Connect with us

Technology

COVID-19 Also Caused Cyber-Crime Pandemic—Obadare

Published

on

cybercrime

By Modupe Gbadeyanka

The COVID-19 crisis did not only create a global health crisis but also a cyber-crime pandemic, the Acting Chief Risk Officer, Enterprise Risk Management at the Nigerian Exchange (NGX), Mrs Oluyemi Obadare, has submitted.

The cyber expert said this at the 9th edition of the Nigerian Capital Market Information Security Forum (NCMISF) organised by the exchange.

The event themed Navigating the Post-Pandemic Cyber Security Imperatives was held on Tuesday, November 23, 2021, and it had in attendance leading industry data privacy and security experts and capital market stakeholders.

The participants virtually shared actionable information and ideas on post-pandemic effects, survival strategies and optimal pathways for the capital market and the ecosystem at large.

Participants also had the opportunity to get a deeper understanding of present and developing trends in information security through case study presentations ranging from building resilience against ransomware, managing third-party risk in a digital world; and securing one’s online presence.

To shed light on these issues, the following topics were treated, Building Resilience Against Ransomware by John Anyanwu, Partner, Cyber & Privacy, KPMG; Managing Third-Party Risk in a Digital World by Chika Nwachukwu, Manager, Digital Risk and Cybersecurity, PwC; Information Security at Meristem Stockbrokers by Oladotun Olorunyomi, Head, IT, Meristem Stockbrokers Limited; and Securing Your Online Presence by Uwa Agbonile, CEO & Chief Software Architect, InfoWARE Limited.

In her opening remarks, Mrs Obadare noted that, “The coronavirus has accelerated a second digital revolution not seen since the dot-com boom of the early 2000s.

“Likewise, it has made criminal minds increasingly motivated to innovate and digitize their attacks, as there has been an increased demand for information online.

“COVID-19 did not only cause a health pandemic, but a cyber-crime pandemic too and the potential impacts are here to stay. NGX has, therefore, provide a platform for professionals and subject matter experts in the Information technology and financial industry to collaborate and share ideas on information security best practices.”

NGX continues to uphold information security best practices evidenced by its ISO 27001:2013 certification for the 8th year running. This could not have been achieved without an intentional and deliberate approach to cybersecurity.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

Continue Reading
Click to comment

Leave a Reply

Technology

Nigeria’s Battle Against Cybercrime: Are You Safe?

Published

on

Cybercrime

Cybercrime is nothing new in Nigeria. Part of youth culture for decades, criminal enterprises have spread across the country.

In 2020, Nigeria ranked 16th highest in the world for international cybercrimes, by the FBI. However, Nigeria ranked 47th on the Global Cybersecurity Index, showing a vast disparity between the volume of cybercrime, and the effectiveness of Nigeria’s cybersecurity.

To understand this divide, it’s important to understand where cybercrime originated in the country.

Let’s investigate…

A brief history of cybercrime in Nigeria

The roots of cybercrime culture in Nigeria date as far back as the 1980s. In those early days, Nigerian youth mainly perpetrated cybercrime through email scams.

Known colloquially as the “yahoo yahoo” business, “yahoo boys” use social engineering tactics to con their victims into sending them money. The fraudsters often use emotional pressure points or promises of high returns.

The Nigerian government took a blow in 2020 when hacker collective Anonymous declared cyberwar against them. They hacked the database of the Central Bank of Nigeria and police websites on behalf of the #ENDSARS movement.

Biggest threats to Nigeria’s cybersecurity

The landscape of global cyber threats shifts regularly. However, recent years have shown a rise in the popularity of certain types of cybercrime in Nigeria.

Social engineering tactics

Arguably the oldest cybercrime in Nigeria, social engineering continues to be a favourite of Nigerian cybercriminals. These tactics often include heartfelt backstories, pleas for help, and the promise of love, or return on investment — all via email.

