Connect with us

Telecom

Why Organizations Need to Adopt a Fresh Approach to Cloud Security in 2023

Published

on

Kindly share this post

By Eli Smadja

There is a constant need for vigilance when it comes to cybersecurity within the cloud environment and, while the shift to hybrid working was an unavoidable pivot after the pandemic, it also made it easier for cybercriminals to exploit businesses through their supply chain network.

When comparing the past two years, we have seen a significant increase in the number of attacks per organization on cloud-based networks, which went up by 48% in 2022 compared with 2021.

In addition to vulnerability exploitation attempts, cloud environments have become both the source and target of security incidents and breaches that involve improper access management, sometimes combined with the use of compromised credentials.

In March 2022, the ransomware gang Lapsus$ announced in a statement on its Telegram group that it had gained access to Okta, an identity management platform.

Lapsus$ has a history of publishing sensitive information, often source code, stolen from high-profile tech companies such as Microsoft, NVIDIA, and Samsung. However, this time, the actors claim their target was not Okta itself, but rather its customers.

Following the breach, Okta released an official statement revealing that approximately 2.5% of their customers were affected by the Lapsus$ breach—around 375 companies, according to independent estimates.

Okta, a cloud-based software, is used by thousands of companies to manage and secure user authentication processes, as well as by developers to build identity controls. This effectively means that hundreds of thousands of users worldwide could potentially be compromised by the company responsible for their security.

What’s the reason for the increase in supply chain attacks?

An agile, limitless storage space, the cloud allows users to store sensitive data and undertake complex tasks that cannot be done on traditional servers, which makes them an attractive proposition for cybercriminals.

According to Gartner, 60% of organizations now work with over 1,000 third-party suppliers, all of which are critical to their success but will leave users vulnerable to an unprecedented level of risk. Gartner also predicts that by 2025, 45% of organizations worldwide will have experienced cyberattacks on their software supply chains, three times as many in 2021.

Organizations are also still struggling to sufficiently secure new cloud environments implemented during the pandemic, and simultaneously securing legacy assets which were added during the lockdowns, with no real means to ensure that all of them are secured.

Added to that complexity, this accelerated cloud adoption has exponentially increased the use of third-party applications and the connections between systems and services, unleashing an entirely new cybersecurity challenge.

Cloud security is complicated further by many enterprises using multiple cloud-based solutions, each with specific security settings. With multiple platforms and multiple users, there’s only one outcome – chaos. It is difficult to have visibility into all the integrations between an organization’s cloud applications, as the average enterprise uses 1,400 cloud services.

Why cloud security should be a priority in 2023

Cloud platforms represent a goldmine for malicious actors, especially when you consider the size of many organizations’ cloud supply chain networks. Once a hacker has gained entry, they have carte blanche to act however they choose. This could be anything from injecting malicious content to infect users or wiping all data stored within a particular platform.

Ensuring the security protocols of cloud platforms are set up correctly should be a priority for organizations and their supply chain networks, otherwise, their data and their client’s data are at significant risk.

The misconfiguration of cloud platforms isn’t a new issue, it currently affects millions of users and is often the result of a lack of awareness, proper policies, and security training.

But how can organizations address the issue? Simply increasing employee awareness and training isn’t enough. Conducting meaningful testing alongside robust security measures is the only way to better protect organizations from the threat of cloud supply chain attacks. We practice fire drills, so why not cyberattacks?

Eli Smadja is Security Research Group Manager at Check Point


Kindly share this post

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

Telecom

9mobile Refutes Claims of N55Bn Debt to Keystone Bank

Published

on

Kindly share this post

Board of Directors of Emerging Markets Telecommunication Services Limited, trading as 9mobile, has refuted reports suggesting that a court ordered the company to pay a N55bn debt to Keystone Bank.

9mobile Refutes Claims of N55Bn Debt to Keystone Bank

In a statement at the weekend, the telecommunications company clarified that it was not a party to any legal suit or court order related to the debt.

The legal dispute involves only its minority shareholder, Teleology Nigeria Limited.

“Our attention has been drawn to a wave of syndicated media publications dated Friday, July 19, 2024, with the same misleading headline: ‘Court orders 9mobile to pay N55bn debt to Keystone Bank,’” 9mobile stated.

“The Management of 9mobile wishes to inform the concerned public and critical stakeholders that, contrary to this misleading headline, Emerging Markets Telecommunication Services Limited, trading as 9mobile, was neither a party to any suit nor affected by the order said to have been made against it as an entity.”

On Friday, a section of the media reported that a Federal High Court in Ikoyi, Lagos, ordered Teleology Nigeria Ltd. to pay the sum owed to Keystone Bank.

Bode Olanipekun, SAN, Keystone’s counsel, claimed Teleology failed to service the loan used to finance its acquisition of assets in 9mobile.

Despite Keystone Bank’s offer to restructure the loan, Teleology did not meet the conditions set forth. Instead of repayment, the plaintiff received a proposal from PAC Ltd. suggesting a debt conversion to equity with no immediate repayment.

9mobile emphasised that the reports were false and defamatory, impacting its corporate reputation.

“If the correspondents who filed the obviously syndicated news stories were anywhere near the courtroom during the proceedings leading to the issuance of the said order, they would have known that at no point was 9mobile a party to the suit in question. Rather, the action was appropriately classified and filed as ‘Keystone Bank v. Teleology Nigeria Limited.’”

The company reiterated that no judgment was made against it and described the attempt to link 9mobile with the transaction of its minority shareholder, Teleology Nigeria Limited, as “false and maliciously misleading.”

9mobile highlighted that it is under new ownership, with a 95.5 per cent controlling stake in the business, and has not been found liable for the actions of its minority shareholder in the ongoing legal tussle.

