News
Cybersecurity And Risk Mitigation
By Austin Okere
“Twitter hack: 130 accounts targeted in attack” was the screaming headline on the BBC’s website on July 17, 2020.
Two days earlier, the social media site had admitted a major cyber-attack of celebrity accounts. The security breach saw accounts including those of Barack Obama, Elon Musk, Kanye West and Bill Gates tweet a Bitcoin scam to millions of followers.
Several Bitcoin-related accounts began tweeting what appeared to be a simple Bitcoin scam, promising to “give back” to the community by doubling any Bitcoin sent to their address. Then, the apparent scam spread to mainstream celebrity accounts such as Kim Kardashian West and former vice-president Joe Biden, and those of corporations Apple and Uber.
Twitter is not the only high-profile company that has been hit. Just about every other company you can think about has suffered similar fate. The roll call of victims includes Rupert Murdock’s News Corp, Sony PlayStation Network, Government of turkey, Britain’s Serious Organized Crime Agency, and the CIA amongst others.
The story of hacking will not be complete without Anonymous; a sophisticated group of politically motivated hackers who have emerged since 2011. Anonymous are demonstrating how vulnerable companies that are charged with protecting our data are.
Anonymous hacked 485 Chinese government websites, some more than once, to protest the treatment of their citizens. Among their major successful hacks are Visa, MasterCard, Amazon, PayPal, PostFinance, Bank of America, and Sony Computer Entertainment. We are at the beginning of the mighty struggle for the internet with the aged old dilemma that pits the demands of security with the desires for freedom.
Cybercrime has now become so prevalent globally that there is hardly any organization that is yet to be hacked, and Nigeria is no exception. In fact, it is said that there two types of organizations, those that know they have been hacked and those that don’t. If in doubt, ask your customers, and they will have a bucketful of useful feedback for you.
The increasing trends in cyber security breaches are due to the following factors; the rise of Artificial Intelligence (AI), adoption of Internet of Things (IoT) – with over 25b devices forecasted to be connected by 2025, globalisation of cybercrime, the cybersecurity skills gap that continues to grow, Increased skill levels of attackers, increased use of the Public Cloud, increasing reliance on technology and digitisation – (now fuelled by the pandemic and working from home) and attackers risk/reward imbalance amongst others.
Polls at a recent cybersecurity webinar that I facilitated was very revealing:
- 54% of respondents said they had been hacked
- 31% said their company had been hacked
- 67% considered PEOPLE the weakest link in cybersecurity – way over Process, and Technology.
And yet we spend significantly more money on products and technology, with little emphasis on mass education.
Hiring the most accomplished CISA, however, will not do very much good if there is not a deliberate policy of self-awareness of all staff, especially during this period where there is an explosion in people working from home and connecting to enterprise servers through personal systems that could more easily be compromised.
Neither is buying the most expensive antivirus the magic wand. It is like having the best pizza toppings without the base bread. Or like having the best machine leaning algorithm without the Big Data that the system will use for pattern detections.
Cyber-attacks can have significant business impact including; loss of funds, theft of intellectual property, serious disruption to business, damage to reputation, loss of customer trust, huge regulatory fines, litigation costs and possible bankruptcy.
Risk mitigation against cybersecurity is most effective in its Dynamic Collaborative Form. Dynamic because it requires a shared Body of Knowledge that is consistently updated and available to all parties. Risk mitigation cannot be a competitive strategy for any organization; this notion could be quite illusory because the nature of cybercrime can be likened to an elephant. People at the side may think it is a wall, people at the trunk may think it is a snake. People at the tail may think in it is a monkey, and people at the leg may think it is a tree trunk.
As in the case of the elephant, it is only when you have curated the complete and accurate picture through which the breach can manifest that you can effectively deal with it or contain it.
This is why there is a need for constant collaboration and open and transparent reporting, similar to the way that the COVID Pandemic is being collectively monitored and reported globally. This is what helped to curb the chain email fraud also known as “419” and many malicious computer viruses unleashed to take over users’ systems.
Governments and private establishments can improve protection of critical infrastructure from cyber-attacks by following the following basis principles:
- First rule is not to assume anything is secure.
- Second is not to assume you will not be targeted.
- Third is to realize that modern systems have so many moving parts that you can’t really use a strategy of owning all of it, partnerships are essential.
- Nations have to build extreme levels of expertise across a wide threat surface. It’s no use protecting the databases while the CCTVs in the President’s office and residence have been compromised.
