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Cybercrime Profits Estimated at $1.5 trillion

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New criminal platforms and a booming cybercrime economy have resulted in $1.5 trillion in illicit profits being acquired, laundered, spent and reinvested by attackers.

This was one of the findings of a study commissioned by Bromium, a virtualisation-based endpoint security company.

Called ‘Into the Web of Profit’, the study was conducted by Dr Mike McGuire, senior lecturer in criminology at Surrey University, and draws from first-hand interviews with convicted cybercriminals, data from international law enforcement agencies, financial institutions, and covert observations conducted across the dark Web.

The Web of profit

According to Bromium, the study is one of the first studies to examine the dynamics of cybercrime by scrutinising revenue flow and profit distribution, instead of the mechanisms of cybercrime alone.

It looks at the cybercrime-based economy and the professionalisation of cybercrime. “This economy has become a self-sustaining system, an interconnected Web of profit that blurs the lines between the legitimate and illegitimate.”

Conservative estimates

The research shows cybercriminal revenues worldwide of at least $1.5 trillion, the same as the GDP of Russia, a number Bromium calls a ‘conservative estimate’. “If cybercrime was a country, it would have the 13th highest GDP in the world.”

This figure includes $860 billion made from illicit or illegal online markets, $500 billion from theft of trade secrets and intellectual property, $160 billion in data trading, $1.6 billion for Crimeware-as-a-Service, and $1 billion from ransomware.

According to the report, the dark economy is made up of a variety of operations, from large ‘multinational’ operations that rake in profits of over $1 billion, to SME-style entities where profits of between $300 00 and $50 000 are expected.

Platform criminality

In addition, the research revealed an emergence of ‘platform criminality’, mirroring the platform capitalism model employed by businesses such as Uber and Amazon, where data itself is the commodity. New criminality models are enabled by these platforms, which, in turn, fund broader scourges such as human trafficking, drugs and terrorism.

Gregory Webb, CEO of Bromium, says the report delivered ‘shocking insight’ into how profitable and widespread cybercrime really is.

“The platform criminality model is productising malware and making cybercrime as easy as shopping online. Not only is it easy to access cybercriminal tools, services and expertise, it means enterprises and governments alike are going to see more sophisticated, costly and disruptive attacks.”

A range of agents

The report also suggests that cybercrime shouldn’t be strictly compared to business, as by nature it is more like an economy, with a ‘hyper-connected range of economic agents, economic relationships and other factors’ that work together to generate, support and maintain criminal revenues at an ‘unprecedented scale’, says McGuire.

Because legitimate businesses and nation states are now profiting from cybercrime, the study believes there is now an interdependence between the legitimate and illegitimate economies. Organisations are acquiring data and competitive advantage from the dark economy, and using it as a tool for strategy, global advancement and social control, says Bromium.

“There is a range of ways in which many leading and respectable online platforms are now implicated in enabling or supporting crime (albeit unwittingly, in most cases),” says McGuire.

No hope of control

Ilia Kolochenko, CEO of web security company High-Tech Bridge, says the report is 100% right in saying that cybercrime has become a highly profitable and sustainable business that no government can hope to control.

However, he suggests that it may have missed some figures, because the most serious cybercrimes, such as nation-state attacks or offensive operations from large conglomerates against competitors, are rarely detected, yet alone exposed.

“Publicly accessible platforms in the dark Web have a lot of scam and fake ads intertwined with law enforcement honeypots, too,” adds Kolochenko.

And he says the fight against cybercrime isn’t getting easier. “Professional Black Hats usually have inconspicuous private platforms, lawfully hosted in AWS or Azure, with full encryption of all data. You cannot get access unless you are a long-standing and verified partner.

“Nothing is less certain than global cybercrime size and volume,” concludes Kolochenko.


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Paga Hits N14tri Transactions Value in 15 Years

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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.


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FG to Fnalise National Intellectual Property Policy  Soon– NCC Boss

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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.

FG to Fnalise National Intellectual Property Policy  Soon– NCC Boss

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.


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NITDA, ICF Train 100 Schoolgirls in ICT Skills

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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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