E-Business
Preventing, Mitigating Ransomware with Cyber Situational Awareness
If you’re familiar with mafia movies then you’re familiar with extortion – the practice of obtaining something, especially money, through force or threats.
Extortion has been around for centuries – well before “The Godfather” or “Goodfellas.” Even cyber extortion, which extends this criminal activity into the digital world, isn’t new.
What is new, however, is the wide variety of methods that are used by the bad guys to get their money.
Three main tactics are behind cyber extortion: the threat of distributed denial of service (DDoS), the threat of data compromise and ransomware.
DDoS attacks are one of the most popular means to facilitate extortion. These types of attacks typically target business-critical websites in order to increase the likelihood of payment, usually via Bitcoin (BTC), and can have crippling effects on organizations.
In certain cases, such as when targeting hosting providers, the threat actor may add more pressure to pay by using the negative publicity associated with service downtime as a threat.
A second method of extortion involves the potential release of compromised data. This method is dependent on the fact that the target’s data has already been compromised.
The threat of its release to the public domain is used as blackmail in order to extort money from the affected entity.
A third type of extortion, and the one most often in the news as of late, is ransomware – malicious software (malware) that restricts access to the computer system it has infected.
The malware demands that a ransom be paid before restoring access to affected resources.
Ransomware can prevent access to many features of a victim’s machine, including files, applications and the operating system itself.
Because ransomware is an ever-evolving threat that can be more challenging to address than other cyber extortion tactics, let’s take a closer look at how it works and how to prevent and mitigate it.
At a high-level, the ransomware process is fairly standard. Files are encrypted and the attackers, who hold the decryption key, will only allow the target to decrypt the files after the required BTC ransom is paid. Specific details of the attack, however, will depend on the variant.
Until recently ransomware has been delivered most commonly via drive-by-downloads from exploit kits, or through spam emails that either contain malicious attachments or encourage recipients to visit websites hosting malicious content.
But we see that starting to change with threat actors using more targeted methods to achieve their objective, such as spear-phishing emails purporting to be from a job applicant or including the name, job title and job-relevant information of the recipient.
The disclosure that some organizations are paying the fee to unencrypt data likely provides further motivation for these types of attacks. In fact, when the actor estimates there’s a high likelihood of payment of the ransom fee they invest in more reconnaissance which can further increase the likelihood of infection.
As ransomware becomes big business, research on the dark web reveals a number of services being advertised to make it easy for beginners with low technical understanding to execute ransomware attacks with success.
Everything they need is available on a USB stick for $1,200 or they can take advantage of a hosted service in return for 5 percent commission on the ransom payments received.
So how can you combat cyber extortion? Cyber situational awareness can give you greater insights into the tools and processes used by actors that employ DDoS-based extortion and compromised data release extortion.
Advanced knowledge of the typical demands of a threat actor and their capabilities can help you make difficult decisions if presented with such a scenario and help you prevent future attacks.
Mitigating ransomware threats is more complex. It requires a combination of technical and process controls and company-wide engagement – from employees, to executives, to IT security teams. Cyber situational awareness can help you understand the infection vectors of the malware and apply the appropriate security controls to mitigate the risk of infection.
This includes insights you can use to raise staff awareness of how ransomware attacks occur and help you devise technical and procedural controls to prevent infection and to develop ransomware response procedures in the case of infection.
Of course ensuring that backups are maintained and are separate from the network can increase resilience to such attacks. In addition, several decryption tools have been released but, in the cat and mouse game between ransomware and such tools, their effectiveness tends to be short-lived; ransomware developers are continuously developing encryption methods to evade them.
As defenders, staying up-to-date with the latest trends and innovation can be hard, but it is essential in order to effectively prevent and mitigate the effects of extortion on your business.
With cyber situational awareness you can learn about the actors involved in extortion and their tactics, tools and motivations. With this knowledge you can more effectively align your defenses and make better decisions in the face of an attack.
Alastair Paterson, CEO and Co-Founder of Digital Shadows
Paga, a payments and financial services provider for Africa has processed transactions value to the tune of N14trillion in the last 15 years of its existence.
Tayo Oviosu, chief executive officer, Pagatech, said at a media interaction to mark the company’s 15 anniversary that 80 percent of the amount was done in the last five years.
“When we celebrated 10 years of our business that was five years ago, we have grown our transactions values by 7 times, across the three business arms of our operation which includes; consumer payments, platform as-a-services and super App for retailers.
“This has translated into job creation as we have created over 1,000 direct jobs in Ethiopia and in Nigeria and indirect jobs through our agent network to about 100,000 jobs, this is economic empowerment of Nigerians.
“Our desire is giving people financial freedom and making life possible for them and impacting on our community. We are really proud of our economic achievements and we are making sure that our customers get the best experience.
“We are super excited about what the future holds for our business. Our vision is a world where cash does not exist anymore. We ensure that our customers’ money is safe by complying with the highest global security standards.
“Our focus is on helping both consumers and sellers pay, get paid, and access financial services. We do this directly; and through our Platform-as-a-Service, which enables other third parties to leverage the deep infrastructure we have built for endless possibilities.
Oviosu, further explained the three business lines Paga has transformed into from a mobile money operator from inception to a financial services provider includes; Consumer payment: where anyone can open a Paga account from any type of phone, by download Paga App from Apple or android store or dial *242# from any type of phone device.
“With Paga app, you can fund the account, make payments and also have a physical Visa card or a virtual Visa card on the account. This gives you significant convenience over other bank accounts we have in the market today.
