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Experts Urge Banks to Fortify Against Impending Threats Surge in 2024

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Financial institutions and organisations should fortify their defenses in 2024, as threats will surge driven by AI and heightened automation according to Kaspersky experts.

In its crimeware report and financial predictions for 2024, the cybersecurity company anticipates an increase in cyberattacks, exploitation of direct payment systems, the resurgence of Brazilian banking trojans, and a rise in open-source backdoored packages.

The report also includes a comprehensive review of the accuracy of last year’s predictions, emphasising trends like the rise in Web3 threats and increased demand for malware loaders. Adapting to the evolving landscape, 2024 demands proactive cybersecurity strategies, sector collaboration, and innovative defenses.

Last year, Kaspersky experts accurately predicted the rise in Web3 threats, increased demand for malware loaders, and the shift of ransomware groups towards destructive activities. Notably, the foresight on “Red Team” frameworks and a Bitcoin payment shift remained unfulfilled.

Looking ahead, 2024 predicts an AI-driven surge in cyberattacks that mimic legitimate communication channels, leading to a proliferation of lower-quality campaigns.

Moreover, the Kaspersky experts expect cybercriminals to capitalise on the popularity of direct payment systems, resulting in the emergence of clipboard malware and increased exploitation of mobile banking Trojans. Families like Grandoreiro have already expanded abroad, targeting over 900 banks in 40 countries.

Another concerning trend in 2024 could be the rise in open-source backdoored packages. Cybercriminals will exploit the vulnerabilities in widely used open-source software, compromising security and potentially leading to data breaches and financial losses.

And the experts forecast affiliate groups in the cybercriminal ecosystem will exhibit a more fluid structure in the coming year, with members frequently switching between or working for multiple groups simultaneously.

This adaptability will make it more challenging for law enforcement to track them and combat cybercrime effectively.

Other important predictions include:

  • Global adoption of Automated Transfer Systems (ATS). The global adoption of mobile ATS will extend beyond Brazilian borders, allowing cybercriminals worldwide to exploit these systems for financial gain.
  • Decrease in zero-days, increase in one-day exploits. Crimeware actors will shift to more reliable one-day exploits due to the scarcity of zero-days, aiming for increased accessibility.
  • Exploitation of misconfigured devices and service. An increase in the exploitation of misconfigured devices and services, providing cybercriminals with unauthorised access for launching attacks.

“In the ever-evolving landscape of financial cybersecurity in 2024, we anticipate a surge in threats, heightened automation, and the unwavering persistence of cybercriminals. To stay ahead, financial institutions and organisations must proactively adapt their cybersecurity strategies, fortifying defenses to safeguard assets and sensitive data.

“The key to success lies in fostering collaboration between the public and private sectors, forging a united front against the escalating risks that define the financial cybersecurity terrain in the year ahead,” says Marc Rivero, lead security researcher at GReAT, Kaspersky.

 


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E-Business

Report Shows Start-ups Fuel Innovations in Africa

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Bloomberg has released its second annual “25 African Startups to Watch” list, underscoring the growing influence of venture-backed innovation across the continent.

Published thursday, the list highlights companies building solutions in “environments where infrastructure or systems have failed to deliver.”

The featured start-ups build solutions to challenges such as accessing healthcare in Chad, moving goods in Kenya, securing loans in South Africa, and safeguarding borders in Nigeria.

Nigeria, South Africa and Kenya jointly lead with four companies each, reflecting the ongoing strength of Africa’s three most visible start-up ecosystems.

The 25 companies span 13 countries and sectors including healthcare, fintech, security, climate resilience, waste management, and transport.

Nigeria’s four startups are 10mg Health, Remedial Health, Sycamore and Terra Industries, covering areas from healthcare financing and pharmaceutical supply chain integrity to digital lending and defence technology.

South Africa’s contingent includes Omnisient, Amesect, AURA and Jem. Omnisient uses grocery purchase data and AI to extend credit to those outside traditional financial systems.

Kenya’s notable four include Zeraki, a school-data analytics platform partnering with Safaricom to reach secondary students across the country.

According to Bloomberg, a defining theme this year is the source of funding.

Nearly half of the total capital raised by these start-ups came from African investors, marking a shift from previous years when international capital predominantly drove early growth.

International backers such as 8VC, controlled by Palantir Technologies co-founder Joe Lonsdale, and Google continue to see value in investing in African companies, Bloomberg noted.

