E-Business
Qbot Emerges Most Prevalent Malware in First Half of 2023, Mobile Trojan SpinOk Makes its Debut
Check Point® Software Technologies, a provider of cybersecurity solutions globally, has published its Global Threat Index for June 2023. Researchers found that the Trojan Qbot has been the most prevalent malware so far in 2023, ranking first in five out of the six months to date.
Meanwhile, mobile Trojan SpinOk made its way to the top of the malware list for the first time after being detected last month, and ransomware hit headlines following a zero-day vulnerability in file sharing software MOVEIt.
Qbot, which initially emerged in 2008 as a banking Trojan, has undergone consistent development, acquiring additional functionalities for the purpose of stealing passwords, emails, and credit card details.
It is commonly propagated through spam emails and employs various techniques such as anti-VM, anti-debugging, and anti-sandbox methods to impede analysis and avoid detection.
Presently, its primary role is to act as a loader for other malware and establish a presence within targeted organizations, serving as a stepping stone for ransomware group operators.
Meanwhile, researchers discovered a prolific mobile malware that has so far amassed 421 million downloads. Last month, for the first time, Trojanized Software Development Kit (SDK) SpinOk made its way to the top of the mobile malware families. Used by numerous popular apps for marketing purposes, this malicious software has infiltrated highly popular apps and games, some of which were available on the Google Play Store.
Capable of stealing sensitive information from devices and monitoring clipboard activities, SpinOk malware poses a serious threat to user privacy and security, underscoring the need for proactive measures to protect personal data and mobile devices. It also serves as a stark reminder of the devastating potential of software supply chain attacks.
Last month also saw the launch of a large-scale ransomware campaign that impacted organizations worldwide. In May 2023, Progress Software Corporation disclosed a vulnerability in MOVEit Transfer and MOVEit Cloud (CVE-2023-34362) that could allow unauthorized access to the environment.
Despite it being patched within 48 hours, cybercriminals associated with Russian-affiliated ransomware group Clop exploited the vulnerability and launched a supply chain attack against MOVEit users.
To date, 108 organizations – including seven US universities – have been listed publicly, following the incident, with hundreds and thousands of records obtained.
“The MOVEit exploit proves that 2023 is already becoming a significant year in ransomware. Prominent groups like Clop are not operating tactically to infect a single target, but instead, making their operations more efficient by exploiting software that is widely used in a corporate environment.
This approach means they can reach hundreds of victims in a single attack.” said Maya Horowitz, VP Research at Check Point Software. “This attack pattern emphasizes the importance for companies to implement a multi-layered cyber security strategy and to prioritize patching quickly when vulnerabilities are disclosed.”
CPR also revealed that “Web Servers Malicious URL Directory Traversal” was the most exploited vulnerability last month, impacting 51% of organizations globally, followed by “Apache Log4j Remote Code Execution” with 46% of organizations worldwide. “HTTP Headers Remote Code Execution” was the third most used vulnerability, with a global impact of 44%.
Top malware families
Globally, Qbot was the most prevalent malware last month with an impact of 7% worldwide organizations, followed by Formbook with a global impact of 4% and Emotet with a global impact of 3%.
In Nigeria, Qbot was the most prevalent malware last month with an impact of 19.72%, followed by Expiro with an impact of 15.49% and FormBook with an impact of 7.04%.
- Qbot – Qbot AKA Qakbot is a multipurpose malware that first appeared in 2008. It was designed to steal a user’s credentials, record keystrokes, steal cookies from browsers, spy on banking activities, and deploy additional malware. Often distributed via spam email, Qbot employs several anti-VM, anti-debugging, and anti-sandbox techniques to hinder analysis and evade detection.
- Expiro – Expiro is a polymorphic file infector first seen in 2010. It inserts its malicious code into executable files on the infected host. These files lead to new infections when they are run on other machines. Expiro steals user and system information from Windows, as well as FTP credentials.
- FormBook – FormBook is an Infostealer targeting the Windows OS and was first detected in 2016. It is marketed as Malware as a Service (MaaS) in underground hacking forums for its strong evasion techniques and relatively low price. FormBook harvests credentials from various web browsers, collects screenshots, monitors and logs keystrokes, and can download and execute files according to orders from its C&C.
Top Attacked Industries Globally
Last month, Communications remained in first place as the most exploited industry globally, followed by Utilities and Transportation.
- Communication
- Utilities
- Transportation
Top exploited vulnerabilities
Last month, “Web Servers Malicious URL Directory Traversal” was the most exploited vulnerability, impacting 51% of organizations globally, followed by “Apache Log4j Remote Code Execution” with 46% of organizations worldwide. “HTTP Headers Remote Code Execution” was the third most used vulnerability, with a global impact of 44%.
- ↔ Web Servers Malicious URL Directory Traversal – There exists a directory traversal vulnerability on different web servers. The vulnerability is due to an input validation error in a web server that does not properly sanitize the URI for the directory traversal patterns. Successful exploitation allows unauthenticated remote attackers to disclose or access arbitrary files on the vulnerable server.