- Nations have to build cyber armies and cyber police to tackle external aggression, protect national assets and protect her citizens.
The most dangerous intruders are not the ones with guns but the ones with laptops. The terrorist killing people with bullets is “small fish” compared to the one that can make planes fall from sky or trains crash, or provoke a riot or influence an election without leaving any trace.
Cyber-attack is the new normal. Organizations and Technology Providers can mitigate these attacks by Perpetual state of vigilance. Every internet connected or smart device is a potential back door. From the internet connected TV to your webcam or printer. Even if nothing is stolen from you, your resources can be hijacked to attack others. Don’t assume you have enough expertise to be in constant state of vigilance all by yourself. Cyber products and cyber companies are also at risk.
If you are a transaction-oriented company then you have to be using Artificial Intelligence to watch out for fraudulent transactions. If you are a data company then you need to think of encrypting data at rest and in transit. Two factor authentications are a must for all sensitive access. Walling off all critical systems from the net as a last means of firewall is simply not a practical solution.
Are organizations and private establishments in Nigeria doing enough to collaborate on threats? I believe that we could do more.
There should be a national Security Operations Center (SOC) and threat Database where all incidents are reported. This center should also disseminate threats and analyze incidents to help others prevent similar infiltrations.
Many firms, especially banks, think it will impact their brand if they disclose vulnerabilities and attacks. The under reporting or cover up of breaches portends a vicious cycle of repeated unanticipated hacks, because you are inadvertently empowering the hackers to cause more damage to you by not reporting and exposing them and their future hacking plans.
Working in silos is not an option, because even when you believe you have secured your fortress; how do you guard against third parties connecting to your system through Application Programing Interfaces (APIs)? Take for instance the case of the N11b breach involving a major Nigerian Bank and a Fintech company, E-Transact.
According to a report by TechNext.com, this came to light following a petition that the company developed a solution which helped Smart micro Systems to defraud the bank. Have we thoroughly investigated and comprehensively documented the nature of the beach and the vulnerabilities exploited?
The demography and architype of the perpetrators? Any possible internal collaboration or any systems bugs? Answers to these question to the right quarters is invaluable in foiling future attacks. While this may not be the only major successful breach, the system is so opaque that you will struggle to find a database of cases to learn from and anticipate future attacks.
The major reasons why organizations generally do not report breaches are fear of litigation or regulatory action and loss of reputation. In tackling cybercrime, we all have to be on the same team!
According to iafrican.com, Nigeria is set to establish a Cyber Security Research Centre (CSRC) to combat cybercrime. This is in a bid to build capacity and co-ordinate incident management and contribute to knowledge generation in cyber security. According to reports, Nigeria is already working with Cyber Security Malaysia and the Canadian Cyber Incident Response Centre (CCIRC) on establishing the CSRC.
While these are useful initiatives, there is a need for organizations to come together to collaborate on researching past breaches and documenting them and comprehensively reporting current breaches to learn from them in order to prevent future attacks.
Private organizations such as the Risk Management Association of Nigeria (RIMAN) and the Bank Directors Association of Nigeria (BDAN) could be hardened and work closely with Government Agencies such as the National Information Technology Development Agency (NITDA) on existing and new initiatives towards combating Cybercrime.
Cybercrime and cybersecurity are real, but they are not rocket science and they are certainly no scarier than COVOD or EBOLA. If we could contain Ebola, Aids and 419 through collaboration, then surely, we can also contain cybercrime through Collaboration too; but we must be willing to take the painful steps that are necessary to safeguard ourselves and our organizations. Only then can we build the requisite trust in the system to continue to enjoy the fruits of digital transformation.
Austin Okere is the Founder of CWG Plc, the largest ICT Company on the Nigerian Stock Exchange & Entrepreneur in Residence at CBS, New York. Austin also serves on the Advisory Board of the Global Business School Network, and on the World Economic Forum Global Agenda Council on Innovation and Intrapreneurship. Austin now runs the Ausso Leadership Academy focused on Business and Entrepreneurial Mentorship.
Lateef Fagbemi (SAN), the Attorney-General of the Federation and Minister of Justice, has said that Federal Government is intensifying its use of digital-economy initiatives to curb corruption among young Nigerians.
