News
Cybercrime: Nigeria Ranks 43rd in EMEA
Nigeria has ranked 43rd in Europe Middle East and Africa (EMEA) and 70th in the world in 2009 for malicious activity according to recent internet security report by Symantec a global leader in providing security, storage and systems management solutions.
“Attacks have evolved from simple scams to highly sophisticated espionage campaigns targeting some of the world’s largest corporations and government entities. The scale of these attacks and the fact that they originate from across the world, makes this a truly international problem requiring the cooperation of both the private sector and world government,” Gordon Love, regional director for Africa at Symantec.
According to the report, Egypt was the top-ranked country for viruses while Saudi Arabia was the top-ranked country for worms. Worms are malicious programs that replicate themselves from system to system without the use of a host file. This is in contrast to viruses, which requires the spreading of an infected host file.
The report identified an increase in the number of targeted threats focused on enterprises. It noted that given the potential for monetary gain from compromised corporate intellectual property, cybercriminals have turned their attention towards enterprises. The report found that attackers are leveraging the abundance of personal information openly available on social networking sites to synthesize socially engineered attacks on key individuals within targeted companies.
Also web-based attacks continued to grow unabated. The report identified that, today’s attackers leverage social engineering techniques to lure unsuspecting users to malicious websites. These websites then attack the victim’s web browser and vulnerable plug-ins normally used to view video or document files. In particular, 2009 saw dramatic growth in the number of web-based attacks targeted at PDF viewers; this accounted for 49 percent of observed web-based attacks. This is sizeable increase from the 11 percent reported in 2008.
Among other trends highlighted in the report is the fact that malicious activity takes root in emerging countries. The report saw firm signs that malicious activity is now taking root in countries with an emerging broadband infrastructure, such as South Africa, Brazil, India, Poland, Vietnam and Russia. In 2009, these countries moved up the rankings as a source and target of malicious activity by cybercriminals. The findings from the report suggest that government crackdown in developing countries have led cybercriminals to launch their attacks from the developing world, where they are less likely to be prosecuted.
Ogba Ogbaga, an Abuja-based lawyer, has said that he has been instructed to institute legal proceedings against MTN Nigeria, Airtel Nigeria, Globacom, 9mobile and MultiChoice Nigeria, operators of DStv, over what he described as unfair consumer practices relating to expiring data bundles and television subscriptions.
In a statement posted on Facebook, Ogbaga said his law firm, GIMBG Legals, received instructions from its client, KAA, also known as KaaTruths, to challenge the companies’ subscription policies in court.
According to him, the proposed suit will question whether telecom operators and DStv’s subscription models comply with provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018 and other applicable laws.
Ogbaga alleged that telecom providers operate internet data services that are unfair to consumers, claiming subscribers sometimes do not receive the services they paid for but still lose their subscriptions once the validity period expires.
He also criticised DStv’s subscription model, arguing that consumers lose paid viewing time due to factors such as power outages, adverse weather conditions and service interruptions, while subscriptions continue to count down regardless.
“Our clients have complained that MTN data services are unduly one-sided,” Ogbaga said, adding that the legal action would also extend to other telecommunications providers and DStv.
He said the court action would seek judicial determination on whether the companies’ subscription practices comply with consumer protection laws.
The lawyer also invited interested legal practitioners to collaborate on the case, saying his firm would provide updates as the matter progresses.
In a separate Facebook post on Wednesday, Ogbaga said previous policy discussions, town hall meetings and debates at the National Assembly had failed to address the concerns raised by consumers.
He argued that telecom operators regularly carry out maintenance and network upgrades that temporarily disrupt services without extending customers’ subscription periods, while DStv subscribers also lose viewing time because of electricity outages and weather-related disruptions.
The National Insurance Commission (NAICOM) has commenced the issuance of new licence certificates to insurance companies that successfully met the industry’s new minimum capital requirements, marking the formal beginning of a new regulatory era aimed at strengthening the financial capacity, governance and global competitiveness of Nigeria’s insurance sector.
