E-Business
CSCS Advocates Collective Responsibility Towards Cybersecurity

Central Securities Clearing System (CSCS) Plc, Nigeria’s capital market infrastructure, advanced its advocacy for cybersecurity in a webinar organized by the company, as it drums up support for cyber vigilance across all stakeholders.

In this year’s annual conference themed: “Cyber Security: The Challenges We Face Today”, CSCS pooled leading industry professionals in Information Technology and Cybersecurity to discuss innovative ways of enhancing security architecture of firms, with emphasis on the role of different stakeholders, especially employees and customers in protecting the integrity of information technology networks and systems.
The conference which was attended by participants from various sectors of the economy was moderated by Mrs. Isioma Lawal, Acting Head, Enterprise Risk Management and Resilience Services at CSCS Plc, with six panelists: Mr. Harrison Nnaji, Chief Information Security Officer, First Bank Group; Ms. Funmilola Odumuboni, Senior Manager, Cyber Risk Services, Deloitte; Mr. Phil Menny, Regional Director, West and East Africa, Alliance Media Group; Mr. Tobe Nnadozie, Divisional Head, Business Technology and Digital Innovation, CSCS Plc and Mr. Walid Bou Abssi, Business Development Manager, Shelt Global Limited.
In his opening remarks, the Managing Director/Chief Executive Officer of CSCS Plc, Mr. Haruna Jalo-Waziri said: “the conference, the third in the series, is timely given the increasing global incidence of cyber-attacks, especially as network compromise arising from remote connections associated with work-from-home presents new forms of cybersecurity exposures.
“The prolonged pandemic occasioned by COVID-19 has increased digitization and adoption of new technologies, albeit presenting new risks to cybersecurity”.
According to Mr. Jalo-Waziri: “As we surf the internet and connect to different applications either on our official networks or personal devices, we need to protect ourselves and our ecosystem from the rising vulnerabilities of cybercrimes.
At CSCS, we believe everyone’s awareness and conscious practice of best approaches in cybersecurity should be a key aspect of how people live and work in today’s environment, especially as everyone needs to take responsibility for protecting the integrity of networks and systems, not just for our personal interest but also in ensuring the integrity and safety of our ecosystem and broader market.
Cybersecurity is not the responsibility of the IT officers, rather it’s a collective responsibility of everyone connected to the system, including customers, who we must continuously educate on best practices to prevent them from being the weakest link in our systems”.
In answering a question, Mr. Harrison Nnaji said: “the lingering COVID-19 will lead to increased insider threat, data breaches, and series of home network or work-from-home attack this year.”
Mr. Nnaji went further to discuss his perspectives regarding cyber threats that are likely to happen in the near future and advocated that everyone should be vigilant to avoid being victims.
According to him, “Increased system infiltration, dangerous fileless and ransomware attack, increased attack on key cloud assets (crypto platforms, supply chain, blockchain, Internet of Things, Open API, and interconnected systems), enterprise software and remote communication platforms will be a key target of threat actors.”
While speaking at the conference, Ms. Funmilola Odumuboni said: “the major tenets of cybersecurity are confidentiality, integrity and availability.” Speaking to these tenets, Ms. Odumuboni said: “the information meant to be kept secure are indeed secure and kept out of public domain; the information at hand is correct and the systems are available to use when one wants to use them.”
She noted: “A cyber-attack occurs every 39 seconds and cybercrimes increased by nearly 300% following the COVID-19 outbreak. Also, human error is the primary cause of cybersecurity breaches, accounting for 95% of all data breaches; 86% of breaches were financially motivated and 10% were motivated by espionage and 36% of breaches involved phishing, 11% more than last year”.
Also, speaking from the financial markets and investor protection perspectives, the Head, Start-Up Operations at CSCS Plc, Mr. Folagbade Adeyemi said; “the Nigerian market has not been exempted, as fraudsters continue to attempt exploitation of probable vulnerabilities to cause significant investor loss.
According to him “In order to prevent fraudsters from exploiting systemic gaps by assuming an individual identity, investors should take ownership of their identity and increase the effort level for identity theft by carrying out account updates such as contact information, strengthen access controls and periodically reviewing their accounts to ensure safety”.
E-Business
Kaspersky Reveals a New Malicious Framework Targeting Cryptocurrency Users with the Use of OkoSpyware

At its recent annual Cyber Security Weekend for the Middle East, Turkiye and Africa (META) region, Kaspersky Global Research and Analysis Team (GReAT) shared insights about the new OkoBot campaign targeting cryptocurrency users.

