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Nigerian Businesses Record 2,308 Cyber Attacks Weekly – Report

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Worldwide, the number of attacks experienced per business each week is 870 on average – alarmingly, in Nigeria, this weekly figure is 2 308 across all industry sectors collectively. The more-granular per-industry analysis reveals this figure is higher still for businesses in the finance and banking sector.

Finance and banking under siege

Mobile banking is one of the fastest growing sectors in the country. In fact, between May 2019 and May 2020, mobile payments grew by an incredible 391%. Financial inclusion, largely enabled by smart mobile solutions, has done much to drive Nigeria’s economy.

However, cybercriminals are taking notice of this increasing reliance on mobile devices, exploiting the rapidly expanding finance sector.

Of all Nigerian businesses across sectors from health to education, the most targeted is finance and banking. “Over the last six months, the number of attacks against these institutions in Nigeria was 3 682 per week, while globally, this figure is far lower at 774,” says Pankaj Bhula, Check Point Software Technology Regional Director for Africa. “To protect this booming industry, more must be done to drive awareness around cybersecurity.”

The report also revealed that, over the past six months, 62% of Nigeria’s businesses fell victim to Remote Code Execution (RCE) attacks, making this the top class of vulnerability exploits.

A cybercriminal can gain remote control to a device and the private data stored on it in an RCE attack. Considering the most targeted sector is finance, which holds a wealth of sensitive user data, the rise of RCE attacks is concerning.

Social engineering and deepfakes: 2022’s challenges

Check Point Software Technologies forecast several alarming cyber-threat trends for 2022, including the weaponisation of deepfake technologies by cybercriminals to create fake news campaigns as part of elaborate phishing attacks, predominantly carried out over email.

In fact, in Nigeria, email was recorded as the origin point for 60% of cyberattacks over the last month, according to the report. As it’s the prevailing vector for delivery of malicious files, awareness around social engineering attacks like these must be bolstered.

On the topic of deepfake technologies, Remi Afon, president of the Cyber Security Experts Association of Nigeria, reiterated that it’s a huge area of concern in 2022. While the technology can be leveraged by criminals to scam and dupe victims, a more insidious purpose is using deepfakes to create political instability and scandal.

For Afon, this technology and the resulting spread of misinformation could have far-reaching ramifications for Nigeria’s 2023 General Election, to be held next February.

Protecting Nigeria’s businesses from attacks

In November, 20% of businesses in Nigeria were impacted by an info stealer called Floxif. This malware, which was also responsible for the bulk of malware attacks in Kenya, caused large-scale devastation to even large tech companies in 2017 when it infected over 2 million users.

While big businesses may seem like more lucrative targets, the increasing prevalence of Floxif attacks on companies of all sizes shows that cybercriminals do not discriminate. Smaller companies must remain as vigilant as large enterprises.

To do this, it’s crucial that budgets are earmarked for effective IT security infrastructure that will enable a proactive rather than reactive approach to cybercrime. Proactive businesses are more resilient, have backups, and can protect sensitive data in stronger or more innovative ways.

These companies also run the latest updates of their security software, web browsers, and operating systems to ensure any new vulnerabilities are patched to protect against attacks.

Of course, people are a large part of the cybersecurity equation. As such, businesses must equip staff with information on best practices for staying safe online when working in the office or remotely.

Such information would promote vigilance around phishing emails and encourage the use of password managers and trusted Wi-Fi networks, while highlighting the dangers of accessing unsecured websites.

With the right security solutions in place, and a focus on cybersecurity awareness kept top of mind, businesses can prevent cyberattacks to keep Nigeria’s economy on track.

 


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E-Business

StarNews, Global Black Economic Forum Launch Business Competition In Partnership with MTN & USAID

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Africa’s leading video streaming platform, StarNews Mobile and the Global Black Economic Forum (GBEF), have announced a call for applications for the launch of their Business Competition in Lagos, Nigeria.

Held in partnership with MTN and United Nations Agency for International Development (USAID), the initiative will empower Nigeria’s most promising businesses that are classified as Small-Medium Enterprises (SMEs) with invaluable investment and partnership opportunities from the USA.

Held over 10 weeks between April 8th to June 14th, hosted exclusively on the StarNews Biz Channel on the StarNews platform, this competition offers a platform for emerging entrepreneurs to showcase their ventures and gain national visibility.

With subscribers voting for their favourite candidates, the top 20 contestants will seize the spotlight and make their mark on the business landscape.

The StarNews Business Competition in partnership with GBEF delivers a unique opportunity for thriving Nigerian SMEs to access mentoring, funding, partnerships and socio-economic development tools through the Global Black Economic Forum.

With the prospect of securing cash prizes through StarNews worth up to NGN5,000,000, getting access to StarNews’s network of investors and the opportunity to gain national visibility by having their business on the StarNews web platform.

The top three winners will also receive coaching from GBEF’s Academy for Advancing Excellence and become part of GBEF’s ecosystem of global leaders committed to social and economic justice across the Black Diaspora.

Previous speakers at GBEF convenings from the entertainment sector include Wyclef Jean (Haitian Musician & Activist), Debra Lee (Former CEO of Black Entertainment Television – BET) and Ceci Kurzman (Founder of Nexus Management Group). Applications will close on April 5th 2024.

Speaking on the competition’s launch, Guy Kamgaing, Founder and CEO at StarNews Mobile, says “The StarNews Business Competition is a passion project close to our hearts at StarNews Mobile.

It’s about discovering the most promising business entrepreneurs and creators in Nigeria, opening up global opportunities for them and providing them with the resources and tools to achieve their goals.