Speaking at the commemoration of the 2025 International Anti-Corruption Day held on Tuesday in Abuja, the AGF said the administration of President Bola Ahmed Tinubu has deliberately positioned technology, innovation training, and digital-skills development at the heart of its anti-corruption strategy for young people.
The event, organized by Technical Unit on Governance and Anti-Corruption Reforms (TUGAR) domiciled at the Nigeria Extractive Industries Transparency Initiative (NEITI) had the theme: “Uniting with Youth Against Corruption: Shaping Tomorrow’s Integrity”.
Fagbemi, who delivered the keynote address, said the government believes that empowered, skilled and economically engaged youths are less vulnerable to corrupt influences.
According to him, programmes such as the 3 Million Technical Talents Programme (3MTT) and the recently launched Nigerian Youth Academy (NiYA) are already equipping millions of young Nigerians with ICT and digital-innovation skills, reducing their dependence on patronage systems that fuel corrupt practices.
“A hopeful youth is harder to corrupt; an engaged youth is harder to mislead; and an empowered youth is a powerful force for national transformation,” Fagbemi said.
He explained that by investing in digital literacy, tech entrepreneurship and innovation-driven training, the Tinubu administration aims to create a generation of young Nigerians who are globally competitive and resistant to corruption.
Beyond digital skills, the AGF pointed at several government efforts to expand educational access through the Nigeria Education Loan Fund (NELFUND), and support youth entrepreneurship via the Nigeria Youth Investment Fund (NYIF) and the iDICE programme, providing funding, training and mentorship for young innovators in tech, entertainment, agriculture and design.
Fagbemi added that the inclusion of young people in governance, through appointments and expanded civic-engagement platforms, was another strategic tool to strengthen integrity and transparency in public life.
He urged stakeholders to deepen efforts to integrate anti-corruption values into school curricula, establish integrity clubs, mentor young leaders, and leverage ICT tools to promote transparency, whistleblowing and public accountability.
Earlier, the Head of TUGAR, Mrs Jane Onwumere said the gathering was especially meaningful because it reflected a shared truth: that tomorrow’s integrity rests significantly in the hands of the youth.
“The theme therefore, is not just a slogan but a call to action and a reminder that young people are not only beneficiaries of good governance, they are co-architects of it.
“Corruption has affected lives and the economy negatively in many ways. One of such is the “japa wave” which has seen young Nigerians leave the country in droves in search of greener pastures. This syndrome has drained the country of resources and human capital. It has in many situations split the family unit, a critical foundation for anti-corruption efforts”, Onwumere, added.
In his speech, the Executive Secretary, NEITI, Hon. Musa Sarkin Adar expressed the agency’s commitment to empowering young Nigerians not only as advocates for accountability but also as active partners in shaping the future of integrity in the extractive industries and beyond.
“At NEITI, we recognize that corruption undermines opportunities for growth, distorts resource governance, and deepens inequality. We also know that a united, informed, and courageous generation can dismantle these barriers.
“This is why NEITI will continue to expand civic education, strengthen our reporting mechanisms, support youth-led innovation, and create more platforms for constructive engagement with young professionals, students, and entrepreneurs”, he added.
Securities and Exchange Commission (SEC) has asked the Investments and Securities Tribunal to order the freezing of bank accounts belonging to Crypto Bridge Exchange (CBEX) and 25 other defendants accused of defrauding Nigerians of about ₦1.3 trillion through an unlawful digital asset investment scheme.
CBEX
The request was made during the first sitting of the 6th Tribunal in case IST/OA/02/2025 between the SEC and CBEX with 25 others, presided over by tribunal chairman, Hon. Aminu Jinaidu.
The SEC urged the tribunal to compel commercial banks and financial institutions nationwide to freeze all accounts linked to the defendants.
It also sought orders for the seizure of houses and assets allegedly acquired with funds sourced from unsuspecting investors.
According to the commission, CBEX operated illegally by posing as a digital assets platform and capital market operator without registration.
“CBEX is an unregistered platform promising its users 100 percent return on investments within 30 days, which is unlawful and contrary to Section 3(b) of the Investments and Securities Act 2025,” the SEC told the tribunal.
The regulator disclosed that international authorities had previously raised concerns about CBEX.
The Securities and Futures Commission of Hong Kong issued an advisory on April 23, 2024, warning that the platform was a suspicious virtual asset entity.
The tribunal noted that CBEX and the other defendants failed to appear in court and were not represented by legal counsel.
