News
Cyber criminals Promise Millions to Skilled Professionals
Cyber criminals are willing to pay more than a million dollars a year to skilled information security professionals who are willing to don a black hat.
Skills including network management, penetration testing and programming skills are particularly in demand, reveals digital security company Dark Shadows in a recent report.
Research on the Dark Web revealed one attacker is promising to pay $768 000 per year to skilled professionals willing to help carry out acts of malfeasance. The salary is set to rise to $1 080 000 per year in the second year.
The report also revealed criminal underground groups are on the lookout for partners in crime who can help them extort money from high-worth individuals, such as executives, lawyers and doctors. For these roles, monthly salaries of $30 000 are on offer.
For extortion to work, attackers need something of value to barter, such as the details of someone’s private life, confidential company information, or total control over a company’s network, adds the firm.
Acquiring this information or privileged access has never been easier. “As businesses rush into digital transformation, and new individuals and services join the digital economy daily, it’s becoming harder and harder to manage our data and digital assets. Cyber criminals recognise this and have developed ways to profit from our unwanted online exposure through extortion-based attacks.”
Digital Shadows says there are several ways attackers are monetising online exposure. Firstly, through compromised credentials, where criminals use cheap and readily available breached credentials bought on the dark market to perform mass extortion campaigns and convince victims they have been breached.
Not only will they extort victims directly, attackers now have dedicated sections on online forums to sell sensitive data, including corporate documents and intellectual property.
Beating barriers
“In fact, the barriers to entry for extortion-based activity continue to fall. Extortionists come in all shapes and sizes, with varying levels of sophistication. With account, database and network accesses available on criminal forums, and extortion guides for sale at under $10, aspiring extortionists have a wealth of resources to get started,” adds Digital Shadows.
Attackers are also using technical vulnerabilities. Cyber crooks can carry out active and passive scanning to identify exploitable vulnerabilities on Internet-facing applications, and can deploy ransomware variants that disrupt business operations, damage business reputation, and demand huge ransoms in Bitcoin or other crypto-currency.
Ilia Kolochenko, CEO of Web security company High-Tech Bridge, says: “The shadow economy is not subject to governmental control or regulation. While in the past, cyber criminals were restrained by money-laundering difficulties in cyber space, the rise of crypto-currencies means virtually any illicit income of any size can be legalised without legal ramifications.”
Unlike lazy and inefficient cyber security start-ups that look for the next investment round as a universal resort for any past failures, cyber criminals are organised, disciplined and well-managed, says Kolochenko. “Their sole objective is maximising their short-term profit, not becoming a unicorn or running a successful IPO in 10 years.”
These numbers also undermine the long-term sustainability of commercially-motivated bug bounties, he notes. “We will likely see a decline in the number of skilled people involved in crowd security testing as they can either find a highly competitive salary in the industry, or alternatively shift to the dark side. At least their primary motivator will not be money.”
News
Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria
Legit.ng recently joined forces with the Shade of Life Foundation to become a voice of autism, and drive advocacy for improved media support during Autism Awareness Month.
Conversations around media support exploration was led by Joseph Omotayo, head of Department for Human Interest Stories at Legit.ng, and Dr. Eziafakaku Nwokolo, founder and CEO of the Shade of Life Foundation,
This partnership is a response to the concerns raised by organizations like the Shade of Life Foundation about the level of support received from the media in discussing autism as a disability.
While other disabilities may receive attention, autism, with its critical developmental implications often lacks adequate representation in mainstream media.
Recognizing the importance of addressing these concerns, Legit.ng took proactive steps by integrating itself into the essence of autism awareness.
It facilitated a one-hour workshop with Dr. Nwokolo, the founder of the foundation, to deepen our understanding of autism, its various spectrums, and the language boundaries associated with it.
Other steps we took in advocating autism awareness in the media, can be seen in our attached press release.
Legit.ng believes that by amplifying the voices of autism and advocating for better media representation, we can contribute to creating a more inclusive and accepting society for all.
News
As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply
While 85 per cent of Nigeria is in darkness, Tanzania, an African country has shut down five hydroelectric stations in a bid to reduce excess electricity in the national grid.
Kassim Majaliwa, prime minister, Tanzania, has said the main plant, Mwalimu Nyerere Hydroelectric Station, alone generated enough electricity to power major cities, including Dar es Salaam, the country’s commercial hub.
It is the first time Tanzania, which suffers chronic power shortages, has closed hydroelectric stations due to excess production.
“We have turned off all these stations because the demand is low and the electricity production is too much, we have no allocation now,” an official from state-run power company, Tanesco, said.
The 2,115MW Julius Nyerere Hydropower Dam is said to be almost filled with water following heavy rains that started early this year.
Meanwhile, while the country has an installed capacity of 1,938MW and the grid installed capacity of 1,899MW, Nigeria which has an installed capacity of 13,000MW is struggling to electrify 85 per cent of its electricity consumers.
News
President Tinubu Appoints Jim Ovia as Student Loan Fund Chairman
President Bola Tinubu has approved the appointment of Jim Ovia, renowned banker and businessman, as the Chairman, Board of the Nigerian Education Loan Fund.
Ovia’s appointment is contained in a State House statement titled, ‘President Tinubu appoints Jim Ovia as Chairman of the Nigerian Education Loan Fund,’ and issued on Friday by Ajuri Ngelale, special adviser to the President, Media & Publicity.
The statement noted that “Ovia is the founder of one of Nigeria’s leading banks and a respected business leader, with a surfeit of efforts and benefaction towards nurturing and empowering young Nigerians.
“He is an alumnus of Harvard Business School and holds a Master’s in Business Administration from the University of Louisiana.”
The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.
The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.
“The President believes Mr. Ovia will bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds,” the statement partly read.
Ovia’s appointment will also ensure “that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century.”
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