Connect with us

E-Business

Global Mobile Banking Malware Grows 32% in 2023

Published

on

Kindly share this post

Kaspersky has released its annual Financial Threats Report for 2023, offering a detailed analysis of the evolving financial cyberthreat landscape.

The report reveals significant increases in mobile banking malware and cryptocurrency-related phishing, signaling growing threats to digital financial assets.

The previous 12-months has witnessed a substantial rise in the number of users encountering mobile banking Trojans, with attacks on Android users surging by 32% – contrary to 2022.

The most prevalent banking trojan was Bian.h, accounting for 22% of all Android attacks. Geographically, Afghanistan, Turkmenistan, and Tajikistan recorded the highest share of users encountering banking Trojans, with Turkiye leading mobile banking malware attacks, with almost 3% of users affected (2.98%).

While the number of users affected by financial PC malware saw an 11% decline in 2023, Ramnit and Zbot were identified as the predominant malware families, targeting more than 50% of affected users. Consumers continued to be the primary target, comprising 61.2% of all attacks.

In 2023, financial phishing remained a significant threat, accounting for 27.32% of all phishing attacks on corporate users and 30.68% on home users. E-shop brands were identified as the top lure, with 41.65% of financial phishing attempts.

Additionally, PayPal phishing represented 54.78% of phishing pages targeting electronic payment system users. The report also highlighted a 16% year-on-year growth in cryptocurrency phishing, with 5.84 million detections in 2023 compared to 5.04 million in 2022.

E-shop phishing was identified as the most prevalent, recording 41.65% of all financial phishing pages. Amazon emerged as the most mimicked online store, accounting for 34% of phishing attempts, followed by Apple at 18.66% and Netflix at 14.71%. PayPal was the most targeted payment system, with 54.73% of attacks.

Cryptocurrency-related phishing and scams continued to grow, with Kaspersky preventing 5,838,499 attempts to follow cryptocurrency-themed phishing links – a 16% increase on 2022. Scammers mimicked cryptocurrency exchanges and offered coins in the name of large enterprises like Apple.

“Money has always been a magnet for cybercriminals, and a substantial portion of malware attacks are financially motivated. The surge in mobile malware witnessed last year highlights a concerning trend in cybercrime.

“With the emergence of new and aggressive malware strains, attackers are evolving their tactics to target mobile devices more aggressively. This underscores the imperative for individuals and businesses to maintain heightened vigilance, update protective measures, and fortify device security accordingly,” commented Igor Golovin, a security expert at Kaspersky.


Kindly share this post

Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Business

Outdated Tech Holding Back Innovation in Organizations

Published

on

Kindly share this post

A new report by a leading global IT infrastructure and services company, NTT DATA has revealed that 80 per cent of organizations have agreed that inadequate or outdated technology is holding back organizational progress and innovation efforts.

In fact, 94 per cent of C-suite executives believe legacy infrastructure is greatly hindering their business agility.

These findings come from NTT DATA’s inaugural Lifecycle Management Report. The report, which leverages 25 years of data-led insights from NTT DATA, explores the challenges and opportunities that exist for organizations as they navigate infrastructure lifecycle management.

The research was conducted over 2022 and 2023, gathering data from over 248 million active assets across 130 countries and supported with responses from up to 1400 senior technology decision makers.

Lifecycle management is a critical enabler of business success. Unfortunately, rapid modernization, and the proliferation of technology consumption models, coupled with an increasingly complicated and fragmented supplier ecosystem, make it difficult for many organisations to adequately maintain their technology infrastructure in a way that fosters business agility and innovation.

Compounding issues, the report finds that more than two thirds (69%) of currently active hardware (with scheduled last day of support) will no longer be supported by 2027.

According to the report, just 51 per cent of enterprises have fully aligned their technology approach to their business strategy needs, while 71 per cent of organizations say their network assets are mostly ageing or obsolete.

Unfortunately, lifecycle management can also have an even more direct impact on operations. Misaligned lifecycle patterns can result in inappropriate coverage levels, laborintensive renewals, extended incident resolution times, security breaches, and even costly license violations and compliance issues.

Gary Middleton, Vice President of Networking GTM at NTT DATA, said: “Infrastructure lifecycles are a critical part of the IT management process. They represent an opportunity and a challenge for leadership, as effective lifecycles can result in huge business benefits – from increased efficiency to fostering greater innovation. “However, inefficient lifecycle management can equally be a meaningful operational blocker, posing numerous risks to security and business continuity.

“Through the Lifecycle Management Report, our aim is to help organizations enhance their infrastructure lifecycle processes and unlock the huge benefits doing so presents.”

It would be recalled that an earlier report by PwC had indicated that in Africa, the tech-ecosystem had experienced impressive growth and is evolving rapidly.

It noted that there was a high level of optimism about the potential that the continent has to offer by harnessing the strength of its largely young, rapidly growing and technology savvy population.

“Nigeria is one of the continent’s more established startup ecosystems, with firms like Interswitch dating as far back as 2002. “Albeit the growing tech-sector in the Nigerian economy and significant private funding secured by African tech start-ups over the years, the tech sector is grossly underrepresented in the Nigerian capital market “ the report said.

