E-Business
Preventing, Mitigating Ransomware with Cyber Situational Awareness
If you’re familiar with mafia movies then you’re familiar with extortion – the practice of obtaining something, especially money, through force or threats.
Extortion has been around for centuries – well before “The Godfather” or “Goodfellas.” Even cyber extortion, which extends this criminal activity into the digital world, isn’t new.
What is new, however, is the wide variety of methods that are used by the bad guys to get their money.
Three main tactics are behind cyber extortion: the threat of distributed denial of service (DDoS), the threat of data compromise and ransomware.
DDoS attacks are one of the most popular means to facilitate extortion. These types of attacks typically target business-critical websites in order to increase the likelihood of payment, usually via Bitcoin (BTC), and can have crippling effects on organizations.
In certain cases, such as when targeting hosting providers, the threat actor may add more pressure to pay by using the negative publicity associated with service downtime as a threat.
A second method of extortion involves the potential release of compromised data. This method is dependent on the fact that the target’s data has already been compromised.
The threat of its release to the public domain is used as blackmail in order to extort money from the affected entity.
A third type of extortion, and the one most often in the news as of late, is ransomware – malicious software (malware) that restricts access to the computer system it has infected.
The malware demands that a ransom be paid before restoring access to affected resources.
Ransomware can prevent access to many features of a victim’s machine, including files, applications and the operating system itself.
Because ransomware is an ever-evolving threat that can be more challenging to address than other cyber extortion tactics, let’s take a closer look at how it works and how to prevent and mitigate it.
At a high-level, the ransomware process is fairly standard. Files are encrypted and the attackers, who hold the decryption key, will only allow the target to decrypt the files after the required BTC ransom is paid. Specific details of the attack, however, will depend on the variant.
Until recently ransomware has been delivered most commonly via drive-by-downloads from exploit kits, or through spam emails that either contain malicious attachments or encourage recipients to visit websites hosting malicious content.
But we see that starting to change with threat actors using more targeted methods to achieve their objective, such as spear-phishing emails purporting to be from a job applicant or including the name, job title and job-relevant information of the recipient.
The disclosure that some organizations are paying the fee to unencrypt data likely provides further motivation for these types of attacks. In fact, when the actor estimates there’s a high likelihood of payment of the ransom fee they invest in more reconnaissance which can further increase the likelihood of infection.
As ransomware becomes big business, research on the dark web reveals a number of services being advertised to make it easy for beginners with low technical understanding to execute ransomware attacks with success.
Everything they need is available on a USB stick for $1,200 or they can take advantage of a hosted service in return for 5 percent commission on the ransom payments received.
So how can you combat cyber extortion? Cyber situational awareness can give you greater insights into the tools and processes used by actors that employ DDoS-based extortion and compromised data release extortion.
Advanced knowledge of the typical demands of a threat actor and their capabilities can help you make difficult decisions if presented with such a scenario and help you prevent future attacks.
Mitigating ransomware threats is more complex. It requires a combination of technical and process controls and company-wide engagement – from employees, to executives, to IT security teams. Cyber situational awareness can help you understand the infection vectors of the malware and apply the appropriate security controls to mitigate the risk of infection.
This includes insights you can use to raise staff awareness of how ransomware attacks occur and help you devise technical and procedural controls to prevent infection and to develop ransomware response procedures in the case of infection.
Of course ensuring that backups are maintained and are separate from the network can increase resilience to such attacks. In addition, several decryption tools have been released but, in the cat and mouse game between ransomware and such tools, their effectiveness tends to be short-lived; ransomware developers are continuously developing encryption methods to evade them.
As defenders, staying up-to-date with the latest trends and innovation can be hard, but it is essential in order to effectively prevent and mitigate the effects of extortion on your business.
With cyber situational awareness you can learn about the actors involved in extortion and their tactics, tools and motivations. With this knowledge you can more effectively align your defenses and make better decisions in the face of an attack.
Alastair Paterson, CEO and Co-Founder of Digital Shadows
Kaspersky’s new online tool has been specially developed for industrial organisations to assess the potential costs associated with insufficient operational technology (OT) security.
By offering detailed financial forecasts, the calculator empowers senior management to make well-informed decisions regarding security investments.
Industrial organisations increasingly depend on interconnected systems, elevating cybersecurity to a critical factor in business resilience and profitability.
According to VDC Research, over 60% of industrial companies last year reported that cybersecurity breaches had led to significant costs. Despite this, a persistent disconnect remains between security teams and executive leadership as security professionals focus on minimising risk, while executives must balance cybersecurity concerns with broader business objectives. This misalignment often results in competing priorities and underfunded security initiatives.
To bridge this gap, Kaspersky has launched the OT Cybersecurity Savings Calculator, an innovative online tool designed specifically for industrial organisations to assess the potential costs of inadequate operational technology (OT) security¹.
The primary aim of this tool is to translate cyber risks into tangible financial metrics and support strategic discussions around priorities and budget allocation. By entering details such as their sector, sub-sector, region, company size, breach history, and existing cybersecurity measures, organisations can estimate their potential cost savings and receive customised, actionable recommendations.
The calculator benchmarks performance against industry peers and highlights the company’s position within the current threat landscape.
“We believe this calculator is a powerful resource for transforming complex cyber risk data into straightforward financial insights. It enables OT leaders, security professionals, and executive teams to develop clear, data-driven business cases and recognise the value of cybersecurity investments. With actionable guidance, it promotes a comprehensive approach to resource management and strengthens overall organisational resilience,” comments Andrey Strelkov, Head of Industrial Cybersecurity Product line at Kaspersky.
National Office for Technology Acquisition and Promotion (NOTAP) has said Nigerian software developers have reached significant milestones with locally made applications generating over one million Dollar in sales across domestic and regional markets.
Dr Obiageli Amadiobi, director-general of NOTAP, said this in an interview with the News Agency of Nigeria (NAN), on Thursday in Abuja.
Amadiobi said the development signified the growing strength of Nigeria’s digital innovation ecosystem and how local innovation powers digital growth.
She said it was also a direct outcome of targeted support initiatives led by NOTAP.
She added that the initiative helped to build capacity, protect intellectual property, and connect developers to market opportunities.
According to the NOTAP boss, the journey from concept to impact started with understanding and securing intellectual property (IP) rights, a step many local innovators missed.
“Whether it’s a literary work, a laboratory invention, or a creative digital product, the process of bringing an idea to life demands immense time, skill, and dedication.
“An innovator might wake up with a solution to a pressing problem; spend months testing and refining it and achieve remarkable results; so it is their fundamental right to patent that creation and claim ownership.
“Without this protection, someone else could easily replicate their work; patent it in their name; and legally control what was built with Nigerian brainpower,” she said.
Amadiobi said that the challenge was compounded by widespread digital piracy and counterfeiting, which hit the ICT sector hardest.
“From copied software applications to replicated content on social platforms like TikTok, unauthorised duplication has become a major barrier to growth.
“We see talented young creators develop unique digital content or tools, only to watch others rebrand and profit from their work within weeks,” she said.
The DG noted that most popular online personalities with distinctive styles often don’t realise they could protect their original contributions through IP registration.
She said that to address these gaps and unlock the value of Nigerian innovation, NOTAP implemented a multi-pronged strategy,- a cornerstone initiative – which is the Local Vendor Policy.
“The Local Vendor Policy mandates that foreign technology firms entering Nigeria partner with domestic counterparts,’’ she said.
Amadiobi said that among the performing apps are solutions addressing critical local challenges such as a mobile health platform that now serves 750,000 users across six states.
“There is also the agricultural marketplace connecting smallholder farmers to buyers; and an educational tool that has been adopted by 200 schools to improve learning outcomes,” she said.
She added that the apps were developed by teams that gained skills and resources through NOTAP’s Local Vendor Policy.
According to her, the policy requires foreign technology firms operating in Nigeria to allocate a portion of their technical service fees to local partners.
“Three years ago, many of these developers were only providing support services to foreign companies.
“But today, they are building their own products that compete globally. 60 per cent of last year’s sales came from other African countries, showing our developers can lead on the continent,” she said.
The D-G explained that the one million dollar figure represented sales from over 50 locally developed apps, with individual developers earning between 5,000 dollars and 80,000 dollars from their products.
“Looking ahead, NOTAP aims to double these sales figures by 2027, with plans to expand support to developers focusing on fintech, renewable energy management, and climate adaptation tools.
“These are the sectors identified as high-growth opportunities for Nigerian innovation,’’ Amadiobi said
Gold prices smashed through $5,100 per ounce on Monday, January 26, surging to a historic peak of $5,110.50 as investors rushed into the safe-haven asset amid escalating geopolitical tensions and U.S. policy volatility.
Gold
Spot gold climbed 2.2% to $5,089.78 by 0656 GMT, while U.S. February futures rose similarly to $5,086.30. The metal, up 64% in 2025—its strongest annual gain since 1979—has now advanced over 18% year-to-date, fueled by safe-haven buying, anticipated U.S. rate cuts, China’s 14th consecutive month of central bank purchases in December, and massive ETF inflows.
Analysts point to a crisis of confidence in U.S. assets, sparked by President Trump’s erratic threats last week. He retreated from tariffs on European allies to pressure Greenland seizure, then vowed 100% tariffs on Canada over a potential China trade deal and 200% on French wines to push President Emmanuel Macron toward a “Board of Peace” initiative.
“This Trump administration has caused a permanent rupture in global norms, driving everyone to gold as the sole refuge,” said Kyle Rodda, senior market analyst at Capital.com.
A weakening dollar—hit by a rising yen and pre-Fed meeting caution—further boosted gold’s appeal for non-dollar holders, with markets eyeing possible yen intervention.
Airtel Africa Records $586m Rise in Profit on FX Gains, Tariff Hike
Okonjo-Iweala Urges Nigeria to Shift from Importing Tech to Local Manufacturing
Fitch Downgrades Afreximbank to ‘BB+’/Stable Amid Concerns Over Ghana’s Debt
Africa’s AI Guru Abodunrin Charts Path to Continent’s Digital Dominance
Nigeria’s Data Privacy Economy Hits ₦16.2bn – NDPC Commissioner
19 Nigerian Banks Meet CBN Recapitalization Targets Ahead of March Deadline
DStv Offers Instant Package Upgrade for Customers from January to February
Youth Talent Takes Center Stage as T2 Ignites High-Octane Rap Battles @ Carnival Calabar
FIRS Rebrands as Nigeria Revenue Service, as New Tax Laws Take Effect
Aig-Imoukhuede Foundation Wrapped Up 2025 with Real Change in Governance, Health, Media Across Africa
Telecom2 days agoPolice Bust ₦7.7bn Telecom Hack Gang, Seize 400 Laptops in Massive Fraud Swoop
General News2 days agoNaira Smashes Through ₦1,400 Barrier in Official FX Rally
General News2 days agoNCC Slaps ₦250,000 Fee on Trial Licences to Spur Telecom Innovation
News2 days agoFirms Commit to Boost African Robotics Market
E-Financial2 days agoUBA launches instant digital platform for seamless account opening across Africa, diaspora
Telecom2 days agoAmazon Axes 16,000 Jobs Worldwide in Major Restructuring Push
E-Financial2 days agoKuda MFB Secures National Microfinance Banking Licence, Sets Stage for Nationwide Growth
General News2 days agoKaspersky Reveals How Digitalisation is Influencing Family Life