“Our business transformation program has commenced, and we are poised to reclaim our place in the market,” 9mobile assured.

Teleology Holdings acquired 9mobile, previously known as Etisalat Nigeria, in November 2018 after a lengthy bidding process. However, just two months later, Teleology announced its withdrawal from the project due to dissatisfaction with its local partnership and operational challenges.

This decision jeopardised the initial $50m deposit made for the acquisition and highlighted ongoing financial difficulties faced by 9mobile, which has seen a significant decline in subscribers since its financial troubles began in 2017.

 


Kindly share this post
Continue Reading

Telecom

TD Africa, BOSCH Strengthen Ties on Nigerian Consumer Electronic Market

Published

on

Kindly share this post

To further showcase its acknowledgment and endorsement of the Nigerian-born, Africa-wide technology distribution company, TD Africa, a delegation of Robert Bosch GmbH, popularly known as BOSCH, has paid a courtesy visit to the tech distribution giant at its Victoria Island, Lagos, head office.

L-R: Ifeoma Chigbo-Ndukwe (HR & Admin, TD Africa); Anastasia Etumeahu (Bosch Business Manager, TD Africa); Piet Ebersohn (Bosch Brand Manager, Sub-Saharan Africa); Chioma Chimere (Coordinating Managing Director, TD Africa); Chiamaka Okonkwo (Business Analyst, TD Africa); Omotola Basiru (Procurement Officer, TD Africa).

This pivotal visit marks a renewed commitment of the German multinational engineering and technology company to TD Africa as the strategic ally for Bosch business in Nigeria.

Mrs. Chioma Chimere, the Coordinating Managing Director of TD Africa, who warmly received the Bosch delegation, said the visit was to further strengthen the existing ties between the two companies and stamp the multinational’s presence in Nigeria.

Her words, “This visit signifies a renewed focus on making Bosch the most sought-after consumer electronics brand for the discerning Nigerian customer.

“We believe the collaborative strategies discussed will pave the way for big prospects and breakthroughs for Bosch in Nigeria, and TD Africa stands ready as a key partner in this journey.”

Topmost on the discussion were strategies for projecting TD Africa as the key distributor for Bosch products in the country. As both parties outlined plans towards achieving exponential growth through marketing initiatives, among others, to expand Bosch’s market share.

Mr. Piet Ebersohn, the Brand Manager for Bosch, Sub-Saharan Africa, who led the delegation, said: “TD’s commitment to the growth of the customer’s value chain is immeasurable and invaluable. This is one of the many reasons we value our partnership with TD Africa.”

For the continued efficacy of the alliance, the German company promised to ensure top-notch supply-chain management practices with TD Africa to ensure a steady flow of desired Bosch products to ease and meet the Nigerian consumer demands without delay.

While this collaboration further reinforces TD Africa’s commitment to making technologies accessible across the continent, the visit has again confirmed TD Africa’s position as the premier distributor of choice for leading global brands.


Kindly share this post
Continue Reading

Telecom

FG Calls on Nigerians to Apply for ECOWAS Cybersecurity Hackathon

Published

on

Kindly share this post

Federal Government of Nigeria is calling on all Nigerian youths and IT enthusiasts to join the Capture the Flag (CTF) competition by registering to participate in the Economic Community of West Africa’s (ECOWAS) Cybersecurity Hackathon.

The event aims to empower citizens across the region with vital cybersecurity skills.

The event is being organised by ECOWAS and hosted by Nigeria in partnership with the Federal Ministry of Communications, Innovation and Digital Economy, and NITDA.

The Cybersecurity Hackathon presents an excellent opportunity for both beginners and seasoned professionals to dive into the world of cybersecurity, acquire new skills, and network with fellow enthusiasts.

All talented individuals and teams are invited to join this exhilarating competition. Demonstrate your expertise, collaborate with peers, and push the boundaries of cybersecurity. Be part of the talent pool driving cyberspace security for your country and West Africa as a whole.

The hackathon fosters a platform for young technology enthusiasts, enhancing the cyber workforce in the region. Nigerian youths are particularly encouraged to participate and showcase their brightest minds in this competition. Whether a cybersecurity novice or a seasoned expert, this event offers a unique opportunity to learn new skills and connect with fellow cyber enthusiasts.

ECOWAS Hackathon is an annual ethical hacking competition that brings together top cybersecurity talents from across ECOWAS, providing a unique opportunity to showcase skills, encourage knowledge sharing, and promote excellence in the field of cybersecurity.

The first edition took place in Porto Novo, Benin Republic in 2022 and Lome, Togo in 2023.

Eligibility and Registration Details:

Registration Period: Open from July 19, 2024, to August 5, 2024.

Eligibility Criteria:

All participants must be citizens of ECOWAS

member countries.

Travel tickets will be provided for participants residing within the region.

Teams must consist of 3-4 members, with at least one female participant.

Participants must be between 17 and 35 years of age.

This initiative came at the time of a recent report by the International Information System Security Certification Consortium (ISC2), which highlighted a global gap of four million unfilled cybersecurity jobs.

The Federal Government of Nigeria is addressing this talent shortage through its 3 Million Technical Talent (3MTT) programme, organised by the Federal Ministry of Communications, Innovation and Digital Economy.

The programme aims to train three million Nigerians in technical skills, including cybersecurity.

Register Now:

Don’t miss this thrilling opportunity to be part of West Africa’s cybersecurity community. Registration for the ECOWAS Cybersecurity Hackathon is now open. Join this exciting Capture the Flag (CTF) competition by clicking the link below: https://ecowasctf.ng](https://ecowasctf.ng)


Kindly share this post
Continue Reading

Trending