It also highlighter that the future of countries, businesses, and individuals would be more dependent than ever on their adoption of technology, adding that economic vibrancy and wealth creation in developed countries had been associated with technological advancements and digital innovation & transformation.

“Today, most of the companies with the world’s largest market capitalizations are tech companies that generate much of their revenue from the digital ecosystems they created. This is a significant change from the early 2000s to this current time,” the report added.

 


Kindly share this post
Continue Reading

E-Business

DisCos’ revenue rose by 17% to N291bn in Q1 2024 – NBS

Published

on

Kindly share this post

National Bureau of Statistics (NBS) has revealed that electricity distribution companies (DisCos) in Nigeria made a total of N291.62 billion in the first quarter (Q1) of 2024.

NBS, in its latest report on electricity for Q1 2024, released on Sunday, June 23 also said there was a decline in electricity supply in the period reviewed.

The revenue by DisCos rose by 17.91 percent compared to the N247.33 billion recorded in Q1 of 2023, the bureau said.

According to the bureau, power supply dropped from 6,432.22 gigawats per hour (Gwh) in Q4 2023 to 5,769.52 (Gwh) in Q1 2024 but on a year-on-year basis, electricity supply decreased by 1.41 percent compared to 5,851.87 (Gwh) reported in Q1 2023, NBS said.

“Revenue collected by the DisCos during the period was N291.62 billion from N294.95 billion in Q4 2023, “the report reads.“On a year-on-year basis, revenue generated in the reference period rose by 17.91% from N247.33 billion recorded in Q1 2023.”

The NBS also said the total number of customers stood at 12.33 million in Q1 — up from 12.12 million in Q4 2023 — representing an increase of 1.78 percent.

“On a year-on-year basis, customer numbers in Q1 2024 rose by 9.47% from 11.27 million reported in Q1 2023,” the bureau said.

“Similarly, metered customers stood at 5.91 million in Q1 2024, indicating a growth of 5.38% from 5.61 million recorded in the preceding quarter.

“On a year-on-year basis, this grew by 11.26% from the figure reported in Q1 2023 which was 5.31 million.”


Kindly share this post
Continue Reading

E-Business

NITDA Commits to Deliver NDLF Initiatives Through Innovative Ideas

Published

on

Kindly share this post

In line with the digital literacy campaign of the National Information Technology Development Agency (NITDA), the Director General NITDA Kashifu Inuwa CCIE has said the Agency’s committed to achieving 70% digital literacy level by 2025 through innovative approaches in delivering initiatives, continuous collaborations and stakeholder engagement.

Inuwa made this known while receiving representatives from the Afre.lib Academy led by the Executive Director of Operation Mrs Joice Gomina who were on a visit to the Agency’s Corporate Headquarters in Abuja.

The purpose of the visit was to seek NITDA’s partnership as co-host of Afre.lib Academy’s bootcamps in August; 2024 Tech and Career Expo with the theme “Tech for Earth” in September; to have the DG as a Keynote Speaker and sponsorship support for their Tech Challenge Winners.

He said from the digital literacy perspective “We have three key areas, firstly, is the Formal Education where we are working with the minister of education to review curriculum and infuse all these skills in formal education, but we have a lot to do to achieve that in terms of training the teachers, getting the equipment available for them to use and so on.”

“Sencodly, for those outside the formal education (informal), we have an initiative which we call the Digital Literacy for All where we are working on building an Edtech platform (a learning Management System) where people can learn at their own pace. We are looking at translating it to Nigerian Languages, so that people who cannot read and understand English can do so in their own local languages.”

“We are exploring partnering with the National Youth Service Corp (NYSC) as they are in 774 local government areas, to be onboarding people and making the content as simple as possible. So that anybody who listens or watches these contents can pick something from it. We believe going through the NYSC will help use reach the critical mass we are looking at.”

“Finally, we also have the formal workforce, which is to train people working for the government and private sector because the workforce needs to be digitally literate to increase productivity at work.

Inuwa assured the Academy of the Agency’s full support as both organisation share the same vison of fostering IT development and digital literacy.

“We need to review your curriculum to make sure it aligns with the National Digital Literacy Framework (NDLF).”

He added that NITDA is working to have at least one Innovation Hub per state so that when people learn they can have a place to develop there proof of concept.

He stated that both organisations can work together in the aspect of having tech clubs across schools in the country.

The ED Afre.lib Mrs Gomina said that the Academy’s which is a made up of a team of experts’ passionate educators has seen the gap between young children who are digital natives and their teachers who are still using old methods to prepare them for a future that is constantly evolving.

She said the Academy is working on building a platform where these children will be mentored and given a safe space to explore technology within the ethics of morality.

“We want to reduce that entitlement mentality and increase that mentality of citizenship, responsibility, and showing them that they can contribute to nation building using technology,” she said

She mentioned that some of the activities of the Academy includes, bootcamps for children, summer tech challenges teacher training as she appreciated the Agency for its willingness to support and partner with the Academy.

The Academy did a demo of some of the prototype developed by children who have undergone trainings with them.

 


Kindly share this post
Continue Reading

Trending