stopped a series of spear-phishing attempts linked to NSO after receiving reports from users.

According to WhatsApp, the attackers tried to lure targets into clicking malicious links that directed them to websites outside the app.

They tried to trick people into clicking on malicious links to drive them to external websites outside of WhatsApp,” the company wrote. “We also caught them creating test accounts and groups on WhatsApp, which we took down.”

WhatsApp said the operation shared similarities with another campaign uncovered in Jordan in 2024. In that case, victims who clicked malicious links were infected with Pegasus, NSO Group’s spyware.

Following its latest findings, Meta has asked a US federal court to hold NSO in contempt, arguing that the company breached a permanent injunction issued during a long-running case between both firms.

The court order stemmed from a 2019 hacking campaign in which more than 1,400 WhatsApp users were targeted through the platform. After discovering the breach, WhatsApp alerted affected users and filed a lawsuit against NSO.

A jury later ordered the spyware maker to pay $167 million in damages. That amount was subsequently reduced to $4 million.

The latest court filing is another chapter in an issue that has lasted several years and drawn attention to the high use of commercial spyware around the world.

NSO Group has been repeatedly cautioned over Pegasus, a surveillance tool capable of infiltrating mobile devices through so-called “zero-click” and “one-click” attacks. 

Investigations by journalists, security researchers and technology companies have linked the spyware to operations targeting journalists, activists, dissidents, human rights defenders and political opponents in several countries.

WhatsApp said it has continually exposed suspected spyware campaigns, notified victims and strengthened protections for users who may face a higher risk of digital surveillance.

Other technology companies, including Apple and Google, have also introduced additional security measures designed to help protect users from advanced spyware attacks.

Meta’s latest legal action has attracted support from civil society groups. A coalition of 12 civil rights organisations, privacy advocates and security researchers has filed court briefs backing the company’s position and urging the court to maintain pressure on NSO.

The spyware maker is also still under pressure from the US government. NSO is still listed on the US Commerce Department’s Entity List, a designation that restricts its access to American technology.

Washington has imposed similar measures on other spyware firms, including Intellexa and its founder.

In 2025, a group of US investors acquired NSO and began efforts to rebuild the company’s reputation while seeking the removal of US restrictions. However, the company remains on the Commerce Department blocklist.

The NSO Group did not respond to requests for comment on the latest allegations from WhatsApp.

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Most Expensive Data Breaches Start with Basic Security Gaps, Not Advanced Hacks https://techeconomy.ng/costly-data-breaches-basic-security-gaps/ https://techeconomy.ng/costly-data-breaches-basic-security-gaps/#respond Mon, 26 Jan 2026 14:13:48 +0000 https://techeconomy.ng/?p=174955 A new analysis of major cyberattacks reveals that the most expensive data breaches rarely begin with high-grade hacks. 

Instead, attackers exploit simple, preventable security weaknesses that organisations repeatedly fail to fix.

Danny Mitchell, cybersecurity writer at Heimdal Security, examined high-profile breaches from the past decade and found that most began with stolen credentials, unpatched systems, or phishing attacks. 

When we examine the anatomy of major data breaches over the past decade, a clear pattern emerges,” Mitchell said. 

Attackers consistently exploit the same entry points because organisations continue to leave these doors open. Understanding where breaches begin is the first step toward preventing them.”

  1. Compromised Credentials

One of the most common vulnerabilities is stolen or weak credentials. In the 2013 Target breach, hackers accessed the network through a third-party HVAC vendor. 

Using these credentials, they moved across the system and stole 40 million credit card numbers and 70 million customer records. 

Mitchell says, “Organisations often grant excessive access to third-party vendors without implementing proper oversight or segmentation. Once attackers obtain valid credentials, they appear as legitimate users, making detection extremely difficult.”

  1. Unpatched Systems

Equifax’s 2017 breach reveals another recurring issue, which is the failure to update systems. Attackers exploited a known vulnerability in Apache Struts, a patch that had existed for months. 

The breach exposed sensitive data of 147 million people. “Equifax was breached using a vulnerability that had a publicly available patch,” Mitchell notes. “This breach occurred not because the attack was unavoidable, but because basic patch management processes failed.”

  1. Phishing and Email-Based Attacks

Email is an easy entry point for attackers. In 2011, Epsilon suffered a breach after phishing campaigns targeted client databases, affecting millions of customers from brands including JPMorgan Chase and Walgreens. 

