Telecom
2024 Sophos Threat Report: Cybercrime on Main Street Details Cyberthreats Facing SMBs
Sophos, a global leader in innovating and delivering cybersecurity as a service, today released its annual 2024 Sophos Threat Report, with this year’s report detailing “Cybercrime on Main Street” and the biggest threats facing small- and medium-sized businesses (SMBs*).
According to the report, in 2023, nearly 50% of malware detections for SMBs were keyloggers, spyware and stealers, malware that attackers use to steal data and credentials.
Attackers subsequently use this stolen information to gain unauthorized remote access, extort victims, deploy ransomware, and more.
The Sophos report also analyses initial access brokers (IABs)—criminals who specialize in breaking into computer networks.
As seen in the report, IABs are using the dark web to advertise their ability and services to break specifically into SMB networks or sell ready-to-go-access to SMBs they’ve already cracked.
[caption] Above: Discovered by Sophos X-Ops: a sample of a dark web forum post advertising access to a small U.S. accounting firm. Additional examples of cybercriminal forum ads targeting SMBs, by industry and country, are in the 2024 Sophos Threat Report.
“The value of ‘data,’ as currency has increased exponentially among cybercriminals, and this is particularly true for SMBs, which tend to use one service or software application, per function, for their entire operation. For example, let’s say attackers deploy an infostealer on their target’s network to steal credentials and then get hold of the password for the company’s accounting software. Attackers could then gain access to the targeted company’s financials and have the ability to funnel funds into their own accounts,” said Christopher Budd, director of Sophos X-Ops research at Sophos. “There’s a reason that more than 90% of all cyberattacks reported to Sophos in 2023 involved data or credential theft, whether through ransomware attacks, data extortion, unauthorized remote access, or simply data theft.”
Ransomware Still the Biggest Cyberthreat to SMBs
While the number of ransomware attacks against SMBs has stabilized, it continues to be the biggest cyberthreat to SMBs. Out of the SMB cases handled by Sophos Incident Response (IR), which helps organizations under active attack, LockBit was the top ransomware gang wreaking havoc. Akira and BlackCat were second and third, respectively. SMBs studied in the report also faced attacks by lingering older and lesser-known ransomware, such as BitLocker and Crytox.
Ransomware operators continue to change ransomware tactics, according to the report. This includes leveraging remote encryption and targeting managed service providers (MSPs).
Between 2022 and 2023, the number of ransomware attacks that involved remote encryption—when attackers use an unmanaged device on organizations’ networks to encrypt files on other systems in the network—increased by 62%.
In addition, this past year, Sophos’s Managed Detection and Response (MDR) team responded to five cases involving small businesses that were attacked through an exploit in their MSPs’ remote monitoring and management (RMM) software.
Attackers Sharpen Their Social Engineering and Business Email Compromise (BEC) Attacks
Following ransomware, business email compromise (BEC) attacks were the second highest type of attacks that Sophos IR handled in 2023, according to the Sophos report.
These BEC attacks and other social engineering campaigns contain an increasing level of sophistication. Rather than simply sending an email with a malicious attachment, attackers are now more likely to engage with their targets by sending a series of conversational emails back and forth or even calling them.
In an attempt to evade detection by traditional spam prevention tools, attackers are now experimenting with new formats for their malicious content, embedding images that contain the malicious code or sending malicious attachments in OneNote or archive formats.
In one case Sophos investigated, the attackers sent a PDF document with a blurry, unreadable thumbnail of an “invoice.” The download button contained a link to a malicious website.
For in-depth details about these cybercrimes and more targeting SMBs, please read the 2024 Sophos Threat Report: Cybercrime on Main Street on Sophos.com.
*SMBs are organizations with 500 employees or less.
MTN Nigeria has partnered with CardCentre Nigeria Limited, a subsidiary of Chams HoldCo, to introduce eco-friendly SIM cards made entirely from biodegradable materials.
The launch, which took place in Lagos, targets the reduction of plastic waste across Nigeria and the wider West African region.
According to the statement releasedy, the new SIM cards are certified by the Forest Stewardship Council and produced using recyclable components and energy-efficient manufacturing processes.
“They meet global sustainability standards while maintaining the performance expected by telecom users,” the statement said.