These tactics play on victims’ emotions and vulnerabilities. Those who’ve been successful with these scams live frivolous lifestyles. “Yahoo boys” with fancy cars and clothes have also become role models for young people desiring the same lifestyle.

Phishing websites

Chances are you’ve ended up on a site like this before. Sometimes they pose as legitimate sites but are almost always just an attempt to collect data, or install viruses. Phishing sites are hugely popular in Nigeria as it goes hand in hand with email scams.

You only need to click on a dangerous link before a fraudster can view your data. This is where using a VPN for PC is essential. Virtual Private Networks (VPN) hide your browsing and location data from malicious phishing websites.

Insider collaboration

A significant area of concern for Nigerian businesses is insider collaboration. This occurs between criminals and employees. Fraudsters have often sent out open requests for anyone willing to cause damage to their employer for payment.

This is quite hard to track too, as hackers use valid credentials to access secure networks. Keeping logs of activities within the network can help to find leaks. This can also help to spot malicious activity in the future.

Cybersecurity vulnerabilities of third parties

One of the biggest concerns for Nigerian businesses is the security of third parties. Even if your business is a fortress, a poorly protected third-party can bring the castle tumbling down.

This is especially troubling to Nigerian businesses operating globally. More third parties mean more vulnerabilities. Only work with trusted clients and expand the scope of your cybersecurity to those you work with.

Deepfake technology

A hot-button issue in Nigeria at the moment, deepfake fraud is more common than ever. Deepfake technology is the life-like reanimation of an individual’s face, meaning you can make anyone say anything.

Unfortunately, deep-fake is only getting better. In 2018, Nigerian President Muhammadu Buhari was featured in a deepfake video. The video became so viral that the President was prompted to make a statement dismissing the video as a fake.

How Nigeria is fighting back

Policing against cybercrime in Nigeria has been inadequate for decades. Only recently has the government declared significant steps in its plan to fight the rising issue of cybercrime.

Nigeria introduces the National Cybersecurity Policy and Strategy (NCPS)

In 2021, Nigeria implemented the NCPS, which indicated cybercrime as a leading threat to Nigeria and its economy. The NCPS represents an attempt to safeguard Nigeria’s digital economy, by strengthening the country’s legal and regulatory framework.

Also ongoing is the development of the National Cybersecurity Coordination Centre (NCCC). The NCCC would ensure clear communication and a well-developed response to cybercrime across Nigeria.

Efforts like these are projected to boost cyber protections and cybersecurity awareness. While work is still ongoing, the future of cybersecurity in Nigeria looks bright.

Conclusion

Although it has been a mainstay for years, cybercrime is now starting to be taken seriously in Nigeria.

Being uncontrolled for so long, cybercrime has been able to grow steadily.

By embracing modern cybersecurity practices, Nigeria might finally rid itself of its unwanted cybercriminal image.

Continue Reading

Technology

5G Subscriptions to Reach 4.4 billion in 2027—Ericsson

Published

on

5G subscriptions

By Aduragbemi Omiyale

The latest edition of the Ericsson Mobility Report has predicted that 5G subscriptions will hit one billion this year and 4.4 billion in 2025, with North America expected to lead in the next five years with 9 of every 10 subscriptions in the region to be 5G by 2027.

The report, which is the 22nd of Ericsson’s network traffic insights and forecasts, also revealed that global mobile network data traffic doubled in the past two years, driven by increased smartphone and mobile broadband usage, as well as the digitalization of society and industries.

The recent statistics and forecasts highlight the strong demand for data connectivity and digital services have and are expected to have, despite the global COVID-19 pandemic and geopolitical uncertainties. Several hundred million people are becoming new mobile broadband subscribers every year.

As for the 5G subscriptions, it was stated that by 2027, the fifth-generation network will account for 82 per cent of subscriptions in Western Europe; 80 per cent in the Gulf Cooperation Council region; and 74 per cent in North-East Asia.

