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Study Shows Some $30,000 Stolen via Fake Hardware Wallet

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Cryptocurrency investors often turn to hardware wallets as a secure way to store their digital assets, assuming that they are impenetrable. However, even the most advanced hardware wallets on the market may not be foolproof, and there are still risks associated with using fake or infected devices.

Kaspersky has shared the details behind the incident of cryptocurrency theft involving a hardware wallet, which resulted in the loss of 1.33 BTC worth $29,585.

Hardware wallets, also known as ‘cold’ wallets, store cryptocurrency keys on a device the size of a USB stick, which must be plugged into a computer to send crypto or interact with decentralised finance protocols. As a result, these devices are generally considered safer than ‘hot’ wallets that are connected to the Internet at all times.

However, a recent investigation by Kaspersky revealed a rare case of theft of assets from a hardware wallet, demonstrating how cybercriminals are coming up with new tactics to maximise their profits.

The victim did not make any transactions that day, and the cold wallet was not connected to the computer. Thus, the victim did not immediately notice the theft, and the fraudster transferred 1.33 BTC (worth around $29,585) without the victim’s knowledge.

Although the copy we studied appeared identical to the original, the device showed signs of malicious tampering upon opening it. Rather than being welded together ultrasonically like genuine hardware wallets, each half of the device was filled with glue and held together with double-sided tape.

Additionally, the wallet had a different microcontroller with read protection mechanisms and the flash memory completely disabled, instead of the original one. This led the company’s researchers to conclude that the victim had purchased a hardware wallet that had already been infected.

The attackers made only three changes to the original firmware of the bootloader and the wallet itself. They removed the control of protective mechanisms, replaced the randomly generated seed phrase with one of the 20 preset phrases, and used only the first character of any additional password. This gave the attackers a total of 1280 options to pick the key per one wallet.

Thus, the attackers were able to carry out the operation while the disabled crypto wallet was lying in the owner’s safe. The crypto wallet seemed to work as usual, but from the very beginning, the scammers had complete control over it.

“Hardware wallets have long been considered one of the safest ways to store cryptocurrency, but cybercriminals have found new ways to benefit by selling infected or fake devices to unsuspecting victims.

“Such attacks are totally preventable. Hence, we strongly advise users to only purchase hardware wallets from official and trusted sources to minimise the risk,” comments Stanislav Golovanov, Cyber Incidents Investigation Expert at Kaspersky.


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E-Business

Africa Shows ‘Moderate’ Level of Cybersecurity Preparedness

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Anew report finds that Africa has a ‘moderate level’ of readiness in terms of security culture. KnowBe4, a provider of security awareness training and simulated phishing platforms, released its 2024 Security Culture Report for Africa.

The report delves deeply into the complex interplay between security practices and employee behaviours within businesses.

The research, based on surveys conducted across hundreds of businesses globally, provides a five-year comparative view, showing important changes impacting the cybersecurity landscape.

Africa’s cybersecurity landscape in 2023 faced problems such as limited resources, inadequate cyber awareness, and economic restraints, according to the research; nevertheless, the continent’s cybersecurity preparation efforts are now improving.

According to the research, Kenya scored 76 points, Nigeria 75, and Ghana 74, are leading the way in cybersecurity preparation, demonstrating effective measures supported by their governments.

Furthermore, the report claims Ghana’s strong improvement in cybersecurity, as indicated by its rise in the Global Cybersecurity Index, indicates Africa’s dedication to cybersecurity preparedness.

The security culture score is a global metric used to assess businesses’ security approaches, according to Javvad Malik, Lead Security Awareness Advocate at KnowBe4.

Malik notes: “This score reflects how much importance different entities worldwide place on cybersecurity within their organisational culture.”

Anna Collard, SVP of content strategy and evangelist for KnowBe4 Africa, says: “This demonstrates the importance of strengthening cybersecurity readiness, given the critical development requirements.

“In its section on Africa, the report reveals that organisations evaluated across 20 African countries exhibit an average security culture score of 72, consistent with the previous year. This shows a moderate level of readiness in security culture.”

According to KnowBe4, there are notable differences among industries and countries, underlining the importance of tailored efforts to improve cybersecurity resilience.

“The banking sector in Kenya is a standout performer, boasting an impressive average score of 83, attributed to its steadfast commitment to maintaining mature security cultures supported by robust security operations,” says Collard.

“However, industries such as public services, construction, education, and hospitality show lower security culture scores. This shows the importance of developing specific approaches to enhance cybersecurity awareness and practices in these sectors.”

Malik adds: “In today’s interconnected world, where a mobile device in a remote area can access sensitive accounts, working in isolation on security is no longer effective.”

He continues: “Collaboration between governments and regulators is essential, not just for creating laws, but also for demonstrating practical ways to strengthen security culture. Organisations need to prioritise the human element of cybersecurity by focusing on continuous awareness and training efforts rather than relying solely on technological solutions.”


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Konga and Starlink Partnership: A Blessing for Nigeria – Dr. A U Babatunde

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In recent years, partnerships between e-commerce platforms and tech companies have been instrumental in driving innovation and progress in various sectors. One such partnership that has garnered significant attention is the collaboration between Konga, Nigeria’s composite e-commerce group, and Starlink, the satellite internet service provided by SpaceX.