It added that Tobe Okigbo, chief Corporate Services and Sustainability officer at MTN Nigeria, stated, that ”the partnership underscores our commitment to sustainability and innovation, while also supporting local businesses and economic growth through strategic alliances.”
In his remarks, Lekan Latona, chief executive officer, CardCentre, said: “We are proud to collaborate with MTN Nigeria on this project. Our biodegradable SIM cards mark an important step toward a greener future for telecommunications.”
Nigeria-South Africa Chamber of Commerce (NSACC) has commemorated its 25th anniversary with a landmark breakfast meeting that spotlighted the transformative power of media in fostering bilateral ties.
Held under the theme “Media as a Bridge: Strengthening Nigeria-South Africa Ties through the MTN Media Innovation Programme (MIP)”, the event drew a dynamic mix of business leaders, academics, and media professionals.
Tobe Okigbo, Chief Corporate Services and Sustainability Officer at MTN Nigeria, described the MIP as a strategic tool for diplomacy, designed to dismantle stereotypes and misinformation.
He emphasized the value of the programme’s study tour in South Africa, which offers Nigerian journalists immersive exposure. “If Nigeria and South Africa can get their act together, the rest of the continent will follow,” Okigbo remarked, hinting at MTN’s plans to scale the initiative across Africa.
Dr. Ije Jidenma, Chairperson of NSACC, hailed the MIP as a tangible example of innovation in action. She underscored the media’s role as a “catalyst for development,” especially in shaping public discourse and cross-border partnerships.
Echoing this sentiment, Dr. Ikechukwu Obiaya, Dean of the School of Media and Communication at Pan-Atlantic University, stressed the need for rigorous training in journalism. He praised the collaboration between academia and industry, noting that ethical and contextual reporting is essential for meaningful impact.
A highlight of the event was a panel featuring MIP fellows—Amarachi Ubani (Channels TV), Oluwadunsin Sanya (BellaNaija), Nifemi Oguntoye (TVC News), and Akinkunmi Obakeye (CNBC Africa)—who shared how the programme reshaped their understanding of South Africa. Their stories revealed a shift from stereotypes to shared values and deeper connections.
The ceremony concluded with the unveiling of NSACC’s 25th anniversary logo, symbolizing a renewed commitment to growth, collaboration, and opportunity for its members.
As NSACC enters its next chapter, the Chamber reaffirmed its dedication to leveraging media as a bridge between Nigeria and South Africa—two powerhouses whose unity could redefine the African narrative
Telecom
MTN Nigeria, WWF/NCF, and UNDP Launch 2025 PachiPanda Challenge to Drive Youth-Led Environmental Innovation
In a bold move to tackle Nigeria’s pressing environmental challenges, MTN Nigeria Communications Plc, in partnership with the Worldwide Fund for Nature (WWF), the Nigerian Conservation Foundation (NCF), and the United Nations Development Programme (UNDP) Nigeria, has officially launched the 2025 Nigeria PachiPanda Challenge.
Part of the continental Africa PachiPanda Challenge, this initiative calls on young Nigerians aged 18–35 and youth-led SMEs to develop groundbreaking solutions addressing pollution, climate change, and community conservation. With the theme “Nourishing Tomorrow: Innovations for Food, Energy, and Water Security,” the challenge aims to empower eco-visionaries to reshape Nigeria’s environmental future.
Ten finalists will be selected for a transformative 3-day sprint event, featuring human-centered design workshops, masterclasses, and a high-stakes pitch session before a panel of industry experts. Winners will advance to the continental stage, representing Nigeria in the Africa-wide competition.
Tobe Okigbo, MTN Nigeria’s Chief Corporate Services and Sustainability Officer, described the challenge as “a green opportunity” for youth to channel creativity into impactful change.
Dr. Joseph Onoja of NCF emphasized the power of collaboration, while UNDP’s Dr. William Tsuma highlighted the challenge’s alignment with the Sustainable Development Goals.
More than a competition, the Nigeria PachiPanda Challenge is a movement—one that seeks to ignite innovation, foster sustainability, and amplify youth voices in shaping a resilient future.
Applications close on October 3, 2025.
Interested participants can apply at: www.mtn.com/pachipanda-challenge
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