You can send money into that account from any bank account or walk into any bank branch to fund the account. You can as well go to any agent and fund or make transactions from the account,” he said.
He added that when he started the business 15 years ago, there was no infrastructure, “we had to build the required infrastructure to support the business. Two years ago, we opened our infrastructure to allow other technology companies to use it for their own business. We called this Platform as a Service. With Platform as a service we are serving 150 businesses who are using our infrastructure to execute their own businesses.
“The third arm of our business is what we called Doroki this a different brand which is super App for retail business. If you are a supermarket you use it to manage your inventory among others. This is the youngest arm of our business” he noted.
Dr John Asein, director-general, Nigerian Copyright Commission (NCC), has said that the federal government is taking steps to finalise its National Intellectual Property (IP) Policy and Strategy for the country.
Asein disclosed this on Friday while commemorating the 2024 World Intellectual Property Day with the theme “IP and the SDGs: Building Our Common Future with Innovation and Creativity’’ in Abuja.
The that the Day is observed every April 26 to celebrate the importance of intellectual property (IP) rights to encourage innovation and creativity.
The director-general was represented by Mr Emeka Ogbonna, director of Legal.
NCC boss said the policy would serve as a blueprint for a more efficient modern and responsive legal and administrative framework for the country to leverage on its creative and innovative potential.
He said that the day underscored the power of innovation and creativity in achieving the Sustainable Development Goals (SDGs) and shaping a sustainable and inclusive future for humanity.
According to him, the SDGs represent a universal call to action to end poverty, protect the planet, and ensure prosperity for all by the year 2030.
“IP rights play a pivotal role in fostering innovation, creativity, and technological advancements. They provide the framework that encourages men and women to develop new solutions that address global challenges.
“It is the lynchpin for incentivising the use of creative and innovative ideas to solve many of the challenges that confront humanity.
“This year’s World IP Day reminds us that intellectual property can be a powerful tool for social, economic, and environmental development.
“It encourages individuals, businesses, and governments to leverage IP rights to drive innovation, create jobs, and build resilient communities.
“By aligning our intellectual property policies and strategies with the objectives of the SDGs, we can accelerate their achievement,’’ NCC boss said.
He said in the spirit of the “Renewed Hope Agenda’’ of the present administration, government had also shown appreciable commitment to the creative industry as a major sector of the economy.
“As one of the agencies responsible for the wholesome development of the creative sector, the Nigerian Copyright Commission will continue to provide the needed institutional, legal and administrative support for the protection, promotion, regulation and enforcement of copyright.
“The commission will pay particular attention to using the copyright system to advance Goal 1 (No poverty); Goal 4 (Quality education); Goal 5 (Gender equality).
“And Goal 8 (Decent and economic growth); Goal 9 (Industry, innovation and infrastructure) and Goal 17 (Partnerships to achieve the goals).
“We are aware that the goals would have to be adapted to fit the peculiar needs of intellectual property which is an intangible asset.’ ’he added.
The director-general, who said that the commission focused on the 17 SDGs to address emerging challenges, called on authors, innovators, users, IP experts and other stakeholders to reflect on the vulnerability of the nation’s fragile knowledge and creative ecosystem.
The National Information Technology Development Agency (NITDA) and Illmi Children’s Fund (ICF) have trained 100 schoolgirls in digital and Information and Communication Technology skills training.
Mrs. Maryam Augie-Abdulmumin, ICF Executive Director, confirmed this in a statement on Thursday in Lagos.
The graduation followed the training of the schoolgirls in ICF and NITDA’s DIGITGALS 2.0 programme, a collaborative initiative aimed to equip adolescent girls in Abuja with critical digital and ICT skills.
Augie-Abdukmumin said the DIGITGALS 2.0 centred around essential digital literacy, programming fundamentals, digital marketing and communication skills, and cybersecurity awareness.
She added that the girls were equipped with the confidence to compete and excel in a globalised digital economy. The graduation was in commemoration of the 2024 International Girls in ICT Day celebration on April 25.
DIGITGALS 2.0 is in its second phase and empowered 100 senior secondary school girls selected from five government schools in the Federal Capital Territory.
The girls aged between 15 and 18 years were equipped with the knowledge and tools needed to thrive in the digital world and address the growing demand for ICT skills in the 21st century.
Augie-Abdulmumin reiterated the importance of bridging the digital gap in the country starting with the girl-child.
“This graduation ceremony on International Day of Girls in ICT is a powerful symbol of our commitment to closing the digital gender gap.
This programme made possible through our partnership with NITDA, and signifies a crucial step towards bridging the digital gender gap.
It also fostering a future where women are active leaders in the tech industry. This is also an opportunity for these girls to take charge of their own future,”.
Mr Kashifu Abdullahi, the Director-General of NITDA, commended the collaborative efforts of ICF in making the DIGITGALS 2.0 a reality.
According to him, building a diverse and inclusive digital workforce is critical for Nigeria’s success.
“We are proud to collaborate with ICF on DIGITGALS 2.0 to empower these young women to become active participants in the tech industry. This programme showcases the importance of collaborative efforts in bridging the digital gender gap.
These girls have been equipped with essential digital skills, and ICF and NITDA are confident they will become active contributors to Nigeria’s thriving tech landscape,”.
ICF is a non-profit organisation dedicated to improving the lives of children, from underprivileged backgrounds, through education, healthcare, technology and entrepreneurship initiatives.
NITDA is a public service institution established in 2007. It functions as the ICT policy implementing arm of Nigeria’s Federal Ministry of Communication and Digital Economy.
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