Mitchell explains, “Email-based attacks work because they exploit human behaviour rather than technical vulnerabilities. Even with advanced security tools, a convincing phishing email can bypass technical defences if an employee clicks a malicious link or provides credentials on a fake login page.”

Why These Weaknesses Persist

Mitchell identifies three systemic reasons organisations remain vulnerable:

  • Over-Privileged Accounts: Many employees and vendors retain access rights they no longer need.
  • Poor Visibility: Security teams often lack tools to monitor unusual network activity.
  • Tool Sprawl: Multiple disconnected security systems create blind spots that attackers exploit.

Steps to Reduce Risk

Mitchell suggests helpful measures to block attackers at the most common entry points:

  • Enforce strict privileged access controls and multi-factor authentication.
  • Use DNS filtering to block connections to malicious domains.
  • Deploy endpoint detection and response systems for real-time monitoring.
  • Implement automated patch management and prioritise critical vulnerabilities.

Attackers will always choose the path of least resistance,” Mitchell concludes. “By closing these common entry points, organisations force attackers to use more sophisticated, and therefore more detectable, methods. While perfect security may be impossible, you can make your organisation a harder target than the alternatives.”

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The Cyber Clean-Up: NITDA Calls for a Safer Digital Tomorrow https://techeconomy.ng/the-cyber-clean-up-nitda-calls-for-a-safer-digital-tomorrow/ https://techeconomy.ng/the-cyber-clean-up-nitda-calls-for-a-safer-digital-tomorrow/#respond Sat, 11 Oct 2025 13:31:24 +0000 https://techeconomy.ng/?p=169129 As the world becomes more digital, our daily activities are increasingly connected through phones, computers, and the internet.

However, with these connections come greater risks, hackers, scams, and other cyber threats that exploit a single careless click.

To mark Cybersecurity Awareness Month, the National Information Technology Development Agency (NITDA) is urging Nigerians to take personal responsibility for protecting themselves and their communities online. The Agency emphasizes that cyber safety begins with individual action and that simple steps can make a significant difference.

Speaking on the importance of this year’s campaign, Mrs. Hadiza Umar, director, Corporate Communications and Media Relations at NITDA, said the Agency is committed to raising national awareness on digital safety.

“Cybersecurity is everyone’s business,” Mrs. Umar stated. “As more Nigerians embrace technology for work, education, and daily living, it is vital that we all adopt safe online habits. A single act of caution, like using strong passwords or verifying a link before clicking, can prevent major data breaches and financial losses. Together, our collective vigilance builds a safer digital nation.”

She noted that this year’s theme, “Cyber Hygiene for a Safer Tomorrow,” underscores the shared responsibility required to build a secure digital future. By protecting themselves, individuals also safeguard their families, workplaces, and the wider online community.

NITDA recommends that Nigerians adopt the following cyber hygiene practices to strengthen their digital safety:

  • Use strong and unique passwords for all online accounts.
  • Enable two-factor authentication to add an extra layer of protection.
  • Keep devices and applications updated regularly.
  • Back up important data frequently.
  • Avoid suspicious links or attachments from unknown sources.
  • Think carefully before sharing personal or financial information online.

Mrs. Umar reiterated NITDA’s commitment to building a secure and digitally resilient Nigeria through continuous education, stakeholder collaboration, and responsive policy implementation.

“As we continue to strengthen Nigeria’s digital ecosystem, we call on all citizens to stay alert, click wisely, and stay safe online,” she added.

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Nigeria Rises to 11th in List of Countries Targeted by January 2025’s Most Wanted Malware https://techeconomy.ng/nigeria-countries-targeted-by-january-2025-most-wanted-malware-report/ https://techeconomy.ng/nigeria-countries-targeted-by-january-2025-most-wanted-malware-report/#comments Mon, 17 Feb 2025 10:08:38 +0000 https://techeconomy.ng/?p=153268 Eight African nations have ranked among the 20 most targeted countries for cyberattacks globally, with Ethiopia leading the list at a 100% Normalised Risk Index. 

This is according to Check Point Software Technologies’ January 2025 Global Threat Index, which reveals that FakeUpdates malware is at the top of cybercrime, enabling large-scale ransomware attacks across the continent.

