Category: e-Business

  • Gupshup acquires Knowlarity

    Gupshup acquires Knowlarity

    Global leader in conversational engagement, Gupshup, has acquired Knowlarity Communications, a global leader in cloud communications, offering cloud telephony, contact center automation, AI-powered voice assistants and speech analytics solutions to over 6,000 customers across 65 countries.

    The acquisition complements Gupshup’s industry-leading Conversational Messaging suite and establishes Gupshup as the leader in voice and video communications as well.

    Knowlarity operates in the voice-based Conversational Engagement market, which is poised to transform contact-centers, IVR systems, and smart voice systems, accounting for a total addressable market (TAM) of nearly $18 billion by 2024.

    “As business-to-consumer engagement becomes conversational, Gupshup is busy enabling more ways for businesses to deliver rich experiences. With the addition of Knowlarity’s products, businesses will now be able to build seamless conversational experiences across both messaging and voice channels,” the firm said in a statement.

    Knowlarity revenue grew 50 per cent over the previous year, while international revenues ex-India grew 100 per cent in the same period. Knowlarity offers solutions with unparalleled reliability and intelligence that enable businesses to better engage their customers through AI-enabled voice and video solutions for improved return on investment (RoI).

    Knowlarity’s solutions are being used across multiple industries including BFSI, Consumer Goods, IT/ITeS and Healthcare, across a variety of customer journeys covering sales and lead generation, customer service and support, automated calls, surveys and feedback, logistics and delivery, and remote work.

    They have industry-leading partnerships with Google Cloud for Speech Analytics and integrations with the world’s leading CRM systems like Salesforce, Freshworks, Hubspot and Zoho, among others.

    Knowlarity has the highest number of Unicorn customers in the voice market in India.

    Speaking on the development, co-founder and CEO, Gupshup, Beerud Sheth, said: “As business-to-consumer engagement becomes conversational, Gupshup is busy enabling more ways for businesses to deliver rich experiences. With the addition of Knowlarity’s products, businesses will now be able to build seamless conversational experiences across both messaging and voice channels. Knowlarity is the clear market leader in voice – their comprehensive product suite spanning cloud telephony and contact center automation, along with excellent customer traction will further enhance Gupshup’s leadership position. I’m excited to welcome the Knowlarity team to the Gupshup family.”

    CEO, Knowlarity, Yatish Mehrotra, said the firm is excited over the deal.  “We at Knowlarity are excited to be a part of Gupshup. This will lead to richer experiences for our existing and future customers along with product enrichment and significant geographic expansion opportunities. Our customer-centric, innovation-focused cultures are perfectly aligned and we see significant synergies and new products emerging from the combination of two great teams,” he said, adding that the need for businesses to maintain effective communication with their customers is key to building stronger and long-lasting relationships regardless of sector, stage or markets.

    The pandemic has only accentuated this need – and increased the demand for unified and seamless communication solutions that allow companies to connect with their customers across all channels. The coming together of Gupshup and Knowlarity creates a unique product offering for customers across geographies, cementing the leadership position that both businesses have attained in the space of conversational engagement and cloud-based communications.

    “As early believers in Knowlarity, Sequoia India continues to remain excited about this sector. We are thrilled about this milestone and look forward to an enduring partnership,” Director, Sequoia Capital India and South East Asia, said Sandeep Kher.

    “Our investment and journey with Knowlarity over the years continues to strengthen our belief that India produces world class SaaS businesses. Gupshup and Knowlarity are a natural fit. We would like to congratulate the teams at Gupshup and Knowlarity and wish them all the very best as they form a strong partnership in the years to come,” Partner, Mayfield India, Subeer Monga, also said.

    Co-founder of Knowlarity, Ambarish Gupta, customers want to be able to communicate with enterprises in text, voice, and other channels of choice. Knowlarity is the pioneer of enterprise telephony in emerging markets. Gupshup is the market leader in messaging. Gupshup’s acquisition of Knowlarity creates the largest and most advanced communication leader in the fast-growing emerging market economies.

