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Stakeholders Proffer Smarter Way to Fight Back Cyber Threats
Ifeanyi Jude Muonagor, the Head of Security Operations Centre at the Central Bank of Nigeria, (CBN), said the bank’s deployment of cyber deception solution in 2017, has yielded positive results.
Muonagor, who spoke virtually at a one day event held in Lagos on the topic, ‘Importance of deception technology and identity security,’ said 80 per cent of system breaches have been linked to compromised credentials.
The event was organized by a Nigerian tech firm, InfoData Professional Services, in collaboration with Attivo Networks.
Muonagor said cyber-attack is so easy to conduct, making it hell for security personnel to deal with all the various incidents coming through with security protection mechanism that have not been full proof.
“But with deception solution, it helps the security professional to gain the knowledge of what the attacker was coming to do,” he said.
He added: “In 2017, we (CBN) identified the need for cyber deception technology and we moved with a particular solution. I will not mention names because I am not campaigning for any particular vendor. But we found out that there were fewer activities because of the deployment model.”
In his presentation, a Cyber Security Expert and Lead System Engineer at Attivo Networks, Osama Al-Shatnawi, said cyber-attacks do more damage than conventional warfare. “Everything can be done literally.
A single bank lost $70 million dollars through a cyber-attack. I can tell you about electricity companies. Just look at what happened to Ukraine.
Power was cut for the whole nation because of the cyber-attack. Any damage can happen due to cyber-attacks and that is why we need to take security seriously.”
Al-Shatnawi said based on different market analysis that have been done by different entities using Attivo with other solutions in place, their detection and protection capability has enhanced by 42 per cent.
Wayne Forsman, the Territory Manager at Attivo Networks, explained why cyber security breaches were on the increase.
“Conventionally, we set up a wall around our network, web security, email, next-generation firewalls. But effectively, by not protecting Active Directory (a Microsoft tool used to access networks and other applications), you’ve left the door open.”
He said 80 per cent of current attacks are through Active Directory, the reason why it must be protected. “In order to secure something, you really need to know about it. First, we have an Active Directory assessor which gives you full visibility into Active Directory.
“It will give you all the vulnerability and mitigation steps to effectively make Active Directory more secure. However, you also need to protect your information, the various profiles created for a user to have rights to a system – passwords, username.
“You need to protect that information. As for the current gaps, no solution is protecting the information on the Active Directory, which is the gap Attivo has closed.”
According to the President of Infodata Professional Services Global, Chuks Ulu Udensi; “Our commitment to delivering security solutions that are intuitive, intelligent and relevant to the realities of today’s business-critical infrastructure is further bolstered by our partnership with Attivo Networks”.
He said Solutions such as identity detection and response (IDR), IEV and others within the Attivo ThreatDefend®️ Platform gives users the ability to deploy decoy and deception technologies as well as an expanded portfolio of solutions that address the challenges of increased attack destructiveness for a globally distributed workforce as cloud-based solutions drive enterprise business productivity, profitability and efficiencies.
Mr. Ulu Udensi further reiterated Infodata’s commitment to the African Technology Landscape, noting: “We will continue to build, adopt and develop resources and solutions that ensure that our customer’s enterprise infrastructure is stable, secure, predictive and adaptive to the realities of today’s global constantly-evolving threat landscape.
InfoData Regional Solutions Manager, Eze Osiago, explained why the partnership with Attivo Solutions. “Attivo deceptive solution is one of its kind.
We have EDRs that do prevention but scenarios where the attacker is already inside, we currently do not have solutions that will detect the malicious insider or the attacker who is already inside.
“So, Attivo is that missing gap that comes in to say let’s do a scan around and spot anomalies to spot people who are misusing privileges,” he said.
Among the participants at the event were security professionals for various Nigerian financial institutions and other firms.
Michael Nnamdi, a systems security expert with Polaris bank said he gained so much about identity protection and Active Directory security.
“I will say that the idea by Attivo is really an interesting one. The idea of trying to protect these credentials, knowing that it is actually the gate to the kingdom,” he said.
Another participant, Kingsley Ozokwo from the information security department at Stanbic IBTC, said learning about how better to secure the Active Directory, is a very valuable experience.
“Active Directory is a major asset for any organization. The fact that there is a lot that can go wrong in that space is the reason we are here. I enjoyed the fact that this is moving us away from the traditional block and restrict, which is virtually what security is all about, to learn from the attackers themselves,” he said.
Nigerian Education Loan Fund (NELFUND) has said that Nigerian students will need to present their Unified Tertiary Matriculation Examination registration number (UTME); National Identification Number (NIN); and Bank Verification Number (BVN) to access student loans.
Mr Akintunde Sawyerr, managing director of NELFUND, assured that the body would ensure that those he called ‘ghost students’ would not have access to the soon-to-be-launched scheme.
The MD noted that NELFUND has put processes in place to ensure that all applicants and beneficiaries are traceable to prevent the loan from turning into a sort of national cake.
