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2017: Why Malicious Apps in Official Markets May Increase- ESET

ESET, dedicated to developing high-performing security solutions for home users and corporate customers, detecting and disabling all known and emerging forms of malware, has warned that common occurrence in recent times has been the emergence of malicious apps in the official iOS and Android app repositories.
The Company described the phenomenon as first seemed extremely rare but that has unfortunately become more common over time.
This trend has even affected the Apple App Store, which theoretically has more controls than the Google Play Store for Android, Denise Giusto Bilić, ESET Security Researcher, said in a 2017 IT security trends report released by the company recently.
Bilić identified that as for publishing applications, numerous factors encourage the existence of malicious apps in Google’s app store.
According to her, not only is Android a favorite target for cybercriminals because it has the largest number of potential victims, but the speed at which apps are published on the Play Store also makes it a potential target for many attackers trying to propagate their threats.
She said, “With Android, any developer can create an account with a one-off payment of USD 25, upload an application, and have it published within 24 hours. In contrast, the cost of iOS development membership is more than USD 99 per year and the app approval waiting period can last weeks.
“So while improvements to Bouncer (Google’s module for automatic analysis and malware detection) are made on a regular basis, and manual code analysis is being strengthened, the huge number of new apps that are created daily and the haste with which they are incorporated into the market makes accurate analysis of each one difficult”.
Bilić added that it is possible that in order to reduce future cases of malware introduced into its official app store, Google will need to modify one of these variables—or both—to devote more resources to intensive analysis of a reduced number of applications and/or extend the time needed for the approval process, undermining the speed of publication.
“One of the several strategies Google might use to reduce the number of candidate applications could be raising the price for developers’ accounts.
“What is certain is that so long as the policy framework for publication in the Play Store remains unchanged and none of these corrective measures are taken, we can expect to see a greater amount of malware in official stores in 2017 as attackers double down on this new modus operandi and find new mechanisms to evade detection.
“With regard to this last point, it should be noted that there are many techniques that render mobile malware detection difficult: time bombs, dynamic code executed through reflection, packers, encryption, obfuscated strings, scripts in other programming languages for remote downloading of malicious code, new forms of C&C, anti-emulation, rootkits, etc.
“But above all, cybercriminals are betting and will continue to bet on social engineering, waiting attentively for the official launch of popular apps to distribute their own fake versions, as happened recently with Pokémon GO, Prisma and Dubsmash.
“The speed with which these malicious applications rack up hundreds and even thousands of downloads is a cause for concern among users of the platform. What will happen when cybercriminals decide to greatly increase the complexity of their creations? Users’ different approaches with respect to the installation of applications also plays counterproductive role when it comes to Android”.
Bilić emphasized that the ease with which someone can modify an APK obtained from the official store in order to inject malicious code and distribute it through websites or fake app stores, added to the ease with which users install files from untrustworthy sources, results in a higher rate of malware detection (and in the worst case, infestation) compared to other mobile operating systems.
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EFCC Arraigns Two FSDH Bank Officials Over $307k, €50k Fraud


EFCC
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AfDB Supports Francophone Africa Start-ups with €6.5M

The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.

The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
News
Nigeria Inks $1.3bn MoU with AFC for Alumina Refinery, Mining Push

Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.

Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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