    In 2021, Gupshup became a Unicorn with a valuation of $1.4 billion and raised $340 million from Tiger Global, Fidelity Management and Research Co. LLC and other marquee global investors. This is Gupshup’s second acquisition in the last four months, following the acquisition of Dotgo, the world’s leading RCS (Rich Communications Services) platform.

    The transaction is expected to close by the end of February 2022, subject to completion of customary closing conditions. DC Advisory acted as the sole financial advisor to Knowlarity on the transaction.

     

  • Growth Africa, LBS train 50 tech startups

    Growth Africa, LBS train 50 tech startups

    In keeping with its vision to assist young creative minds become Africa’s next billion-dollar entrepreneurs,  Growth Africa StartUp in partnership with Lagos Business School has graduated the first set of 50 startups under their joint Executive training and mentorship programme.

    The graduates, who fall into the class of all small, medium enterprises (SMEs), are young businesses aiming to increase visibility, resilience and productivity.

    The selection took place last Friday at the Lagos Business School in Lagos where 50 startups were allowed to pitch their ideas while the judges gave their observations to select the final group.

    The judges include former Managing Director Bank of Industry (BoI), Evelyn Oputu; Chief Operating Officer, LBS, Charles Ivenzo;  Deputy Director, Falcon Corporations, Audrey Joe-Ezigbo, and Chief Executive Officer of Growth Africa startups, Samuel Ajiboyede.

    According to Ajiboyede, the  startups would be scrutinised while 15 would be selected and given mentorship through the next phase which would last for a year.

    “Over 1000 businesses applied, 150 were interviewed and after, just 50 was selected. Today is their demo day and we have entrepreneurs, mentors from different sectors who are here to hear them out and get interested in some of them. The idea is to empower them through mentorship and advisory roles, give them access to market and even funding.

    “Through this training, startups can scale up to become job providers and impact the society. So, we look out for the impact of the idea, how it can contribute to society and the zeal of the startup,” Ajiboyede said.

    Academic Director, Entrepreneurship Innovative Centre, LBS, Henrietta Onwuegbuzie, said the major focus of the programme is to provide impact and that is enough to scale up a business and bring it to the limelight

    “These people are solving real problems and that’s an already-made market.  The secret of a successful business is to create value and value drives profit.

    ” We hope to give them an enabling environment, and it’s to publicise these ideas Some of them will get access to big companies where they can work and gain experience for one year.

    “If more of this type of thing initiative comes up, you can imagine what it would be like in Nigeria in the next five years because there would be an explosion of SME’s creating businesses and solving unemployment,” Onwuegbuzie said.

    One of the beneficiaries, Winniefred Uwujele, chief executive officer, Winniecense Fragrance Nigeria, said the experience was quite enriching.

    “One of the best things that have ever happened to me is being at this training. Lagos Business School gave their very best. You can imagine the head of MBA coming to teach you like every other student who paid very huge cash.

    “This is a rare opportunity to have people to sponsor people to learn in LBS is a big feat and you get all the treatment that every other person in LBS gets. It’s an awesome experience and I am glad to be an ambassador of Growth Africa Startup,” Uwujele said.

  • Cybercrooks mount unrelenting attacks

    Cybercrooks mount unrelenting attacks

    Reports from various research groups have shown that fraudsters continue to unleash rapacious attacks on unsuspecting people fleecing them of their hard earned cash, LUCAS AJANAKU reports.

    He just came back from Sunday service and was taking a shot nap in his bedroom. Suddenly a call came; he sprang from his bed and picked it. The caller identified himself a customer care agent from his bank. He called the full name he used to open the account, including his date of birth and other details. He told him there was an urgent need to upgrade certain information on his account, failure of which he stood the risk of being unable to access the account.

