E-Business
Cost of Data Breaches Increasing to $3.8M – Report

The cost of data breaches is rising for companies around the world as sophisticated thieves target valuable financial and medical records, according to a study released yesterday.
The total average cost of a data breach is now $3.8 million, up from $3.5 million a year ago, according to a study by data security research organization Ponemon Institute, paid for by International Business Machines Corp.
The direct costs include hiring experts to fix the breach, investigating the cause, setting up hotlines for customers and offering credit monitoring for victims. Business lost because customers are wary after a breach can be even greater, the study said.
Data breaches are becoming more common and significant, with high-profile attacks on Sony Corp, JPMorgan Chase and retailers Target Corp and Home Depot Inc in the past year and a half.
“Most of what’s occurring is through organized crime,” said Caleb Barlow, vice president of IBM Security. “These are well-funded groups. They work Monday to Friday. They are probably better funded and better staffed than a lot people who are trying to defend against them.”
IBM, which sells cyber-security services to companies, has a vested interest in highlighting the costs of data breaches.
The cost of a data breach is now $154 per record lost or stolen, up from $145 last year, according to the study, based on interviews with 350 companies from 11 major countries that had suffered a data breach.
The study’s authors said average costs did not apply to mega-breaches affecting millions of customers, such as those suffered by JPMorgan Chase, Target and Home Depot, which cost the companies far greater sums. Target alone said last year its breach cost $148 million.
The study found that the healthcare was most at risk for costly breaches, with an average cost per record lost or stolen as high as $363, more than twice the average for all sectors of $154.
That reflects the relatively high value of a person’s medical records on the underground market, said IBM, as Social Security information is much more useful for identity theft than simple names, addresses or credit card numbers.
E-Business
Human Hacking: When Cyber Criminals Target You

By Nancy Werteen
When you get anti-hacking advice, you’ve probably heard “Don’t use a simple password,” or “Don’t plug in that USB you found on the ground.”
But there’s one form of hacking that doesn’t always require a computer, and it costs businesses about 4.88 million dollars a year.
Modern hackers aren’t trying to get into your computer; they’re trying to get into you.
“They’ll try to learn about you a little bit, and they’ll try to use that information against you to try to get you to complete some action, maybe to send somebody some money,” said Kevin Moran, PhD, Assistant Professor of Computer Science, Cyber Security and Privacy Cluster, University of Central Florida.
IBM calls this human hacking, because it exploits human error instead of system error.
“With people just being busy and maybe not very carefully checking some of the emails or the phone calls that they get, can be something unfortunately that people can fall victim to,” said Moran.
Also known as social engineering, this often takes the form of phishing, where the hacker tries to “fish” the information out of you by impersonating family, friends, or even your bank.
There’s also baiting, where the hacker baits you with something of value. Remember the Nigerian prince scam?
That’s a famous example of baiting. There’s also pretexting, where the hacker will claim the victim has already been hacked, and that the hacker can fix it if you just send over your passwords. So, what can you do?
“Just as a rule of thumb, instead of clicking on links and emails, just go to the website yourself. And that will prevent, a lot of these types of attacks from happening,” explained Moran.
Phishing can take many forms.
Spear phishing targets people with access to confidential information, often to get access into an entire business, and whale phishing targets CEOs or political figures.
Search engine phishing is when hackers create fake websites promising services or goods you’ll never receive.
Angler phishing is when hackers create fake social media accounts impersonating famous people or companies.
Finally, vishing and smishing is phishing done through phone calls and texts respectively.
E-Business
FG Enrolls 59,786 Inmates on NIN Platform

Federal government has said that it has successfully captured 59,786 inmates, representing approximately 74 percent of the total prison population into the National Identity Number (NIN) database.
This figure is based on a total of 80,879 inmates across 256 custodial centres across the country.
Abubakar Umar, spokesman, Nigerian Correctional Service (NCoS), Deputy Controller of Corrections, who made this disclosure in a statement issued on Sunday in Abuja, dismissed recent media reports alleging that the NIN registration had yet to begin in custodial centres.
Umar described such report as misleading, inaccurate, and not representative of the current situation.
According to Umar, the NIN registration exercise within the correctional facilities was ongoing and has achieved substantial progress.
He credited the achievement to collaboration between the NCoS and the National Identity Management Commission (NIMC), which has enabled successful enrollment of majority of inmates into the national identity database.
According to him, “As of June 7, 2025, a total of 59,786 inmates, roughly 74 percent cent of the total inmate population have been captured on the NIMC platform,” Umar said.
“Efforts are ongoing to register the remaining inmates, and necessary mechanisms have been established to ensure the seamless completion of the process.”
He emphasised that the assertion that NIN registration has not started in custodial centres was factually incorrect and overlooks the extensive work already carried out.
The Service reaffirmed its commitment to integrating all inmates into national data systems, including NIN registration, as part of broader efforts to support rehabilitation, reintegration, and digital inclusion for individuals in custody.
Umar also urged media outlets to confirm their information with appropriate authorities before publication to prevent the spread of misinformation that could undermine the Service’s progress and public understanding.
E-Business
NIMC Denies Blocking Police Commission from Verification Server

National Identity Management Commission (NIMC) has clarified that all its verification service platforms remain fully functional and accessible to all authorized partners, including security agencies.

Abisoye Coker-Odusote, DG, NIMC
In a statement on Thursday, the Commission firmly denied claims that it had denied the Police Service Commission (PSC) access to its verification server.
Dr. Kayode Adegoke, head of Corporate Communications, NIMC, described the reported “inability of the Police Service Commission to access the NIMC verification server” as misleading and inaccurate.
He suggested that any challenges faced by the PSC may be due to internal issues within the commission itself, not from NIMC’s end.
The statement reads: “To set the record straight, the NIMC granted verification access to all Nigerian Police formations for the verification of the National Identification Number (NIN). The NPF, PSC and other security agencies have been enjoying uninterrupted verification services for over five years.
“NIMC has provided top-notch verification services for recruitment into the Nigeria Police Force, as conducted by the PSC and at no time have there been any complaints or issues regarding NIN Verification by the NPF or PSC.
“The Commission has a robust and harmonious working relationship with the Nigerian Police Force and the Police Service Commission. The Information Communications and Technology (ICT) department of the Nigeria Police Force is actively managing the long-standing verification and integration service between the NIMC and all Nigeria Police formations.Entertainment tourism packages
“NIMC will continue to provide flawless verification services for the purpose of recruitment, security mapping, cybercrime control, and any other security matters.
“The framework by which NIMC provides services to the security agencies was recently restructured for standardization and effective implementation, following consultation with the Office of the National Security Adviser, and NPF has confirmed the verification services have continued to be available. We therefore believe that any service interruption experienced by PSC may be due to internal matters.
“NIMC is committed to providing excellent verification services to the PSC, NPF and all its partners but the terms and conditions inherent must be adhered to for uninterrupted flow of service.”
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