FakeUpdates is a downloader malware that cybercriminals use to launch ransomware attacks. First detected in 2018, FakeUpdates typically infiltrates systems through deceptive browser update prompts on compromised websites.

Ethiopia Leads as Most Attacked

Ethiopia ranks first globally with a 100% Normalised Risk Index, making it the most targeted nation out of 109 surveyed. Zimbabwe, Angola, and Uganda follow, securing positions within the top 10. Nigeria, which was ranked 13th in the previous report, has moved up to 11th place with an increased risk index of 62.7.

The rankings for other African countries in the top 20 are:

  • Zimbabwe – 5th place (77.7)
  • Angola – 9th place (66.1)
  • Uganda – 10th place (64.5)
  • Nigeria – 11th place (62.7)
  • Kenya – 14th place (59.4)
  • Ghana – 16th place (58.9)
  • Mozambique – 17th place (57.9)

South Africa, which previously ranked higher, has dropped three spots to 66th place, while Egypt ranks 97th, making it the least attacked country in Africa.

How FakeUpdates Malware Fuels Cyber Threats

Security experts have traced several ransomware attacks back to FakeUpdates, which continues to be a favoured tool among cybercriminals. A recent investigation found that an affiliate of the ransomware group RansomHub used a Python-based backdoor to maintain access and deploy ransomware. 

This technique, coupled with lateral movement via Remote Desktop Protocol (RDP), allowed attackers to establish prolonged access through scheduled tasks.

Maya Horowitz, VP of Research at Check Point Software, stated: “AI is transforming the cyber threat landscape, with cybercriminals rapidly evolving their methods, leveraging AI to automate and scale their tactics and enhance their capabilities. To effectively combat these threats, organizations must move beyond traditional defences and adopt proactive, adaptive AI-powered security measures that anticipate emerging risks.”

Other Malware Threats on the Rise

Beyond FakeUpdates, the report identified other highly active malware families:

  • Formbook – An infostealer malware that extracts credentials, logs keystrokes, and downloads additional malicious files.
  • Remcos – A Remote Access Trojan (RAT) that exploits Windows vulnerabilities to bypass security restrictions.

For mobile devices, the most active threats include:

  • Anubis – A banking trojan capable of bypassing multi-factor authentication and recording keystrokes.
  • AhMyth – A remote access trojan that disguises itself as a legitimate app to steal sensitive information.
  • Necro – An Android malware that downloads and executes malicious components.

Most Targeted Sectors and Ransomware Groups

According to the report, the education, government, and telecommunications sectors are the most attacked industries globally. Among ransomware groups, Clop was identified as the most active, responsible for 10% of known attacks. It was followed by FunkSec (8%) and RansomHub (7%).

The findings highlight the growing cybersecurity risks faced by African nations, reinforcing the need for stronger digital defences against evolving threats.

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Nigeria Ranks 13th as Eight African Countries Dominate Top 20 in Global Cyberattack Index https://techeconomy.ng/nigeria-ranks-13th-as-eight-african-countries-dominate-top-20-in-global-cyberattack-index/ https://techeconomy.ng/nigeria-ranks-13th-as-eight-african-countries-dominate-top-20-in-global-cyberattack-index/#respond Fri, 17 Jan 2025 16:00:44 +0000 https://techeconomy.ng/?p=151402 Africa’s vulnerability to cyber threats is more than ever, as shown in the December 2024 Global Threat Index released by cybersecurity provider Check Point Software Technologies

The report revealed that eight African countries were ranked among the top 20 most attacked nations worldwide, with Nigeria placing 13th.

Ethiopia led the African rankings, topping the global list with a Normalised Risk Index of 98.2%, while Uganda, Angola, and Ghana secured the 8th, 9th, and 11th spots, respectively. 

Nigeria followed closely with a Normalised Risk Index of 62.3%. Other African countries on the list included Kenya (17th), Mozambique (18th), and Côte d’Ivoire (20th).

The African continent is being targeted for its growth in digital technology leverage, with cybercriminals using sophisticated tactics like artificial intelligence (AI)-driven ransomware.

One of the major groups in December was FunkSec, a new ransomware-as-a-service (RaaS) group responsible for 14% of all reported ransomware attacks that month. 

FunkSec’s growth has been linked to its AI-powered double-extortion techniques, where stolen data is both encrypted and held for ransom. Although many of FunkSec’s victim reports were questioned for authenticity, the group’s rise poses a huge threat to global cybersecurity.