    Seventy-five-year-old Pa Kokumo Johnson (not real) was overwhelmed by the threat to the cash in his bank account. Convinced that the caller, having supplied the information in his account, except the bank verification number (BVN), was from his bank, he supplied the Personal Identification Number (PIN) of his automated teller machine (ATM) card with caller.

    Baba had forgotten that no bank customer care agent would call on a Sunday. Before he knew it, these unscrupulous elements started withdrawing cash from his account. Since it was a Sunday, they withdrew up to the maximum threshold allowed. By 12.30am, they went on another round of withdrawal spree and also attained the maximum limit. By the time the bank opened for normal business on Monday, they had dealt a terrible blow to his feeding allowance.

    Pa Johnson is just but one out of several others in his age bracket that have fallen victim to these irritants.They come in a manner that leaves no one in doubt that they are authentic agents of the banks they claim to represent. “There are so many armed robbers in the banking halls. They are the ones that collude with others outside the banking system to wreak havoc,” Kunle Olanrewaju, a civil servant who had also fallen victim to their pranks said.

    In line with the Central Bank of Nigeria’s (CBN’s) policy to discourage the use of cash and embrace electronic or e-payment channels, the crooks have also perfected ways to dupe people.

    According to a data released by Nigeria Interbank Settlement System (NIBSS), as more Nigerians embrace e-payment platforms, fraudsters have also upped their game in their attacks leading to a 186 per cent increase in financial frauds from 16,128 in 2019 to 46,126 in 2020.

    According to its fraud report, criminals now focus more on the mobile payment system, hence, fraud attempts on mobile increased by 330 per cent between January and September 2020.

    The shift in attention to mobile may not be unconnected to the fact that many bank customers now rely on their mobile for financial transactions. This was also evident from the NIBBSS report on mobile transactions, which showed that bank customers transferred a total of N3.05 trillion through mobile in 2020. This represented a whopping 268 per cent increase over N828 billion mobile deals recorded in 2019.

    Aside from the mobile, NIBSS in the Q3 2020 fraud report disclosed that the fraudsters are also targeting web payment and Point of Sales (PoS) both of which recorded 173 per cent and 215 per cent increase in fraud attempts in the nine-month.

    According to the report, the financial system lost a total of N5.2 billion to fraudsters in nine months. It added that the fraudsters attempted attacks 46,126 times, and they were successful on 41,979 occasions, representing 91 per cent.

    A cyber security solutions provider, Check Point, in its Research Threat Intelligence Report for Nigeria, said globally, the number of attacks experienced per business each week is 870 on average – in Nigeria, this weekly figure is 2,308 across all industry sectors collectively. The more-granular per-industry analysis reveals this figure is higher still for businesses in the finance and banking sector.

    “Over the last six months, the number of attacks against these institutions in Nigeria was 3 682 per week, while globally, this figure is far lower at 774. To protect this booming industry, more must be done to drive awareness around cybersecurity,” its Software Technology Regional Director for Africa, Pankaj Bhula, was reported to have said by ITWeb Africa.

    The report also revealed that, over the past six months, 62 per cent of Nigeria’s businesses fell victim to Remote Code Execution (RCE) attacks, making this the top class of vulnerability exploits.

    A cybercriminal can gain remote control to a device and the private data stored on it in an RCE attack. Considering the most targeted sector is finance, which holds a wealth of sensitive user data, the rise of RCE attacks is concerning, the report added.

    Check Point Software Technologies forecast several alarming cyber-threat trends for this year, including the weaponisation of deepfake technologies by cybercriminals to create fake news campaigns as part of elaborate phishing attacks, predominantly carried out over email.

    In fact, in Nigeria, email was recorded as the origin point for 60per cent of cyberattacks over the last month, according to the report. As it’s the prevailing vector for delivery of malicious files, awareness around social engineering attacks like these must be bolstered.

    On deepfake technologies, president of the Cyber Security Experts Association of Nigeria, Remi Afon, said it’s a huge area of concern this year.