The report also highlights that start-ups across the continent almost doubled their debt fundraising in 2025, even as equity financing from venture capital firms declined.

Separately, the Start-up Ecosystem Report 2026 states that Kenya has overtaken Nigeria as Africa’s top startup investment destination, attracting $984 million in 2025.

Jennifer Zabasajja, Bloomberg Television’s chief Africa correspondent and anchor, highlighted the dual significance of the list, the variety of solutions being built and the growing role of African-sourced capital in backing them.

She noted that the list comes at a consequential moment, one shaped by global disruptions, from the conflict in Iran to sweeping cuts in US foreign healthcare assistance, that have made the case for African-owned capital more urgent than ever before.


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NDPC Raises Alarm: Fake News, Data Abuse Could Destroy Nigeria’s 2027 Elections

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Nigeria Data Protection Commission has warned that the growing misuse of personal data and digital platforms could undermine Nigeria’s democratic process ahead of the 2027 general elections.

NDPC Raises Alarm: Fake News, Data Abuse Could Destroy Nigeria’s 2027 Elections

NDPC

The warning was delivered during the 2026 Press Week organised by the FCT Council of the Nigeria Union of Journalists in Abuja.

Speaking at the event, Vincent Olatunji, national commissioner and chief executive officer,  NDPC, who was represented by Itunu Dosekun, head of Media Unit at the commission, said disinformation and unlawful exploitation of personal data posed serious threats to credible elections.

The event had the theme: “2027 Election: Defending Democracy in the Era of Disinformation.”

Dosekun said the struggle for credible elections was no longer confined to polling units, noting that digital platforms had become major channels for manipulated narratives, fake news, propaganda and AI-generated misinformation.

According to him, the rapid growth of social media platforms, messaging applications and data-driven political campaigns has created vulnerabilities capable of influencing voter perception and weakening public trust in democratic institutions.

He warned that the abuse of personal data for political profiling and psychological targeting had become one of the most dangerous threats facing democracies worldwide.

“The misuse of citizens’ personal information carries serious social implications, especially for vulnerable groups who may not fully understand how their data is harvested, processed and weaponised online,” he said.

Dosekun noted that coordinated disinformation campaigns could inflame ethnic tensions, spread fear and discourage civic participation, particularly among young Nigerians.

He described the Nigeria Data Protection Act, 2023, as a critical legal framework aimed at protecting citizens against unlawful data processing and digital exploitation.

According to him, the law gives Nigerians greater control over their personal information while placing obligations on organisations, institutions and political actors to handle data responsibly.

Dosekun also called for stronger collaboration among political parties, media organisations, technology firms, civil society groups and citizens to promote responsible digital behaviour ahead of the elections.

He stressed the role of journalists and media professionals in combating fake news, fact-checking information and safeguarding public discourse.

According to him, protecting personal data should not only be seen as a privacy issue but also as a democratic responsibility necessary for maintaining public confidence, national stability and electoral credibility.

Stakeholders at the event emphasised the need for improved digital literacy, stronger regulation and increased public awareness to prevent the abuse of digital platforms during future elections.


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Anthropic Raises $65 Bn to Expand AI Research, Innovation

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Anthropic, artificial Intelligence company, has said that  it has secured sixty-five billion dollars in a new funding round, raising the company’s valuation to about nine hundred and sixty-five billion dollars.

Anthropic Raises $ 65 Bn to Expand AI Research, Innovation

The development places the company ahead of its rival, OpenAI, maker of ChatGPT, which was valued at about eight hundred and fifty-two billion dollars earlier this year.

Anthropic, founded by former OpenAI employees and led by Dario Amodei, chief executive officer, has emerged as one of the leading firms in the global Artificial Intelligence industry.

The company is widely recognised for its advanced coding capabilities and generative AI models, particularly its AI assistant known as Claude.

Unlike some competitors focusing mainly on general consumers, Anthropic has concentrated on delivering AI solutions to enterprise and business clients.

The company also says it places strong emphasis on AI safety while expanding its products and services amid growing competition in the sector.

Krishna Rao, chief financial officer of Anthropic, said the new funding would support the company’s research efforts and help meet rising global demand for its AI technologies.

Reports indicate that the investment round attracted major Silicon Valley venture capital firms, including Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital.


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