In addition to FunkSec, other malware families such as FakeUpdates and AgentTesla were also disturbing threats in December. FakeUpdates impacted 5% of organisations globally, while AgentTesla used keylogging and credential theft to target 3% of businesses.

Mobile devices were not spared, with banking Trojans like Anubis and Necro exploiting vulnerabilities to steal credentials and install malicious software.

The growing sophistication of cyberattacks reiterates the need for enhanced cybersecurity measures. Maya Horowitz, vice president of Research at Check Point, emphasised that organisations must stay ahead of these threats by adopting advanced security tools to defend against AI-powered ransomware and other emerging risks.

Cybercriminals are targeting high-value systems and using sophisticated encryption methods to extort businesses. 

Hence, organisations must focus on building stronger defences against ransomware groups, including RansomHub and LeakeData, as mentioned in the global threat index report, strengthening their security strategies to mitigate the risks caused by these evolving threats.

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Top Industries Facing Cyber Threats https://techeconomy.ng/top-industries-facing-cyber-threats/ https://techeconomy.ng/top-industries-facing-cyber-threats/#respond Fri, 15 Nov 2024 08:48:13 +0000 https://techeconomy.ng/?p=147633
John Mc Loughlin, CEO of J2 Software - Financial & Cybersecurity, good businesses
Writer John Mc Loughlin, CEO of J2 Software

While consumers are no strangers to phishing emails, fraudulent SMS messages, and social media scams, the scale and complexity of cyberattacks aimed at critical sectors go far beyond these relatively simple threats.

Entire industries and governmental bodies face increasingly sophisticated attacks, which can cripple essential services, cause economic damage, and compromise sensitive data on a massive scale.

Understanding the sectors most frequently targeted by cybercriminals can offer insights into the breadth and nature of these threats, highlighting the need for vigilance, investment in security, and proactive measures.

According to data from the European Repository of Cyber Incidents (ERCI), critical infrastructure—facilities and services vital to the functioning of society—has become a prime target for cybercriminals. These infrastructures span everything from healthcare and finance to telecommunications and energy.

Let’s dive into the key sectors targeted by cybercrime, and take a closer look at the various cybersecurity challenges.

Critical infrastructure: Cybercrime’s primary target

Critical infrastructure is the lifeblood of modern society, providing essential services that people rely on daily.

This makes it an attractive target for cybercriminals, who seek to disrupt, steal, or hold these services hostage in exchange for financial gains or other motives, such as political or ideological agendas.

In 2023, critical infrastructure was the most frequently attacked sector, according to ERCI. These cyber incidents range from ransomware attacks that lock systems until a ransom is paid to sophisticated breaches that steal sensitive data or cause system-wide disruptions. Statista’s report, based on ERCI data, emphasises just how much damage can be done when vital services come under attack.

Healthcare: 14.2% of critical infrastructure attacks

Among the sectors of critical infrastructure, healthcare stands out as a primary target. The healthcare industry, which includes hospitals, clinics, and other medical facilities, accounted for 14.2% of all attacks on critical infrastructure in 2023.

The motivations for targeting healthcare organisations vary but often involve ransomware attacks, theft of confidential patient records, and disruptions to healthcare services.

Ransomware is a particularly devastating tool in the arsenal of cybercriminals targeting healthcare organisations.

Attackers encrypt essential systems and files, demanding hefty sums to restore access. For healthcare providers, the stakes are incredibly high—lives can literally hang in the balance.

The disruption of care services, delays in medical treatment, and the potential exposure of personal healthcare information create a nightmare scenario for both patients and healthcare administrators.

One recent high-profile example involved the Clop ransomware gang, which targeted hospitals and healthcare organisations by exploiting vulnerabilities in widely-used file transfer software.

This attack paralysed hospital operations, forcing many to delay patient treatments or turn away non-emergency cases.

Financial organisations: 8.3% of attacks on critical infrastructure

The financial sector also remains a lucrative target for cybercriminals, accounting for 8.3% of attacks on critical infrastructure in 2023.

Financial institutions such as banks, insurance companies, and investment firms are natural targets because of the vast sums of money they manage, as well as the wealth of sensitive data they store.