    While the technology can be leveraged by criminals to scam and dupe victims, a more insidious purpose is using deepfakes to create political instability and scandal. For Afon, this technology and the resulting spread of misinformation could have far-reaching ramifications for Nigeria’s 2023 General Election, to be held next February.

    Also, the Nigerian Communications Commission’s Cyber Security Incident Response Team (NCC-CSIRT) has been alerting the public cyber vulnerabilities and has been advising telecom consumers on the measures to be taken to get protected from the cyber-attacks.

    The CSIRT, in its first-ever security advisories less than three months after its creation, identified two cyber-attacks targeting the consumers and proffered solutions that can help telecom consumers from falling victims to the two cyber vulnerabilities.

    The first is described as Juice Jacking, which can gain access into consumers’ devices when charging mobile phones at public charging stations and it applies to all mobile phones. The other is a Facebook for Android Friend Acceptance Vulnerability, which targets only Android Operating System.

    According to CSIRT security Advisory 0001 released on January 26, 2022, with Juice Jacking, attackers have found a new way to gain unauthorized entry into unsuspecting mobile phone users devices when they charge their mobile phones at public charging stations.

    Many public spaces, restaurants, malls and even in the public trains do offer complementary services to their customers in a bid to enhance customer services, one of which is providing charging ports or sockets.

    However, an attacker can leverage this courtesy to load a payload in the charging station or on the cables they would leave plugged in at the stations.

    Once unsuspecting persons plug their phones at the charging station or the cable left by the attacker, the payload is automatically downloaded on the victims’ phone. This payload then gives the attacker remote access to the mobile phone, allowing them to monitor data transmitted as text, or audio using the microphone. The attacker can even watch the victim in real time if the victims’ camera is not covered. The attacker is also given full access to the gallery and also to the phone’s Global Positioning System (GPS) location.

    When an attacker gains access to a user’s Mobile phone, he gets remote access to the User’s phone which leads to breach in Confidentiality, Violation of Data Integrity and bypass of Authentication Mechanisms. Symptoms of attack may include sudden spike in battery consumption, device operating slower than usual, apps taking a long time to load, and when they load they crash frequently and cause abnormal data usage.

    The NCC-CSIRT, however, proffered solutions to this attack to include using ‘charging only USB cable’, to avoid Universal Serial Bus (USB) data connection; using one’s AC charging adaptor in public space; and not granting trust to portable devices prompt for USB data connection.

    Other preventive measures against Juice Jacking include installing Antivirus and updating them to the latest definitions always; keeping mobile devices up to date with the latest patches; using one’s own power bank; keeping mobile phone off when charging in public places; as well as ensuring use of one’s own charger, if one must charge in public.

    On the other hand, the NCC-CSIRT Advisory 0001 of January 27, 2022, warns that Facebook for Android is vulnerable to a permission issue which gives privilege to anyone with physical access to the android device to accept friend requests without unlocking the phone. The products affected include Versions 329.0.0.29.120 of Android OS.

    With this, the attacker will be able to add the victim as a friend and collect personal information of the victim, such as Email, Date of Birth, Check-ins, Mobile phone number, Address, Pictures and other information that the victim may have shared, which would only be visible to his/her friends.

    However, to be protected from the Facebook-associated vulnerability, NCC-CSIRT in the security advisory recommends to users to disable the feature from their device’s lock screen notification settings.

    NCC-CSIRT had alerted members of the public that a cybercrime group had perfected a New Year scheme to deliver ransomware to targeted organizational networks.

    The new ransomware uncovered by security experts was categorisedas high-risk and critical.

    According to the ngCERT advisory, the criminal group is said to have been mailing out USB thumb drives to many organisations in the hope that recipients will plug them into their PCs and install the ransomware on their networks. While businesses are being targeted, criminals could soon begin sending infected USB drives to individuals.