The new sophisticated framework employs TookPS to exfiltrate seed phrases and uses a new OkoSpyware module to monitor Chromium-based browsers and deploy various malware strains, including the Rilide stealer.
It has already targeted hundreds of victims across over 25 countries, with the highest number of affected end users recorded in Brazil, Vietnam, Canada, Mexico and Turkiye. According to Kaspersky experts, the threat remains active and primarily poses a risk to cryptocurrency users.
In January 2026, experts from the Kaspersky Global Research and Analysis Team (GReAT) identified multiple attacks involving a previously unknown malware capable of capturing the contents of cryptocurrency wallet windows. Dubbed Okobot, the new sophisticated malware framework comprises more than 20 malicious payloads and implants designed to perform a wide range of functions, including collecting local files, executing remote commands, downloading arbitrary browser extensions, stealing cryptocurrency wallets, harvesting seed phrases and credentials, recording video and carrying out other malicious activities.
One of the new implants used in the campaign is a loader that modifies browser memory to load and hide malicious extensions. OkoBot also includes a new OkoSpyware module, which captures keystrokes and the video stream of a target application’s window.
Currently available information does not allow the campaign to be attributed to any known crimeware actor with high confidence. However, the techniques and infostealer involved are widely used by Russian-speaking threat actors, and technical analysis has also revealed code artifacts in Russian.
The initial infection typically occurs through two main vectors: ClickFix attacks, in which threat actors use social engineering to trick users into running malicious code, and malware distributed via GitHub under the guise of legitimate software. During the investigation, researchers identified one such case involving a fake installer for SQL Server Management Studio (SSMS), a widely used Microsoft database management tool.
The malicious framework includes SeedHunter, a malware component that monitors active system processes and injects an implant into Trezor Suite, Ledger Wallet, and Ledger Live, – official applications used to manage cryptocurrency assets. When it detects a connected Trezor or Ledger hardware wallet, it triggers the hooked functions to display a hard-coded phishing page aimed at stealing the user’s seed phrase, using a distinct layout for each wallet type.
“The OkoBot campaign has been active for more than a year and remained ongoing as of July 2026. The observed infection vectors strongly suggest that developers are among its primary targets. Of particular concern is the malware’s continued evolution, which indicates that the framework is being actively maintained. As distribution efforts persist, the campaign has the potential to reach more users and expand into additional countries in the near term,” says Dmitry Galov, Head of the Russia and CIS unit at Kaspersky Global Research and Analysis Team.
E-Business
CMS T&M Launches TMO Rides to Enable a Faster & Cashless Transport Experience for CMS – Ajah Passengers

CMS Transport Management (CMS T&M), one of Lagos’ longest-standing and most trusted transport operators, officially launches a new service known as TMO Rides.