Cyberattacks in this sector can take multiple forms, including:

  • Phishing attacks aimed at obtaining login credentials for online banking or investment platforms.
  • Distributed Denial of Service (DDoS) attacks that overwhelm a bank’s online services, making them inaccessible to customers.
  • Data breaches that expose personally identifiable information (PII) or financial details, leading to identity theft and other forms of fraud.

For instance, a well-coordinated attack on a large European bank this year resulted in a data breach that exposed millions of customer records. While the bank was quick to mitigate the breach, the reputational damage and financial loss were significant.

Telecommunications, transport, and energy sectors

The telecommunications, transport, and energy sectors also fall within the crosshairs of cybercriminals, with attacks occurring regularly in 2023. These sectors play crucial roles in ensuring that communication networks function, people and goods can move, and societies have access to power and fuel. A well-executed cyberattack against any one of these sectors can have far-reaching consequences.

  • Telecommunications companies have been hit by a combination of DDoS attacks, data breaches, and ransomware, often targeting critical communication infrastructure or sensitive customer data.
  • The transport sector, particularly airlines and rail systems, have seen an increase in cyberattacks aiming to disrupt logistics and operations.
  • The energy sector, including utilities providing electricity and fuel, remains a particularly worrying target because of the potential for large-scale blackouts or fuel supply disruptions. In 2023, several European energy companies reported being victims of cyberattacks designed to compromise operational systems and extort ransom payments.

State institutions and political systems: The second most common target

After critical infrastructure, state institutions and political systems are the next most common targets for cyberattacks, according to ERCI, with more than 450 reported incidents in 2023.

Cybercriminals, state-sponsored attackers, and hacktivist groups have increasingly turned their attention to government systems in pursuit of sensitive information or to sow chaos and disinformation.

State institutions often face spear-phishing campaigns, where government employees are tricked into giving up passwords or access to sensitive systems. Some attacks, particularly those backed by nation-states, aim to infiltrate defence systems, steal military secrets, or disrupt diplomatic communications.

Additionally, election interference and politically motivated attacks have continued to plague democratic systems.

Countries across Europe and North America have reported attempts to manipulate voter data or spread disinformation during elections.

These attacks often involve the exploitation of social media platforms and targeted disinformation campaigns designed to sow discord among the population or influence voting behaviour.

Cybersecurity strategies: How to stay ahead

With the relentless rise in cyberattacks, organisations and governments have been forced to adopt stronger cybersecurity measures.

The cyber threats facing critical infrastructure and state institutions have necessitated the following key strategies:

  • Enhanced Endpoint Security: With more devices connected to corporate and institutional networks than ever before, endpoint security is becoming a central focus. Advanced endpoint protection tools, powered by machine learning and AI, can detect and stop threats before they reach sensitive systems.
  • Zero Trust Architecture: As cyberattacks grow more sophisticated, many organisations are adopting Zero Trust models, which assume that no user or device—internal or external—can be trusted by default. Access is only granted after careful authentication, and users are continually monitored to ensure they pose no risk to the system.
  • Backup and Disaster Recovery: For sectors like healthcare, where service disruption can be catastrophic, ensuring regular data backups and establishing robust disaster recovery plans are essential. Many ransomware victims have been able to recover more quickly thanks to having secure backups in place.
  • Cybersecurity Awareness Training: Human error continues to be a major vulnerability. Ongoing training programs help employees recognise phishing attempts, social engineering, and other tactics used by cybercriminals.

The increase in cyberattacks on critical infrastructure, state institutions, and political systems is a stark reminder that no sector is immune to the rising tide of cybercrime.

As attacks grow in frequency and sophistication, organisations must bolster their cybersecurity defences with proactive measures.

Whether through enhanced technology, stricter access controls, or comprehensive employee training, businesses and governments alike must stay vigilant to mitigate the ever-evolving threats posed by cybercriminals.

This serves as both a wake-up call and a roadmap for how industries can protect themselves against increasingly dangerous digital threats.

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Cybervergent Reveals 37% Surge in Africa’s Cyber Threats, Over 586,000 Detected in H1 2024 https://techeconomy.ng/cybervergent-reveals-37-surge-in-africas-cyber-threats-over-586000-detected-in-h1-2024/ https://techeconomy.ng/cybervergent-reveals-37-surge-in-africas-cyber-threats-over-586000-detected-in-h1-2024/#respond Mon, 16 Sep 2024 07:29:05 +0000 https://techeconomy.ng/?p=143176 In the first half of 2024, the Cybervergent Security Operations Center (SOC) identified 586,130 cyber threats, an increase in cyber-attacks across various sectors. 