    Describing how the cybercrime group runs the ransomware, the ngCERT advisory said the USB drives contain so-called ‘BadUSB’ attacks. The BadUSB exploits the USB standards versatility and allows an attacker to reprogram a USB drive to emulate a keyboard to create keystrokes and commands on a computer. It then installs malware prior to the operating system booting, or spoofs a network card to redirect traffic.

    Numerous attack tools are also installed in the process that allows for exploitation of personal computers (PCs), lateral movement across a network, and installation of additional malware. The tools were used to deploy multiple ransomware strains, including BlackBatter and REvil.

    According to ngCERT, the attack has been seen in the US where the USB drives were sent in the mail through the postal and parcel services. One type contained a message impersonating the US Department of Health and Human Services and claimed to be a COVID-19 warning. Other malicious USBs were sent in the post with a gift card claiming to be from Amazon.

    However, ngCERT has offered recommendations that will enable corporate and individual networks to mitigate the impact of this new cyber-attack and be protected from the ransomware.

    These recommendations include a call on individuals and organisations not to insert USB drives from unknown sources, even if they’re addressed to you or your organization. In addition, if the USB drive comes from a company or a person one is not familiar with and trusts, it is recommended that one contacts the source to confirm they actually sent the USB drive.

    Finally, ngCERT has advised ICT as well as other Internet users to report any incident of system compromises to ngCERT via *incident@cert.gov.ng,* for technical assistance.

  • Inlaks, Temenos deploy payment hub for Bank of Kigali

    Inlaks, Temenos deploy payment hub for Bank of Kigali

    Information communication technology (ICT) infrastructure and systems integrator in sub-Saharan Africa, Inlaks in partnership with Temenos, a leading banking software company, has deployed the T24 Transact and Payment Hub for the Bank of Kigali in Rwanda in the bank’s quest to accelerate digital transformation in the region.

    The implementation will support the Bank of Kigali’s operations while enabling the institution to dominate by providing its customers with market-leading services through enhanced functionality and digital channels.

    The transformation will also enable the usage of enhanced digital products for multiple projects brought on by the impact of the COVID-19 pandemic on banking operations.

    Inlaks’ Chief Executive Officer, African Operations, Kyari Bukar said: “We are elated to be a partner of choice in the digital transformation story of the innovative Bank of Kigali, Rwanda via Temenos, our partner for over 20 years.

    “We have built our expertise and reputation, becoming the number one integrator of information technology solutions to our clients to provide a better and more seamless service for their teeming customers in the ever-evolving landscape of financial technology. Kigali is a key growth market and Inlaks is fully committed to working as a trusted partner with the bank now and into the future.”

    Also, Executive Director Inlaks Financial Business Unit, Femi Muraino, said the Bank of Kigali will benefit from the implementation as the automation of its banking processes will strengthen more effectively the performance of its core banking system.

    According to him, Inlaks is committed to its vision of deploying its technical expertise, wide experience, and professionalism in supporting the growth and digital advancement of core banking operations in the East African region and beyond.

    Chief Executive Officer, Bank of Kigali, Dr. Diane Karusisi, commended the Inlaks team, noting that the implementation is in line with the bank’s drive for digital transformation for optimal customer satisfaction.

    “We are proud to be associated with Inlaks as our implementer of choice and commend our staff for their hard work in ensuring this go-live went as planned within a short time frame. Our goal is to innovate and deploy products that will improve our services to our customers while advancing the cause for continuous digitisation of the East African banking sector,” Karusis said.

    Inlaks is a leading systems integrator in Sub-Saharan Africa. With operations in Nigeria, Ghana, East Africa and other Sub-Saharan African regions, the company partners with leading OEMs in the technology industry to provide world-class information technology solutions that exceed the needs of its customers.