By partnering with MTN, USAID and GBEF, we want to be a platform of empowerment for these SMEs by helping them give back to the communities that are supporting them.”

According to the US Embassy and Consulate for Nigeria, over 80% of Nigerian startups are incorporated in the United States and more than 60% of venture capital funding in Nigerian startups accounted for by the US.

In 2023 alone, Nigerian startups raised a total of $398mn however, this signalled a 66% funding decline compared to 2022 due to the global economic downturn, reinforcing the massive need for a fresh injection of capital and business support for Nigeria’s emerging SMEs.

Alphonso David, President and CEO of the Global Black Economic Forum notes that, “Our partnership with StarNews Mobile is a critical resource as we continue to build the collective strength of entrepreneurship across the Diaspora.

“Building a sustainable ecosystem of Black entrepreneurs in the United States and across the African continent is essential to create a future that makes economic opportunity and economic freedom a reality for all.”

A sister company to ESSENCE, GBEF advances its work by convening global summits and conferences, bringing together world leaders, business leaders, entrepreneurs, celebrities and civic leaders to address the most challenging problems facing our communities.

GBEF’s Academy for Advancing Excellence facilitates workforce and leadership development strategy, addressing the talent pipeline & employee lifecycle, providing leadership development & coaching, and conducting institutional assessments & research.

GBEF also develops and implements economic and social justice policy recommendations with partners ranging from civil and human rights organisations to government entities and corporations that advocate for economic opportunity, social justice, and health equity through thought leadership, advocacy and litigation.

Launched in 2017, StarNews Mobile empowers African content creators with the unique opportunity to monetize their work through a subscription model, boasting over 4 million subscribers and a thriving community of more than 120 content creators.

With a strong presence across six countries including Cameroon, Nigeria, Côte D’Ivoire, Congo, Benin and Ghana, the platform has also established key partnerships with major telecom operators such as MTN and Orange.

To-date, StarNews Mobile has secured over $8mn in funding with its most recent raise – a $3mn pre-Series A funding round in October 2023 – led by Janngo Capital with participation from French football players Aurélien Tchouaméni, Jules Koundé and Mike Maignan.

 


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Companies Invest More than $100,000 Yearly to Upskill their Cybersecurity Teams – Study Reveals

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Over 70% of businesses pay more than USD $100,000 for additional training annually to keep skills of their cybersecurity employees up to date, a recent global Kaspersky study has revealed.

However, the surveyed companies also highlighted that there was a lack of relevant courses covering new challenging spheres in the educational market and stated that training does not always bring them the expected result.

In its recent study ‘The portrait of the modern Information Security professional’, Kaspersky examined the topic of the global cybersecurity staff shortage, analysing the exact reasons businesses lack cybersecurity experts, and identifying the ways they evaluate and upskill their cybersecurity workforce¹.

According to the research, companies are investing significant amounts in upskilling their cybersecurity teams: 43% of organisations globally say they usually spend between $100,000 and $200,000 per year on information security courses, while 31% even invest over $200,000 for training programs. The remaining 26% state they usually pay less than $100,000 for educational initiatives².

However, cybersecurity practitioners also note that the educational market is struggling to keep up with the rapidly changing industry and fail to deliver the necessary training programs on time.

Survey results for the Middle East, Turkiye, Africa (META) region shows that the scarcity of courses covering new challenging spheres (48%) was the main problem for those searching for cybersecurity training.

50% of respondents from the META region also stated that trainees tend to forget what they learned because they had no opportunity to apply newly acquired knowledge, therefore the courses were useless to them.

The need for special training pre-requisites such as coding and advanced mathematics, which were not specified at the pre-registration stage were also problematic for 37% of practitioners from the META region.

“With a constantly evolving threat landscape, businesses should continually improve the skills of their cybersecurity personnel in order to be well prepared for sophisticated cyberattacks.

“Developing high-profile specialists within the company and building internal expertise can be an effective strategy for organisations that aim to retain existing employees and allow them to grow professionally, instead of constantly hunting for new candidates and checking their professional backgrounds and practical skills.

“For organisations served by Managed Service Providers it is also important to maintain a pretty high level of expertise internally and use the same language when discussing the scope of services and Service Level Agreement with them,” comments Veniamin Levtsov, VP, Center of Corporate Business Expertise at Kaspersky.


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Heirs Insurance Launches User-friendly Website for Stakeholders

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Heirs Insurance Group, Nigeria’s fastest growing insurance group, has launched a new website that delivers the most user-friendly insurance experience in the industry.

Heirs Insurance Launches User-friendly Website for Stakeholders

In addition to its features that aid simple navigation, the website also personalizes the insurance experience taking customers through a short journey that enables them to make decisions quickly on the best insurance plan to support their personal and business success, or access competent insurance advisors to speak with.

According to Ifesinachi Okpagu, chief marketing officer, Heirs Insurance Group, the website, www.heirs insurance group.com, embodies the ethos of the brand: the delivery of simple, quick, and accessible insurance service that delights customers and brings the uninsured much closer to taking up insurance plans.

She said: “Today’s customers want simplicity and this new website delivers on that request, ensuring that people find the right insurance solutionsfor their needs in a few minutes. We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.” Heirs Insurance Group has been at the forefront of pioneering a new era of insurance solutions since its launch with the roll-out of various initiatives including a seamless mobile app, USSD; Prince, its intuitive chatbot; InConnect, its partnership portal Digital Experience Centre; and more. With the launch of this website, Heirs Insurance Group solidifies its position as the leading digital insurance company in Nigeria, democratising access to insurance for all.


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