This groundbreaking partnership is poised to revolutionize internet accessibility in the country, bringing about a myriad of benefits for businesses, individuals, and the nation as a whole. For example, educational institutions, business and houses can access internet services anywhere in the country with their enterprise kit.

One of the biggest obstacles to widespread internet adoption in Nigeria has been the country’s vast and diverse geography, which has made it difficult and costly to establish traditional terrestrial infrastructure. Starlink’s satellite-based internet service offers a game-changing solution by beaming high-speed internet directly from space, effectively bypassing the need for extensive ground-based infrastructure. Partnering with Konga has made it easier than ever for Nigerians to access this cutting-edge technology. Those living in remote or underserved areas can now enjoy seamless internet connectivity, eliminating the digital divide that has long plagued the nation.

I am very excited about this partnership because it shows that American companies still have confidence in companies like Konga and in the Nigerian economy. Konga, the exclusive shop in shop ecommerce partner for Apple, Samsung, L’Oreal, and many more has continued to boost the domestic economy with the inflow of foreign direct investments from these global brands with the potential to catalyse economic growth. With this, a lot more deals, I hope, will flow in to ensure a robust and productive market for consumers.

According to a report by the World Bank, a 10% increase in broadband penetration can lead to a 1.38% increase in GDP growth in developing countries. This partnership between Konga and Starlink can open up new opportunities for entrepreneurs, enabling them scale their operations and compete on a level playing field with their international counterparts.

Furthermore, reliable internet access can facilitate academic research and collaboration. This would encourage innovation domestically and allow Nigerian academics and institutions to participate in the global knowledge economy. So, integrating ICT into education will improve learning outcomes, promote digital literacy, and enhance teacher training. By bridging the digital divide, Konga, through Starlink, empowers Nigerian students and educators, equipping them with the skills and knowledge required to thrive in the 21st century.

Beyond the economic and educational benefits, the Konga-Starlink partnership has the tendency to foster social inclusion and empower communities across Nigeria. With access to high-speed internet, individuals can stay connected with loved ones, access online services, and participate in the digital economy, regardless of location. By bringing affordable and reliable internet to areas with limited access, the Konga-Starlink partnership can help bridge the digital divide and ensure that no Nigerian is left behind in the digital revolution.

The healthcare industry in Nigeria stands to benefit greatly from the collaboration between Konga and Starlink. In places where access to specialized medical treatment is limited, healthcare practitioners can use telemedicine systems to facilitate remote consultations, diagnosis, and even surgery, provided they have dependable internet connectivity. In underserved areas especially, telemedicine has promise for increasing access to healthcare services, cutting costs, and improving care quality.

The partnership between Konga and Starlink represents a significant step forward in bridging the digital divide in Nigeria. By leveraging SpaceX’s innovative satellite-based internet service and offering it at an affordable price point, this collaboration has the potential to transform various sectors. As Nigeria continues to embrace the opportunities this partnership presents, the future looks promising for technological advancement, societal development, and global competitiveness.


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Flexify Solutions Launches CyberAgric App to Revolutionize Agricultural Sector in Nigeria

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Flexify Solutions, a leading tech-based firm in Oyo State, has introduced “CyberAgric,” an innovative solution designed to drive food production in Nigeria.

Flexify Solutions Launches CyberAgric App to Revolutionize Agricultural Sector in Nigeria

This is in recognition of the crucial role of modern agricultural practices in ensuring food security.

Food security is a top priority for every nation, and Nigeria is no exception.

CyberAgric is a cutting-edge mobile application that leverages artificial intelligence (AI) to support Nigerian farmers, particularly those involved in cash crop cultivation such as cassava and maize.

The app’s groundbreaking features include early disease detection, with the capability to identify diseases like Cassava Brown Streak Disease (CBSD) in cassava leaves within the first two weeks of infection.

By utilizing smartphone cameras, farmers can capture images of their crops and receive real-time analysis and recommendations, empowering them to take proactive measures to protect their crops and ensure optimal yields.

Moreover, CyberAgric is designed to function offline, ensuring accessibility for farmers in remote areas with limited internet connectivity.

Speaking on the significance of CyberAgric, Johnson Oyeniyi, CEO of Flexify Solutions, emphasized the app’s accessibility and educational value. “Our goal with CyberAgric is to ensure that every Nigerian farmer, regardless of their location or internet access, can benefit from advanced agricultural technology,” said Oyeniyi.

“Beyond disease detection, the app serves as an educational platform, providing farmers with the latest agricultural best practices and expert resources.”

Flexify Solutions collaborated closely with Cybermate Technologies to tailor CyberAgric to the specific needs of Nigerian farmers.

The app initially focuses on cassava and maize cultivation, addressing the critical challenges faced by farmers in these sectors.

Through advanced AI-driven disease detection capabilities, CyberAgric aims to mitigate the impact of crop diseases and enhance food security in Nigeria.

Flexify Solutions Ltd is a global company specializing in disruptive digital solutions. With a strong focus on innovation, Flexify Solutions excels in crafting AI solutions optimized for mobile platforms and driving transformative change across industries.

With a proven track record in mobile app development, Flexify Solutions seamlessly integrates cutting-edge AI technologies to create intelligent solutions that resonate with users and drive success.

 


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