Hon. Jinaidu therefore ordered that hearing notices be served on the defendants through national newspapers.
CBEX reportedly entered the Nigerian market in July 2024, operating via a website and mobile application, while claiming to use advanced Artificial Intelligence to generate unusually high profits from cryptocurrency trading.
Investors were promised returns of up to 100 percent within a 40 to 45 day lock-in period.
The scheme later collapsed, triggering widespread losses. Investigations revealed that CBEX functioned as a Ponzi scheme that siphoned more than ₦1.3 trillion, estimated at about $800 million, before disappearing.
The matter has been adjourned to January 27, 2026.
The Lagos State Government, through the Ministry of Agriculture and Food Systems, has launched TELE-VET, Nigeria’s first Tele-Veterinary Call Centre, marking a groundbreaking milestone set to transform access to expert animal healthcare using mobile technology.
Speaking at the event held at the Lagos State Ministry of Agriculture and Food Systems, Animal Hospital, Oko-Oba, Agege, the state’s Commissioner for Agriculture and Food Systems, Ms. Abisola Olusanya, described TELE-VET as a transformative initiative that strengthens animal health systems, improves food safety, and accelerates agricultural innovation across the state and beyond.
She stated that technology continues to redefine global food systems, and Lagos, under the leadership of Governor Babajide Olusola Sanwo-Olu, remains committed to deploying digital solutions that enhance efficiency, empower farmers, and safeguard public health. The Commissioner explained that TELE-VET addresses long-standing challenges faced by farmers and pet owners, especially limited access to timely and professional veterinary care.
Ms. Olusanya highlighted that TELE-VET builds on the existing mobile platforms, M-Agric and M-Health, available on MTN and Glo networks, which provide daily expert tips, mentorship, and animal-care guidance. By dialing *20791#, users can subscribe for ₦100/day, ₦300/week, or ₦500/month, gaining instant access to a variety of services, while all active subscribers can access the Call Centre free of charge.
She added that the Call Centre will deliver emergency support, first-aid guidance, disease-prevention information, and livestock and pet care assistance, noting that the platform helps farmers reduce costs, save time, and access expert care without traveling long distances. She emphasized that TELE-VET will also enhance surveillance and early detection of zoonotic diseases, aligning with the One World, One Health framework that integrates human, animal, and environmental health.
The Commissioner further mentioned that TELE-VET sets the stage for future innovations, including livestock and pet health insurance, e-commerce for veterinary products, improved mobility for safe animal transport, and enhanced financing opportunities for farmers, positioning Lagos as a national leader in technology-driven agricultural transformation.
Earlier, the Permanent Secretary, Ministry of Agriculture and Food Systems, Mr. Emmanuel Audu, commended the initiative as a groundbreaking intervention that will significantly improve service delivery within the State’s veterinary ecosystem. He stressed that TELE-VET responds to the evolving needs of farmers and pet owners who require swift and professional support to enhance productivity and ensure animal well-being.
Mr. Audu noted that the Ministry has invested extensively in strengthening the infrastructure, technical systems, and human resources needed to operate a world-class veterinary call centre. He stated that the service is a strategic investment in Lagos State’s food security architecture, enabling efficient livestock health management and timely response to potential disease outbreaks.
The Permanent Secretary explained that the Call Centre will minimize animal losses, improve farm management practices, and provide timely advisory services to farmers, aligning with the Ministry’s mandate to promote sustainable agricultural practices across all 57 LGAs and LCDAs. He praised the collaboration among veterinary professionals, ICT partners, and technical teams that made the initiative possible.
Mr. Audu reaffirmed the Ministry’s commitment to continuously upgrading the TELE-VET platform to accommodate innovations that improve efficiency and expand service offerings. He encouraged residents to adopt the platform fully, noting that its success depends on widespread participation.
In his remarks, the Director of Veterinary Services, Dr. Rasheed Macaulay, stated that the launch of TELE-VET marks a new era in veterinary care delivery in Lagos State. He explained that the platform provides a practical solution to challenges such as limited manpower, delayed emergency response, and difficulties reaching farmers in remote areas by connecting residents directly to certified experts.
Dr. Macaulay added that TELE-VET will strengthen disease surveillance and reporting across the State, aiding early detection of animal diseases and preventing zoonotic infections. With real-time consultations, improved documentation, and faster escalation processes, the platform will support frontline veterinarians and promote safer, healthier food systems for all Lagos residents.
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