In India, where 5G deployments have yet to begin, 5G is expected to account for nearly 40 per cent of all subscriptions by 2027. In global terms, 5G is forecast to account for almost half of all subscriptions by 2027, topping 4.4 billion subscriptions.

According to the survey, 5G is scaling faster than all previous mobile technology generations as about a quarter of the world’s population currently has access to 5G coverage.

Some 70 million 5G subscriptions were added during the first quarter of 2022 alone and by 2027, about three-quarters of the world’s population will be able to access 5G.

“The latest Ericsson Mobility Report confirms 5G as the fastest growing mobile technology generation ever, and Ericsson is playing a key role in making it happen.

“We work every day with our customers and ecosystem partners around the world to ensure that millions more people, enterprises, industries, and societies enjoy the benefits of 5G connectivity as soon as possible,” the Executive Vice President and Head of Networks at Ericsson, Fredrik Jejdling, said.

As for the Executive Editor of Ericsson Mobility Report, Peter Jonsson, “The deployment of 5G standalone (SA) networks is increasing in many regions as communications service providers (CSPs) gear up for innovation to address the business opportunities beyond enhanced mobile broadband.

“A solid digital network infrastructure underpins enterprises’ digital transformation plans, and their new capabilities can be turned into new customer services.”

Continue Reading

Technology

MainOne to Host 7th Nerds Unite June 23

Published

on

Nerds Unite

By Adedapo Adesanya

An Equinix company, MainOne, a leading provider of wholesale connectivity and data centre services in West Africa, will host the 7th edition of its flagship event, Nerds Unite, on Thursday, June 23, 2022.

The highly engaging annual event themed The Power of Global Interconnection will feature a keynote address on Interconnection and the power of the global Equinix Platform to connect African Businesses and Global/Local Service providers to be delivered by Vice President, Growth and Emerging Markets, Equinix, Mrs Judith Gardiner.

The conference will also feature two-panel sessions on the topics Unlocking Growth through An Interconnected Global Digital Infrastructure and Maximizing Business Efficiency and Minimizing Talent Drain and Rising CAPEX through IT Outsourcing, as industry experts discuss the immense benefits accruable to subscribers through the power of global interconnection and IT Outsourcing.

Confirmed speakers at Nerds Unite 2022 include Mr Martin Atkinson, Senior Manager, Peering & Interconnection EMEA, Equinix; Edge Strategy Manager, SSA, Meta, Mr Ben Ryall; CEO, Tizeti, Kendall Ananyi; CTO, Lagos Free Zone, Mr Nikhil Khandelwal; Country Manager, HPE operated by Selectium, Ms Ifeyinwa Kojo; Head, Technology Infrastructure, Nigeria Inter-Bank Settlement System Plc (NIBSS), Mrs Eunice King.

Others are Group Head, Network Operations, Access Bank, Mr Adebowale Shonekan; CIO, EKO Electricity Distribution Company (EKEDC), Mr J.P. Attueyi; and Partner, Enterprise Technology & Performance Leader, Deloitte, Mr Oluwole Oyeniran.

Speaking on expectations for this edition, the Chief Executive Officer, MainOne, Mrs Funke Opeke, remarked; “It’s the first time following MainOne’s acquisition that we’d be hosting our annual flagship event, Nerds Unite.

“It is also at a time businesses are just recovering from the COVID-19 pandemic and are faced with new challenges coping with the accelerating rate of digitalization.

“We hope ICT stakeholders find this event very useful, especially with our parent company Equinix billed to share their knowledge of global data interconnection and outsourcing.”

Participants will be drawn from a diverse global audience who can register for the event through the link www.nerdsunite.MainOne.net.

With over 4,000 participants since its inception, Nerds Unite has showcased leading technology solutions to MainOne Customers and has hosted major players in the global and local IT industry.

Continue Reading

Latest News on Business Post

Like Our Facebook Page

%d bloggers like this: