Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

General News

Preventing Your Network From Becoming a Botnet

Published

on

Kindly share this post

By Harish Chib, vice president, Middle East & Africa, Sophos

 

“Not having sufficient network protection may allow your organization’s devices to be part of the next cyber-attack”

Botnets are large volumes of distributed networked computers and devices that have been taken over by a cybercriminal.

Botnets, also referred to as bots, are usually taken over by malicious software to enable remote control by a threat actor.

They are set up and developed by a hacker to provide a powerful and dark, cloud computing network to conduct cyberattacks of a criminal nature.

The growth in mobile and network devices has created large scale social and productivity benefits for us. We can now remotely access computers, security systems, cameras, appliances, and a growing list of devices, interconnected with cloud. Collectively this is referred to as the Internet of Things or IoT.

 A worrying aspect of the growth of Internet-connected devices is the absence of basic security precautions.

Most end users rarely change factory defaults, which can be exploited by hackers to take control of the devices.

Another door for cybercriminals to take control of connected devices is called the back-door entry. This is a manufacturer’s access to the device through an undisclosed connection, used for remote testing and updates.

This large distributed, network of computers, under the control of threat actors, represents an aggregation of computing power that can be used for a devastating effect.

 

Inside the network

Malicious software designed to exploit IoT devices are usually not sophisticated. They operate by scanning network ports, looking for access opportunities, and gaining access through default credentials, or brute-force hacking to gain access.

This software is much easier to defend against, as it merely requires configuring the network firewall protection devices.

Similar to other malware, botnets can enter an organization through multiple points of entry. This includes email attachments, hacked web sites, connected sensors and other IoT devices, and USB sticks.

Once a malicious software has entered an organization, it will call home – the hackers command and control server – to register its success in gaining entry and to request further instructions.

It may be told to lie low and wait, or be instructed to move laterally on the network to infect other devices, or to participate in an attack.

This attempt by the malicious software to call-home represents an opportunity to detect infected systems on the network that are becoming part of a botnet.

 

Once an attack has got underway, the attack itself can be difficult to detect. From a network traffic point of view, the device will simply be sending emails out as spam, transferring data or mining bitcoins, or performing DNS lookups and a variety of other requests, usually seen in large scale attacks. In isolation, none of these types of activities are noteworthy.

 

Building protection

The most important ingredient for effective protection from botnets is the organization’s network firewall. The following can help to get best protection from the firewall.

 

· Advanced Threat Protection can identify botnets already operating on the network. Ensure the firewall has malicious traffic detection, botnet detection, and command and control, call-home traffic detection.

· Intrusion prevention can detect hackers attempting to penetrate and take over the network. Ensure the firewall has next-gen intrusion prevention system that is capable of identifying attack patterns inside the network.

· Sandboxing can pick up the latest malicious software before it reaches the organization’s computers. Ensure the organization firewall offers advanced sandboxing that can identify suspicious web or email files and activate them in a safe environment.

· Effective web and email protection can prevent malware from getting onto the network. Ensure the firewall has behavioral-based web protection that can simulate JavaScript code in web content to determine behavior before it reaches the browser.

· Ensure the firewall has top-shelf anti-spam and antivirus technology to detect malware in email attachments.

· Web Application Firewall can protect servers, devices, and business applications from being hacked. Ensure the firewall offers WAF protection for any system that requires remote access.

Best-practices

· Change the password for all your network devices to a unique complex password, and use a password manager if necessary.

·  Minimize use of IoT devices and update all essential connected devices. Also disconnect unnecessary devices from the network and upgrade older devices to newer models.

·  Avoid using IoT devices that require ports to opened in the network firewall or router to provide remote access. Instead, use cloud-based devices that connect only to the cloud provider’s servers and do not offer direct remote access.

·  Do not enable UPnP on your firewall or router. This protocol enables devices to open ports on the firewall on demand without your knowledge increasing the surface area of attack.

· Use secure VPN technologies to manage your connected devices remotely.

 

Botnets have a massive slowdown effect on the global Internet traffic. They can also have a devastating impact on an organization, if the objective of the attack is to steal sensitive information. Even if the botnet operating on the organization’s network is not after its data, it could be using devices and network resources to cause devastating harm to another organization.

 

Do not let your network become part of the next global botnet attack.


Kindly share this post

Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. 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

General News

Moove Plans to Raise $1.2Bn Debt Round for US Autonomous Vehicle Expansion

Published

on

Kindly share this post

Moove, an African mobility fintech startup, is on a quest to secure a $1.2 billion debt financing round to support the rollout of a fleet of autonomous vehicles.

This is in partnership with Alphabet Inc.’s Waymo in the United States, according to a Bloomberg report citing sources familiar with the matter.

The startup has since attracted backing, including from Uber Technologies Inc., and entered a strategic partnership with Waymo in December 2024 to provide financing for self-driving cars.

Ladi Delano, co-founder of Moove, noted that the company has a solid financial track record.

“Moove has built strong relationships with some of the world’s leading lenders. We have also fully repaid our first-ever debt facilities, which signals our maturity and marks a key milestone that demonstrates the strength of our platform as we enter the next phase of global autonomous-vehicle infrastructure deployment,” he said.

The round is reportedly oversubscribed, with strong participation from private credit firms and banks.

Waymo has also not made any official statement regarding the funding round. While final details are expected to be concluded in the coming weeks, the deal will mark a significant milestone for the firm as it ramps up its global ambitions.

Founded in 2020 by Nigerian entrepreneurs, Ladi Delano and Jide Odunsi, Moove began by providing vehicle financing for ride-hailing drivers in Africa’s largest cities.

 


Kindly share this post
Continue Reading

General News

Firm Explores the Evolution of AI-powered Ransomware with Password-gated Capabilities

Published

on

Kindly share this post

Kaspersky experts have revealed the inner workings of FunkSec — a ransomware group that illustrates the future of mass cybercrime: AI-powered, multifunctional, highly adaptive and operating on volume with ransoms as low as $10,000 to maximise profits.

Kaspersky’s Global Research and Analysis Team (GReAT) constantly monitors the ransomware threat landscape, where attacks continue to rise. According to the company’s latest State of Ransomware report, the share of users affected by ransomware attacks worldwide increased to 0.44% from 2023 to 2024, up by 0.02 percentage points.

While this percentage may appear modest compared to other cyber threats, it reflects the fact that attackers typically prioritise high-value targets rather than mass distribution, making each incident potentially devastating. Within this evolving landscape, FunkSec has emerged as a particularly concerning threat.

Active for less than a year since its emergence in late 2024, FunkSec has quickly surpassed many established actors by targeting government, technology, finance and education sectors. What sets FunkSec apart is its sophisticated technical architecture and AI-assisted development.

The group packages full-scale encryption and aggressive data exfiltration into a single Rust-based executable, capable of disabling over 50 processes on victim machines and equipped with self-cleanup features to evade defenses.

Beyond its core ransomware functionality, FunkSec has expanded its toolkit to include a password generator and a basic DDoS tool — both showing clear signs of code synthesis using large language models (LLMs).

FunkSec’s approach reflects the evolving landscape of mass cybercrime, combining advanced tools and tactics. Kaspersky’s GReAT experts highlight the key features that define their operations:

Password-Controlled functionality

GReAT experts discovered that FunkSec ransomware features a unique password-based mechanism that controls its operation modes. Without a password, the malware performs basic file encryption, while providing a password activates a more aggressive data exfiltration process in addition to encryption to steal sensitive data.

FunkSec packs full-scale encryption, local exfiltration and self-cleanup into a single Rust binary—without a side-loader or a companion script. That level of consolidation is uncommon and gives affiliates a plug-and-play tool they can deploy almost anywhere.

Use of AI in development

Code analysis shows that FunkSec is actively using generative artificial intelligence to create its tools. Many parts of the code seem to be automatically generated rather than manually written. Signs of this generic placeholder comments (such as “placeholder for actual check”) and technical inconsistencies, like commands for different operating systems that don’t align properly. Additionally, the presence of declared but unused functions—such as modules included upfront but never utilised — reflects how large language models combine multiple code snippets without pruning redundant elements.