At a ceremony held at the Commission’s headquarters in Abuja, the Commissioner for Insurance, Olusegun Ayo Omosehin, presented the new licence certificates to compliant operators, describing the exercise as a major milestone in the industry’s recapitalisation programme.
According to the Commission, a total of 43 insurance companies declared compliant with the new capital requirements are expected to receive the new licence certificates in phases.
Omosehin congratulated the successful companies, saying the issuance of the new licences signals the beginning of a stronger regulatory framework anchored on improved capitalisation, sound corporate governance, innovation and sustainable growth.
He urged operators to leverage their enhanced capital base to develop innovative insurance products, improve operational efficiency and deepen insurance penetration across the country.
The Commissioner said the Commission expects the recapitalised companies to deliver stronger financial performance while maintaining high standards of professionalism and customer service.
He also announced that NAICOM’s next major regulatory initiative would be the implementation of the Risk-Based Capital (RBC) framework, under which insurers’ capital levels would be aligned with the risks inherent in their respective business portfolios.
According to him, the new framework will further strengthen the industry’s resilience by ensuring that insurers maintain capital commensurate with the risks they underwrite, thereby enhancing policyholder protection and boosting market confidence.
Omosehin reaffirmed the Commission’s commitment to removing regulatory impediments where necessary while maintaining effective oversight to safeguard policyholders and strengthen confidence in the insurance market.
The issuance of the new licence certificates marks the commencement of a phased transition to higher capital standards aimed at improving the financial capacity, solvency and claims-paying ability of insurance companies operating in Nigeria.
Management of Nigeria CommunicationsWeek Media has withdrawn its publication titled “Adefolarin Ogunsanya and the Allegations of Shareholder Interference and Self-Dealing at Pan African Towers,” which was published on its platform.
The decision to retract the story follows an editorial review to ensure that the platform maintains the highest standards of accuracy, fairness and responsible journalism in reporting matters that are the subject of ongoing judicial proceedings.
Nigeria CommunicationsWeek acknowledges that the issues raised in the publication remain before the courts and have not been finally determined.
Accordingly, the organisation has decided to remove the article from its platforms pending the conclusion of the legal processes or the availability of additional verified information.
The publication regrets any inconvenience or misunderstanding the report may have caused to readers or any individuals or organisations mentioned in the story.
Nigeria CommunicationsWeek remains committed to the principles of balanced, factual and ethical journalism and will continue to uphold professional standards in its coverage of judicial and corporate governance matters.
ITUC-Africa Faults FG’s Plans to Remove Electricity Subsidy
SEC Begins Full e-Registration for Capital Market Services
NAICOM Revokes Nigeria Reinsurance’s Licence over Failure to Meet MCR
Many Nigerian Airlines May Collapse within 30 Days – Onyema
Ogbaga, Abuja Lawyer to Sue Telcos, DStv over Alleged Unfair Practices
NRC, Ponzi Scheme Collapses Resulting Loss of Billions of Naira
From Scarcity to Scale: What Africa Can Learn from India’s Agricultural Transformation
EFCC Busts NIS Visa Overstay Racket, Uncovers N700m in an Account
BON Establishes Six Ad Hoc Committees to Modernize Broadcasting
How EFCC Turned Recovered Loot Into School Supplies for Thousands of Nigerian Students
E-Business3 days agoKaspersky Identifies Cyberespionage as a Growing Threat Across Africa, Others
Broadcasting3 days agoNBC Files Fresh Appeal against Judgment Barring it from Imposing Fines on Broadcast Stations
News3 days agoINTERPOL Report Shows AI Powers 55% of Cybercrimes in Africa Amid $484m Losses
Telecom3 days agoWhy Strong Institutions Remain Africa’s True Growth Engine
News3 days agoNigeria Expands Deep-tech Skills Pipeline
E-Financial3 days agoNigerians Lost N25.85Bn to Digital Payment Fraud in 2025 –CBN
E-Financial3 days agoNRS Announces 30 Percent Tax on Corporate Crypto Income
E-Business2 days agoKaspersky Reveals a New Malicious Framework Targeting Cryptocurrency Users with the Use of OkoSpyware