This new initiative is designed to simplify the daily commute by introducing seamless cashless payments for passengers across its bus network.
For over 58 years, CMS T&M has played a significant role in moving millions of passengers daily along the CMS – Ajah routes through its fleet of high-capacity buses popularly.
The launch of TMO Rides marks another milestone in the company’s journey toward building a smarter, more efficient transport experience.
Through the initiative, passengers will have access to TMO Cards for a seamless transport. This is more exciting because TMO launches with 2 consecutive apps.
These apps help to eliminate the need for cash transactions while reducing boarding delays and create a more convenient experience for passengers.
Beyond introducing digital fare payments, the initiative reflects CMS T&M’s broader commitment to modernize public transportation through innovation, operational efficiency and improved customer experience.
CMS T&M operates within Nigeria’s regulated transport ecosystem as a registered member of the BRT Association of Nigeria (BRTAN), where it is also an equity stakeholder, reinforcing its commitment to a cooperative-driven transport system.
The company is equally registered with the Lagos Metropolitan Area Transport Authority (LAMATA), the agency responsible for planning, regulating and franchising public transportation in Lagos State, and is also a member of the National Union of Road Transport Workers (NURTW) that promotes safe and organized road transport operations.
Speaking on the launch, Andy, Managing Director of CMS T&M, said: “For nearly six decades, our focus has remained the same, which is moving people safely and efficiently.
“As the transportation needs of Lagos continue to evolve, we must evolve with them. TMOx Rider is about making everyday commuting easier by giving our passengers a faster, more convenient way to pay while improving the overall travel experience.
“This launch represents another important step in our commitment to building a smarter, more accessible transport system for everyone.”
The launch of TMO Rides forms part of CMS T&M’s long-term vision of embracing technology to improve public transportation without compromising the trust and consistency the passengers have relied on for generations.
The cashless payment infrastructure empowering TMO Rides is enabled by Treepz, whose mobility technology supports digital fare collection and operational efficiency.
By providing the technology behind the initiative, Treepz is helping CMS T&M expand access to modern, seamless transportation while advancing a shared vision of making everyday mobility more connected, convenient and accessible across Lagos.
Visit our website: https://www.cmstaxiandmotor.com/
E-Business
Nigeria Tightens Data Privacy Compliance as FG Issues Directive to MDAs

Federal Government has directed all Ministries, Departments and Agencies (MDAs) to fully comply with the provisions of the Nigeria Data Protection Act (NDP Act) 2023, as part of efforts to strengthen responsible data governance and build public trust in data-driven public administration.

The directive is contained in Circular No. 59805/S.I/74, dated July 27, 2026, and signed by the Secretary to the Government of the Federation (SGF), Senator George Akume.
According to the circular, the directive follows President Bola Tinubu’s instruction that all government institutions must ensure the rigorous collection and secure management of personal data in accordance with the Nigeria Data Protection Act.
The President was quoted as saying: “Data is the new oil: its value increases the more it is refined and responsibly shared. I therefore direct all Ministries, Extra-Ministerial Departments and Agencies to capture information rigorously and safeguard it under the Nigeria Data Protection Act, 2023.”
The circular mandates MDAs to ensure full compliance with the NDP Act, its regulations, guidelines and directives issued by the Nigeria Data Protection Commission (NDPC) regarding the processing of personal data.
To achieve this, every MDA is required to appoint a suitably qualified Data Protection Officer (DPO) responsible for overseeing compliance and advising management on lawful data processing practices.
The agencies are also required to register the names and contact details of their designated DPOs with the NDPC and engage licensed Data Protection Compliance Organisations (DPCOs), where necessary, to support compliance and conduct statutory data protection audits.
In addition, the Federal Government directed MDAs to make adequate budgetary provisions for data protection compliance activities, including staff capacity building, awareness programmes, deployment of technical safeguards and periodic compliance audits.
The circular further requires all MDAs to submit mandatory Data Protection Compliance Audit Returns and other statutory reports to the NDPC within the timelines stipulated by law.
It also places responsibility for compliance squarely on the leadership of government institutions.
According to the circular, Permanent Secretaries, Accounting Officers and Chief Executive Officers of all MDAs will be held personally accountable for ensuring full compliance with the directive and the provisions of the Nigeria Data Protection Act.
Reacting to the development, the National Commissioner and Chief Executive Officer of the Nigeria Data Protection Commission, Dr. Vincent Olatunji, commended the administration of President Tinubu for demonstrating strong legal and political commitment to protecting the privacy and fundamental rights of data subjects in Nigeria.
Olatunji said the Commission remained committed to supporting government institutions in implementing effective data governance frameworks, noting that data accountability is critical to achieving the administration’s eight Presidential Priorities.
He disclosed that the NDPC had established a regulatory clinic to provide technical guidance and support to MDAs in meeting their compliance obligations.
According to him, the initiative is part of ongoing regulatory measures aimed at strengthening Nigeria’s data governance ecosystem as the country positions itself to harness opportunities presented by the Fourth Industrial Revolution.
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