- ↔ Apache Log4j Remote Code Execution (CVE-2021-44228) – A remote code execution vulnerability exists in Apache Log4j. Successful exploitation of this vulnerability could allow a remote attacker to execute arbitrary code on the affected system.
- ↔ HTTP Headers Remote Code Execution (CVE-2020-10826, CVE-2020-10827, CVE-2020-10828, CVE-2020-13756) – HTTP headers let the client and the server pass additional information with an HTTP request. A remote attacker may use a vulnerable HTTP Header to run arbitrary code on the victim machine.
Top Mobile Malwares
Last month SpinOk rose to first place in the most prevalent Mobile malware, followed by Anubis and AhMyth.
- SpinOk – SpinOk is an Android software module that operates as spyware. It collects information about files stored on devices and is capable of transferring them to malicious threat actors. The malicious module was found present in more than 100 Android apps and downloaded more than 421,000,000 times until May 23.
- Anubis – Anubis is a banking Trojan malware designed for Android mobile phones. Since it was initially detected, it has gained additional functions including Remote Access Trojan (RAT) functionality, keylogger, audio recording capabilities and various ransomware features. It has been detected on hundreds of different applications available in the Google Store.
- AhMyth – AhMyth is a Remote Access Trojan (RAT) discovered in 2017. It is distributed through Android apps that can be found on app stores and various websites. When a user installs one of these infected apps, the malware can collect sensitive information from the device and perform actions such as keylogging, taking screenshots, sending SMS messages, and activating the camera, which usually used to steal sensitive information.
TeKnowledge and Equinix announced a partnership to accelerate secure hybrid and multi-cloud adoption and enable AI-ready digital infrastructure across the region.
Nigeria’s digital transformation is accelerating rapidly, with the digital economy being a significant contributor to the country’s gross domestic product (GDP).
As demand for cloud services, AI adoption, digital payments and data-driven innovation continues to accelerate across West Africa, the partnership is positioned to advance the region’s digital transformation.
By combining Equinix’s in-country and global data centre infrastructure and secure interconnection capabilities with TeKnowledge’s expertise in designing, deploying and managing AI, data, customer experience and cybersecurity solutions, organisations can accelerate innovation while maintaining data residency and sovereignty requirements.
Together, the organisations empower enterprises and government institutions to bridge the gap between digital ambition and execution through secure, high-performance digital environments built on local infrastructure and delivered by local talent.
Speaking, CEO and President, TeKnowledge, Aileen Allkins, said: “Organisations across Africa are increasingly looking to modernise their infrastructure while maintaining the performance, security, and compliance required to support growth.
Through our partnership with Equinix, we are combining world-class digital infrastructure with deep local expertise to help customers accelerate cloud adoption, strengthen resilience, and unlock new opportunities through AI and emerging technologies.”
Managing Director of Equinix West Africa, Wole Abu, expressed delight at partnering with TeKnowledge to bring together Equinix’s globally interconnected platform, spanning over 280 data centres and 10,000 customers worldwide.
Uche Chigbo, coordinating director of Operations, National Identity Management Commission, (NIMC), has said the newly enacted NIMC Act strengthens data protection and privacy, expands identity coverage to include everyone in Nigeria and Nigerians in the diaspora, and provides the legal framework for a secure and trusted digital identity ecosystem.
She said the new law replaces the 2007 NIMC Act, which had become outdated due to rapid technological advancements, evolving cybersecurity threats, the growth of the digital economy, and the enactment of the Nigeria Data Protection Act.
According to her, the updated legislation better positions the Commission to deliver Nigeria’s digital identity agenda and improve access to government and private sector services.
“The Act itself has taken in a whole lot of things to make sure that NIMC is well-positioned to be able to deliver on the identity agenda and program of Nigeria. The area of universal coverage was expanded within the Act so that NIMC can enroll everybody that is within the soil of Nigeria—male, female, children, whether they are IDPs or orphans or whatever it is, and even Nigerians in diaspora.
“There is quite a lot within the Act that over the few days and weeks, even with my Director-General’s courtesy visit, we are trying to sensitize and educate the general public, and also bring awareness to this new Act so that people will know what are the rights that exist within it, what are the obligations, what are the stronger enforcement and penalties that has also been expanded within the Act, and then what are also the regulatory autonomy that has been given to NIMC to make sure that they drive the digital identity ecosystem in Nigeria,” she explained.
“There’s a lot of provisions and changes with the new Act. Um, the NIMC 2007 Act has been operating for close to 19 years now. So, we can see that, um, you can actually say it’s almost obsolete. And then with a lot of technological advancements in the world now, with the enactment of the Nigeria Data Protection Act, and then with also a lot of evolving security challenges, cybersecurity challenges, as well as the ever-growing digital economy, it became very necessary that a comprehensive review of the NIMC Act should be done.
So, that 2007 Act has been repealed and a new NIMC 2026 Act is in place,” she explained.
Chigbo clarified that the National Identification Number (NIN) is Nigeria’s unique identifier and the only valid means of identification for accessing government services.
