E-Business
Insurance Operators Adopt Technology for Seamless Operations, Access to Customers
Insurance sector operators said they have invested heavily in acquiring technology that will make their operations seamless and accessible to customers through the introduction of dedicated platforms.
They have also announced a USSD code*555*11# that enables motorists check and verify authenticity of their motor insurance certificates. The insurers have also launched a website where all operators and agents are expected to upload the details of their motor insurance policy issued for record keeping and authentication.
Consequently, they said any motor insurance policy that could not be verified on the NIID portal is not authentic – even if it was bought from an insurance company.
Mrs. Yetunde Ilori, the Director General, Nigeria Insurers Association (NIA), stated this while addressing the media on the need for insurance buyers to ascertain the authentication or not of insurance certificate they hold.
She said policyholders must ensure the authenticity of their policies so that when claims occur, they could be compensated adequately.
She insisting that compensation could not be paid to those with fake motor insurance certificates whose status could not be ascertained on the NIID platform.
She said with the recent upward review of the premium rates for motor insurance by the National Insurance Commission (NAICOM), which took effect January 1, 2023, vehicle owners were entitled to enhanced compensations.
She gave instances of the various premium and claims attached on vehicle insurance adding that third party insurance premium rate for private motors is now N15,000 while the claims limit is N3 million; “Own goods third party premium N20,000 with N5 million compensation; Staff bus N20,000 premium with N3 million compensation; Commercial (trucks, general cartage) N100,000 premium with N5 million compensation; Special types N20,000 premium with N3 million compensation; Tricycle N5,000 with N2 million compensation; while Motorcycle has N3,000 premium with N1m compensation.”
The NIA DG said, “the policyholders whose vehicle insurance details had been uploaded on the NIID can check their motor insurance policy status by our website or by sending Short Messaging Service (SMS) to the USSD code *565*11# on any mobile phone with with or without internet access. You could enter your Vehicle Number or Insurance Policy number to confirm its authenticity. Once your particulars are entered, the result will appear right in front of you.”

E-Business
Sophos Anticipates AI-Based Attack Techniques, Prepares Detections
Sophos, a global leader in innovating and delivering cybersecurity as a service, has released two reports about the use of AI in cybercrime.
The first report—“The Dark Side of AI: Large-Scale Scam Campaigns Made Possible by Generative AI”—demonstrates how, in the future, scammers could leverage technology like ChatGPT to conduct fraud on a massive scale with minimal technical skills.
However, a second report, titled “Cybercriminals Can’t Agree on GPTs,” found that, despite AI’s potential, rather than embracing large language models (LLMs) like ChatGPT, some cybercriminals are skeptical and even concerned about using AI for their attacks.
On the the dark side of AI, using a simple e-commerce template and LLM tools like GPT-4, Sophos X-Ops was able to build a fully functioning website with AI-generated images, audio, and product descriptions, as well as a fake Facebook login and fake checkout page to steal users’ login credentials and credit card details.
The website required minimal technical knowledge to create and operate, and, using the same tool, Sophos X-Ops was able to create hundreds of similar websites in minutes with one button.
“It’s natural—and expected—for criminals to turn to new technology for automation. The original creation of spam emails was a critical step in scamming technology because it changed the scale of the playing field. New AIs are poised to do the same; if an AI technology exists that can create complete, automated threats, people will eventually use it. We have already seen the integration of generative AI elements in classic scams, such as AI-generated text or photographs to lure victims.
“However, part of the reason we conducted this research was to get ahead of the criminals. By creating a system for large-scale fraudulent website generation that is more advanced than the tools criminals are currently using, we have a unique opportunity to analyze and prepare for the threat before it proliferates,” said Ben Gelman, senior data scientist, Sophos.
For its research into attacker attitudes towards AI, Sophos X-Ops examined four prominent dark web forums for LLM-related discussions. While cybercriminals’ AI use appears to be in its early stages, threat actors on the dark web are discussing its potential when it comes to social engineering. Sophos X-Ops has already witnessed the use of AI in romance-based, crypto scams.
In addition, Sophos X-Ops found that the majority of posts were related to compromised ChatGPT accounts for sale and “jailbreaks”—ways to circumvent the protections built into LLMs, so cybercriminals can abuse them for malicious purposes. Sophos X-Ops also found ten ChatGPT-derivatives that the creators claimed could be used to launch cyber-attacks and develop malware. However, threat actors had mixed reactions to these derivatives and other malicious applications of LLMs, with many criminals expressing concern that the creators of the ChatGPT imitators were trying to scam them.
“While there’s been significant concern about the abuse of AI and LLMs by cybercriminals since the release of ChatGPT, our research has found that, so far, threat actors are more skeptical than enthused. Across two of the four forums on the dark web we examined, we only found 100 posts on AI. Compare that to cryptocurrency where we found 1,000 posts for the same period.