During an exclusive media roundtable hosted by the cybersecurity firm, which provided insights into the trends and developments impacting the cybersecurity sector in the first six months of the year 2024, Gbolabo Awelewa, chief solutions officer at Cybervergent, explained the importance of cybersecurity vigilance. 

In the past, we did a lot of this work without making it public. As tech people, we worked with our customers and didn’t realize how much we could improve the ecosystem by sharing these insights,Awelewa said, pointing to the need for greater transparency within the industry.

The rise in cyber-attacks in Africa surged by 37%, with organizations facing an average of 2,960 attacks per week. 

This surge, coupled with evolving threats, stressed the importance of SOCs in monitoring, detecting, and mitigating risks. 

The SOC was likened to a fitness trainer, providing personalized recommendations to strengthen organizational cybersecurity measures, ensuring that systems remain resilient even in the dynamic threat space.

The H1 report also disclosed that 19,920 endpoints were actively protected, while 226,103 security events were resolved through automated processes. However, the SOC also faced challenges, including the identification of 13,305 false positives, which the platform meticulously filtered out.

Cyber Weaknesses and Challenges 

The report shed light on weaknesses that continue to affect organizations, particularly in sectors like financial services and healthcare. 

One major issue identified was the use of outdated legacy systems. “Many organizations, especially in financial services, are using legacy systems that are out of support. These systems often have vulnerabilities that can be exploited,” Awelewa said. 

He noted that efforts to put compensating controls around such systems often lead to further complications, especially when resources are limited.

Other challenges included human error, insufficient training, and a lack of awareness of the latest security standards, which left many organizations vulnerable to breaches. 

Awelewa further explained that fraud cases are often a result of intentional human actions, disguised as errors. “The biggest leaks in organizations today are due to human error — both intentional and unintentional,” he added.

Malware Trends and Threat Landscape 

The report detailed several emerging malware threats that organizations faced, including SocGholish, which uses social engineering to trick users into downloading malicious files, and Scattered Spider (UNC3944), which bypasses multi-factor authentication and infiltrates through cloud identities. 

The growing threat of Rilide Stealer was also revealed. This targets Chromium-based browsers to steal email credentials and crypto assets, as well as Vidar Infostealer, which compromises everything from crypto wallets to web browsers.

One of the most concerning malware identified was Vidar Infoskiller, a particularly dangerous tool that targets Windows-based applications and crypto wallets. Awelewa described the malware as “capable of bypassing multiple security layers, leading to serious financial losses.” 

He advised organizations to regularly update their software and educate employees on the latest phishing tactics to mitigate such risks.

Industry-Specific Challenges 

Cybervergent’s report also disclosed sector-specific cybersecurity challenges. For instance, the healthcare sector faces several difficulties in handling sensitive patient data within complex systems, while the education sector is constrained by limited budgets, preventing investments in advanced security measures. 

The manufacturing and retail sectors were noted for their struggle in balancing operational technology (OT) and IT security.

SOC as a Pillar of Resilience 

Cybervergent’s SOC played a very important role in defending against these evolving threats by continuously monitoring alerts, events, and threat indicators. 

A total of 116,580 detection analytics were applied, and SOC analysts meticulously examined 304,522 events, leading to the identification of 42,200 potentially malicious activities. This approach allowed the SOC to tailor cybersecurity measures to improve clients’ overall cyber health.

Awelewa likened the SOC’s role to that of a fitness coach, constantly guiding organizations to strengthen their security posture. “Our job is to spot threats early and help our customers respond quickly. It’s all about being proactive,” he reiterated, stressing the need for organizations to adopt assertive cybersecurity measures instead of reactive approaches.

Cybervergent — H2 Focus on Zero-Day Exploits and CaaS 

For the second half of 2024, Cybervergent looks to focus on combating zero-day exploits, strengthening cloud security, and addressing the rise of Cybercrime-as-a-Service (CaaS). 

Awelewa emphasized the need for organizations to fortify their defences, particularly against insider threats and sophisticated ransomware attacks.

He called on all organizations to prioritize cybersecurity, treating it not just as a compliance requirement but as an integral component of their operational strategy.

Remaining vigilant and investing in strong security tools will enable companies to build a more resilient defence even as the digital environment becomes more hostile.