“More and more, we see cybercriminals leveraging AI to develop malicious tools. Generative AI lowers barriers and accelerates malware creation, enabling cybercriminals to adapt their tactics faster.

By reducing the entry threshold, AI allows even less experienced attackers to quickly develop sophisticated malware at scale,” comments Marc Rivero, Lead Security Researcher at Kaspersky’s GReAT.

High-volume, low-ransom strategy

FunkSec demands unusually low ransom payments, sometimes as little as $10,000, and pairs this with the sale of stolen data at discounted prices to third parties. This strategy appears designed to enable a high volume of attacks, helping the group quickly establish its reputation within the cybercriminal underground. Unlike traditional ransomware groups that seek million-dollar ransoms, FunkSec employs a high-frequency, low-cost model — further underscoring its use of AI to streamline and scale operations.

Expands beyond ransomware

FunkSec has expanded its capabilities beyond the ransomware binary. Its dark leak site (DLS) hosts additional tools, including a Python-based password generator designed to support brute-force and password-spraying attacks, as well as a basic DDoS tool.

Advanced evasion

FunkSec employs advanced evasion techniques to avoid detection and complicate forensic analysis. The ransomware is capable of stopping over 50 processes and services to ensure thorough encryption of targeted files. Additionally, it includes a fallback mechanism to execute certain commands even if the user launching FunkSec lacks sufficient privileges.

 


Kindly share this post
Continue Reading

General News

IMF Raises Nigeria’s 2025 GDP Growth Forecast to 3.4%

Published

on

Kindly share this post

International Monetary Fund (IMF) has projected a 3.4 percent expansion in Nigeria’s real Gross Domestic Product (GDP) for 2025, following the conclusion of its annual Article IV consultation with the country.

The IMF announced the forecast in a statement on Wednesday, highlighting progress in macroeconomic reforms while cautioning about persistent vulnerabilities.

The Article IV consultation is a regular assessment of a country’s economic performance and policy framework by the IMF’s executive board. The latest review reflects cautious optimism about Nigeria’s economic trajectory amid ongoing reform efforts.

According to the IMF, Nigeria’s growth in 2024 reached 3.4 percent, mainly driven by increased hydrocarbon production and a robust services sector. However, agricultural output remained subdued due to security challenges and falling productivity.

The IMF expects the positive momentum to continue into 2025, supported by the start of operations at a new domestic refinery, higher oil production, and sustained performance in services. It projected that medium-term growth would remain around 3.5 percent, buoyed by domestic reforms despite an uncertain global environment.

“The Nigerian authorities have implemented major reforms over the past two years which have improved macroeconomic stability and enhanced resilience,” the Fund stated. “The authorities have removed costly fuel subsidies, stopped monetary financing of the fiscal deficit, and improved the functioning of the foreign exchange market.”

The IMF said investor confidence has improved, noting Nigeria’s successful re-entry into the Eurobond market and the resumption of portfolio inflows. However, it acknowledged that poverty and food insecurity have worsened, pushing the government to prioritize inclusive growth.

The report also highlighted positive trends in external reserves, foreign exchange market stability, and inflation. It noted that inflation dropped to 23.7 percent year-on-year in April 2025 from an annual average of 31 percent in 2024, based on the rebased Consumer Price Index released by the National Bureau of Statistics.

“Naira stabilization and improvements in food production brought inflation to 23.7 percent… Inflation should decline further in the medium-term with continued tight macroeconomic policies and a projected easing of retail fuel prices,” the IMF said.

On the fiscal front, the Fund said revenue gains from currency depreciation, improved administration, and higher grants helped offset rising interest payments and administrative costs, leading to improved fiscal performance in 2024.

Despite the progress, the IMF warned of growing risks. It said falling global oil prices or rising financing costs could negatively impact Nigeria’s economic stability. “A further decline in oil prices or increase in financing costs would adversely affect growth, fiscal and external positions, undermine financial stability and exacerbate exchange rate pressures,” it said.

The IMF further cautioned that any deterioration in domestic security could derail growth and worsen food insecurity across the country.


Kindly share this post
Continue Reading

Trending