“We are using technology to run the system. The process of application is online and we are limiting human contact as much as possible. Once you have a Bank Verification Number, BVN and National Identification Number, NIN, which are parts of the requirements, we will have access to your data and all your accounts. This will also help us to know if you are qualified or not,” he explained.
He explained further that those who are already in school can apply for the loan at any level of their study, but must be at the beginning of each session. They would also have to provide their admission and matriculation details in addition to BVN and NIN.
According to the NELFUND boss, about 1.2 million Nigerian students in tertiary institutions and government-recognized skill acquisition centres would be among the first batch of beneficiaries. The number may increase as time goes on.
The programme, he noted, will be funded with one per cent of the total annual collectable revenue by the Federal Inland Revenue Service (FIRS), which will amount to N194 billion if the agency meets its projection.
He explained that the loan would be paid in two segments. The first, he said, is the chargeable school fees which would be paid directly to the institutions while stipend would be paid into individual student’s account for day-to-day upkeep.
Mr. Sawyerr stated that the amount individual applicants will access will vary because of the course of study, school fees payable and geographical location of the institutions among others.
On the method of payback, he said, “You don’t start paying back the loan until two years after your National Youth Service Corps, NYSC Scheme and that is, if you have secured a job or business. A beneficiary can defer repayment if he has not secured a job, but if after due diligence, he defaulted, then he becomes a criminal and we will work with every agency that can help us get the money back, for example, EFCC, ICPC etc.”
Sun International Limited, run by Anthony Leeming, South African entrepreneur, has agreed to sell its Nigerian interests to Rutam Finance Company Limited (RFC) for roughly $14.4 million.
The move is part of Sun International’s strategy to consolidate operations and focus on key markets. Sun International joined the Nigerian market in 2009, but has struggled in recent years due to a challenging operating climate.
This divestiture is consistent with the company’s strategic objectives and represents a shift in portfolio management.
Sun International, will sell a 43.3 percent ownership investment in Tourist Company of Nigeria PLC (TCN), which manages Lagos’ Federal Palace Hotel, to RFC for $1.875 million.
In addition, the group would pay off its whole $12.675 million credit to RFC, effectively exiting the Nigerian market. The corporation also intends to sell its remaining 6% ownership in TCN in due course.
The transaction, subject to customary closing conditions including as regulatory approvals, is estimated to create a cash inflow of about $14.41 million for Sun International.
These funds will be utilized to reduce debt.
Following the completion of the acquisition, TCN will no longer be included in Sun International’s financial statements.
This will reduce group debt by about $41.82 million, excluding IFRS 16 lease liabilities.
The closing is scheduled for no later than May 28, 2024, provided that all usual closing conditions are met. The Nigerian Competition Authority, the Securities and Exchange Commission, and the Nigerian Stock Exchange have all provided key clearances.
Sun International, founded in 1968 by the late Sol Kerzner, has grown into a renowned gaming and resort company under Leeming’s leadership.
In fiscal 2023, the company’s revenue increased by 7% to $646.14 million, while headline earnings increased by 86 percent to $55.35 million.
This demonstrates Sun International’s resiliency and strategic direction. Sun International’s pullout from Nigeria demonstrates the company’s dedication to streamlining its portfolio and pursuing growth possibilities in key areas.
With a rich history and a focus on the future, this transaction demonstrates the company’s commitment to create wealth for shareholders and stakeholders while also strengthening its position in the gaming and hospitality industries.
Sam Darwish, a US-Nigerian telecom entrepreneur, has experienced a huge financial setback in his holding in IHS Holdings following a recent drop in the shares of the top telecom infrastructure company on the New York Stock Exchange (NYSE).
Sam Darwish
According to data, Sam Darwish’s investment in IHS Holdings has lost $6 million in market value during the last 13 days. This drop reflects increasing selling pressure among NYSE investors.
From March 12 to 30, Darwish’s investment in IHS Holdings increased from $35.17 million to $49.27 million, resulting in a $14 million gain.
Darwish founded IHS Holdings in 2001, and it has since grown to become the largest telecom infrastructure business in Africa, Europe, Latin America, and the Middle East.
It is renowned for its huge tower count and is the world’s third-largest independent international tower firm.
In the last 13 days, IHS Holdings shares on the NYSE have dropped by 11.72 percent, from $3.67 on April 3 to $3.24 at the time of writing.
As a result, the company’s market capitalization has dropped below $1.1 billion, causing significant losses for stockholders.
As chairman and CEO of IHS Holdings, Sam Darwish holds a critical position in African telecom.
With a strong 4.17 percent ownership holding, equivalent to 13,958,158 ordinary shares, he is a key participant in the global telecom infrastructure business.
The recent double-digit loss in IHS Holdings shares has resulted in a $6 million decrease in the market value of Darwish’s shareholding in the top telecom infrastructure company. His shareholding has decreased from $51.23 million on April 3 to $45.22 million.
Despite this defeat, Darwish remains an important figure in the worldwide telecom business.
IHS Holdings’ extensive tower network and smart acquisitions have secured its position as a major participant in the global telecom infrastructure sector.
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