In cybersecurity, it’s not about if an attack will happen, but when. Preparedness is key,” Awelewa concluded.

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The Rise of Cyber Threats in Nigeria: How Businesses Can Stay Ahead https://techeconomy.ng/the-rise-of-cyber-threats-in-nigeria-how-businesses-can-stay-ahead/ https://techeconomy.ng/the-rise-of-cyber-threats-in-nigeria-how-businesses-can-stay-ahead/#respond Thu, 18 Jul 2024 11:05:13 +0000 https://techeconomy.ng/?p=137314 Over the past few years, Nigeria has experienced a notable rise in cyber threats, presenting significant dangers to businesses of various sizes.

The prevalence of phishing attacks, ransomware, and data breaches is on the rise, leading to a complex environment for business owners endeavouring to safeguard their digital resources.

As a tech expert who’s been following this space closely, I would want to shed light on these pressing issues and offer actionable insights on how businesses can stay ahead of these threats through proactive measures and advanced security technologies.

Cybersecurity threats have evolved rapidly, growing in complexity and reach. In Nigeria, the rise of digital transformation and internet accessibility has unfortunately been accompanied by a surge in cybercrime. Grasping the essence of these threats is crucial for effectively combating them.

It has become evident that cybercriminals are enhancing their tactics. Phishing continues to stand out as a prevalent and harmful cyber threat.

Cyber attackers employ deceitful emails, messages, and online platforms to deceive individuals into disclosing confidential information like passwords and financial data.

These attacks often target employees within an organization, exploiting human error to gain unauthorized access to systems.

Ransomware, a widely recognized cyber threat in Nigeria, pertains to harmful software that encrypts an individual’s data, making it unusable until a ransom is provided.

This form of attack has the potential to disrupt business activities, causing substantial financial implications and harm to the reputation of an organization.

Another notable risk faced by businesses in Nigeria is data breaches, which involve unauthorized individuals accessing, sharing, or pilfering sensitive, confidential, or safeguarded data.

These breaches can arise from hacking incidents, insider jeopardies, or insufficient security protocols.

As businesses in Nigeria navigate the increasingly complex cybersecurity landscape, it is imperative to adopt a comprehensive and proactive approach to security. Here are some key strategies:

Build a Culture of Security

While technology plays a critical role in cybersecurity, the human element is equally important. Building a strong security culture is key for businesses.

This means creating an environment where everyone feels comfortable talking about security concerns, reporting anything fishy, and getting rewarded for following good security habits.

Leaders set the tone, so they need to show their commitment to cybersecurity and give their teams the resources and support they need to make it work.

Cloud Security Solutions

As businesses progressively shift their focus to cloud-based infrastructure, safeguarding cloud environments are of utmost importance. Cloud security solutions offer encryption, access controls, and continuous monitoring to protect data stored in the cloud from unauthorized access and breaches.

Artificial Intelligence and Machine Learning

Technologies like Artificial intelligence (AI) and machine learning (ML) can examine extensive data sets to spot irregular patterns and recognize possible threats immediately. These tools strengthen the ability to detect and respond to threats, enabling businesses to react promptly to cyberattacks.

Regular Security Assessments and Audits

Finally, regularly performing security evaluations and audits aids in pinpointing weaknesses and opportunities for enhancement.

Penetration tests and vulnerability scans can reveal vulnerabilities before malicious actors capitalize on them. These assessments should be integrated into an ongoing security strategy not a one-time effort.

In conclusion, the prevalence of cyber threats in Nigeria underscores the critical importance of prioritizing cybersecurity as a strategic imperative for businesses.

The business landscape is brimming with potential, and protecting ourselves from cyber threats is crucial to unlocking that potential. Let’s work together to build a more secure digital future for Nigeria.

The writer:

Chukwuka is an enthusiastic and high-achieving cloud professional with over eight years of experience in cloud computing, cybersecurity, and IT infrastructure management. As the founder of ChonCloud Tech, he is dedicated to revolutionizing how businesses operate by providing tailored cloud solutions that enhance sales, security, and productivity. With a Master’s degree in Applied Cybersecurity and Digital Forensics from the University of Sunderland and several prestigious certifications, Chukwuka is a respected figure in the tech industry both home and abroad. He is passionate about leveraging technology to drive innovation and growth, particularly within Nigeria’s fintech sector.

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