“We did see some cybercriminals attempting to create malware or attack tools using LLMs, but the results were rudimentary and often met with skepticism from other users. In one case, a threat actor, eager to showcase the potential of ChatGPT inadvertently revealed significant information about his real identity. We even found numerous ‘thought pieces’ about the potential negative effects of AI on society and the ethical implications of its use. In other words, at least for now, it seems that cybercriminals are having the same debates about LLMs as the rest of us,” said Christopher Budd, director, X-Ops research, Sophos.
E-Business
47% of Companies in the META Region Plan to Outsource Cybersecurity
Company bosses are boosting their cybersecurity following an alarming increase in cyberattacks, a new study commissioned by Kaspersky has found.
The data shows that 78% of companies in the Middle East, Turkiye and Africa region suffered at least one cyber incident over the last two years. One of the main reasons cited was the shortage of qualified IT security staff (23%).
Among measures to strengthen cybersecurity, overall up to 47% of respondents claimed that their companies plan to invest in different forms of outsourcing cybersecurity in the next 12 to 18 months.
Kaspersky conducted a study to learn the opinions of IT security professionals working for SMEs and corporations worldwide regarding the impact people have on cybersecurity in a company.
The survey gathered information about various groups of people who influence cybersecurity, looking at both internal staff, and external actors. It also analysed levels and types of online safety company bosses believed warranted investment.
In the META region, more than three quarters (78%) of respondents reported that their company had experienced cybersecurity incidents within the last two years, with 83% of these judged as ‘serious’. Some said the main reasons for cyber incidents occurring in their company were a lack of necessary tools for threat detection (31%) and a shortage of internal IT security staff (23%).
The respondents indicated that a variety of measures would be appropriate to address the gaps in cybersecurity. Specifically, 24% said they would like to see more external specialists brought in.
One quarter of organisations (25%) plan to invest in third-party professional services, and as many as 32% of respondents are aiming to outsource their cybersecurity to MSP/MSSP (Managed Service Providers/Managed Security Service Provider).
The most likely industries to invest in third-party services in the near future are critical infrastructure, energy and oil & gas companies.
At the same time, many organisations plan to invest in automating their cybersecurity processes. In the next 12 months almost half of businesses in the META region (51%) have concrete plans to implement software that automatically manages their cybersecurity, while 19% are discussing the subject.
“The automation and outsourcing of cybersecurity tasks are major areas that organisations are struggling with because of a lack of experts and alert fatigue. Turning to external experts, — whether it’s outsourcing, to manage the whole cybersecurity system, or adopting expert-level services to assist the IT Security department — is the optimal solution for many.
“Cybersecurity vendors, Managed Service Providers, Managed Security Service Providers are the companies that have relevant expertise, all the necessary tools, and can manage cybersecurity effectively for customers of any size.
“Additionally, they can provide the customer with various options, such as Managed Detection and Response services, where SOC experts continuously carry out monitoring, or assistance in case of emergency like investigating a particular incident. Automation tools provided by cybersecurity vendors is another way an organisation can strengthen its cybersecurity.
“For example, our XDR and MDR has out-of-the-box automation through investigation and response playbooks and embedded AI, enabling clients and partners to significantly automate their information security processes.
“With all possible options provided by experts, each company can determine the scope of services that are needed, based on cybersecurity gaps or desired development trajectory,” comments Ivan Vassunov, VP, Corporate Products at Kaspersky.
E-Business
Yiaga Asks INEC t Consider ID Cards, Passports for Voter Identification
Yiaga Africa, a non-profit civic hub of change makers has again asked Independent National Electoral Commission (INEC) to consider legislative changes that would make it possible to accept the national digital ID as well as biometric passports as credentials for ID verification.
At a recent workshop, the organization has also encouraged INEC to make online voter registration a permanent feature and to improve on the functionality of the portal to allow for the remote collection of biometrics.
In the last voter registration cycle, online enrolment was highly encouraged but the capture of biometrics was done only at INEC’s physical offices.
Instead of printing PVCs, Yiaga Africa has advised that INEC should make it downloadable from its portal upon registration, or issue it as a printed document at polling stations at the time of voting.
- Telecom2 days ago
AVEVA Underscores Critical Role of Digitalization to Fast-track Industrial Decarbonization
- Telecom3 days ago
Covalensedigital, inq. Nigeria Partner to Offer SaaS Solutions for MVNOs in Nigeria
- News2 days ago
FirstBank UK Integrates Bloomberg Solution to Trading Platform
- E-Financial2 days ago
ProvidusBank Collaborates with Mastercard to Drive Financial Inclusion for MSMEs
- News2 days ago
Equinor Sells Nigeria Business to Chappal Energies
- Telecom2 days ago
How NECLive’s ₦1.3 Billion Investment Bolstered Nigeria’s Entertainment Industry
- E-Financial2 days ago
NDIC to Recover N400Bn Debts Owed Failed Banks
- E-Financial2 days ago
NDIC Mulls Increase of Insurance Coverage Payment to Depositors Of DMBs, MFBs, PMIs