She added that it enables secure identity verification and improves access to services.
“NIN has been designated as the unique identifier in Nigeria and then by the government of Nigeria establishing it as the only valid means of identification for assessing government services. So, NIN, it’s positioned to be a valuable tool for empowering citizens and legal residents to facilitate access to service delivery in Nigeria. And it’s also a tool for people to be able to prove their identity as they go about their daily businesses,” she said.
Speaking on identity harmonisation across government agencies, Chigbo said NIMC is integrating identity databases to enable Nigerians to access services seamlessly using the National Identification Number (NIN), while other agencies continue to issue functional identities for specific purposes.
“There’s a distinction between a foundational identity and a functional identity. NIMC provides the foundational identity, which answers the question, ‘Who are you?’ Are you a Nigerian or a legal resident? Who are you? That’s what NIMC is providing. All these other agencies that you have mentioned, they provide functional ID, which is an ID that relies on the foundational ID, where they have established who you are and then they are now trying to answer the question, ‘Are you now eligible to have these services? Are you now eligible to benefit from this transaction or scheme?’ So, those are two different distinctions.”
However, Chigbo said NIMC’s mandate is to harmonise and integrate identity systems across government, with the amended Act designating the Commission as the sole repository for biometric data.
“However, NIMC mandate is to make sure that we harmonize and integrate with all these agencies so that you’re one and the same person in any of the databases or registries that you have. The Act that has been expanded and amended also positions NIMC as the only repository for biometric data capture so that we can have effective identity management and coordination in Nigeria.
“So, that harmonization is already happening, the integration is already happening,” she stated.
She also disclosed that NIMC has introduced an online modification portal that allows Nigerians to begin the process of correcting or updating their personal information from the comfort of their homes or offices.
“But also, NIMC we have a modification portal that enables you to sit in the comfort of your home or office to be able to start the process of correction or updates of your data. We already have a self-service modification portal that allows you to make corrections,” she disclosed.
On the cost of obtaining a NIN, Chigbo clarified that enrolment and issuance of the National Identification Number are free.
She, however, noted that some other identity-related services attract approved fees, which are published on the NIMC website and paid electronically through the government Remita platform.
“Enrollment for the issuance of the National Identification Number, NIN, is free. There are other services, identity services that NIMC provide. Those ones have their charges, and those fees and charges are publicized on the NIMC website so that people can see what those charges are. And NIMC does not collect cash. Our transactions and the charges are paid electronically through the government Remita platform,” she said.
International Monetary Fund (IMF) has retained Nigeria’s economic growth forecast at 4.1 per cent for 2026, while warning that rising prices of essential goods could worsen poverty and food insecurity in the country.
IMF
The IMF made the projection in its July 2026 World Economic Outlook (WEO) Update, released on Wednesday.
According to the report, Nigeria’s Gross Domestic Product (GDP) is projected to grow by 4.1 per cent in 2026 and improve to 4.3 per cent in 2027, with both forecasts unchanged from the Fund’s April outlook.
The IMF also maintained its growth projections for sub-Saharan Africa at 4.3 per cent in 2026 and 4.5 per cent in 2027.
The Fund said Nigeria’s economic outlook continued to benefit from improved macroeconomic stability and favourable terms of trade but cautioned that the rising cost of essential commodities remained a major concern.
“Nigeria is supported by improved macroeconomic stability and favourable terms-of-trade effects, though higher prices for essentials are expected to further aggravate poverty and food insecurity,” the report stated.
The IMF noted that economic performance across sub-Saharan Africa would remain uneven, reflecting differences in policy implementation, reform progress and countries’ exposure to external shocks.
It added that oil-importing and non-resource-intensive economies would likely face increased pressure from rising food and energy prices, while some larger economies continued to benefit from earlier macroeconomic reforms.
Globally, the IMF revised its 2026 growth forecast downward to 3.0 per cent from the 3.1 per cent projected in April but raised its 2027 forecast to 3.4 per cent.
According to the Fund, the downgrade for 2026 reflects the impact of the ongoing conflict in the Middle East, although stronger demand driven by advances in artificial intelligence and technology adoption has helped cushion some of the adverse effects.
Despite the resilience of the global economy, the IMF warned that risks remained tilted to the downside.
It identified renewed trade tensions, geopolitical conflicts and tighter global financial conditions as key threats to economic growth.
The Fund urged governments to rebuild fiscal buffers through credible fiscal consolidation, improved revenue mobilisation, stronger tax administration, efficient public spending and increased investment in infrastructure, skills development and targeted social protection programmes.
It also advised commodity-exporting countries to avoid excessive public spending during periods of high commodity prices.
“Economies benefiting from commodity windfalls and the upturn in the global technology cycle should avoid procyclical spending and save or redeploy gains within a credible medium-term fiscal framework anchored in debt sustainability,” the report stated.
The IMF further called on policymakers to accelerate structural reforms aimed at boosting productivity, strengthening labour markets, expanding digital and physical infrastructure, promoting predictable trade policies and enhancing international cooperation to support sustainable economic growth.
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