    Bank of Kigali Plc. is the largest commercial bank in Rwanda, by total assets. In 2017, Global Credit Ratings affirmed Bank of Kigali’s long-term and short-term national scale ratings of AA- (RW) and A1+(RW) respectively with a stable outlook. The Bank has won several back-to-back international and regional banking awards from

    Euromoney, The Banker, Global Finance Magazine, and EMEA Finance. Bank of Kigali has been recently awarded “Best Bank in Rwanda” in the Euromoney Awards for Excellence 2021.

  • How e-commerce technology improves micro, small businesses

    How e-commerce technology improves micro, small businesses

    The world is going through a phase of the technology revolution which is eroding every field of human endeavor. In the light of this, there has been an increased effort by groups, individuals and government at all levels to ensure that Nigerians optimise their potential and maximise the opportunity provided by digital technology for the growth of the country’s digital economy.

    One major driver of the digital economy is e-commerce. Many business ideas have been actualized and are thriving digitally since the online shopping revolution started in Nigeria some years ago. Below are some of the ways e-commerce platforms are improving the fortunes of Nigerian SMEs, including the informal retail market:

    Cost-effectiveness: for an informal retailer, the cost of transportation to and from the market eats into their profit. This gap is now being filled by platforms like Alerzo who enable customers to save more by connecting them directly with manufacturers and going as far as offering free delivery.

    Wider reach: One major benefit of e-commerce to business is the elimination of borders and boundaries. With online retail platforms, thousands of SMEs reach millions of customers on a daily basis.

    Direct connection to manufacturers: With help of the likes of Alerzo Limited and TradeDepot, informal retailers are stocking their shops directly from manufacturers thus escaping price inflation in the physical market.

    READ ALSO: Nigerians decry hassles of e-commerce

    Increases in profit: While an informal seller saves more by avoiding frequent market trips, a seller on B2C platforms is also able to increase profit by avoiding bogus rents in major cities like Lagos, Port Harcourt and Abuja. Getting such expenses off the books is a huge profit boost for micro-businesses.

    Capacity building: Some e-commerce platforms like Alerzo also provide sellers with training and advisory that help them improve their digital skills and open them to more opportunities to grow their businesses.

    Breaking gender barriers: The gender barriers associated with business transactions are also eliminated with e-commerce. For instance, a man might be skeptical of buying electronic products from a lady selling in a physical store. But with e-commerce, what matters is product quality and service delivery, as the gender of the seller is concealed from the buyer.

    Mental health: In this age of mental health awareness, B2B e-commerce is saving a lot of informal retailers the mental and physical stress of stocking at the open markets.

    Effective time management: Selling online frees up more time for sellers to engage in other productive ventures. Also, the majority of sellers are women who manage the family along with their business. Embracing e-commerce gives them more family time, while informal retailers also have more time for their customer relations.

  • ‘Cloud tech vital to economic recovery’

    ‘Cloud tech vital to economic recovery’

    Microsoft Country Manager for Nigeria Ola Williams has said cloud-based technology will play a critical role in enabling inclusive economic recovery, with SMBs able to innovate far quicker and more securely at a much lower cost.

    According to her, the Future of Business Resilience report, released by Microsoft in 2020, noted that investing in latest technology (which includes cloud computing) results in between 20 and 30 per cent productivity and 40 to 50 per cent faster speed to market, among other benefits.

    “This is the enabling environment that we should be nurturing for SMBs and new start-ups alike if our economies are to successfully rebound post-pandemic. There is no doubt that economic recovery will be buoyed by the success of our start-ups and small businesses. This is because, across the Middle East and Africa, an estimated 90 per cent of all businesses fall into the small-to-medium-sized (SMB) category, highlighting the economic importance of these entrepreneurial enterprises.

    “The lesson thrust upon us by the pandemic is that building resilience is key to ensuring business continuity in ever-changing market conditions in which many SMBs are operating on tighter budgets.

    “The required resilience is rooted in digital transformation, allowing businesses to streamline operations and evolve to better meet current needs while developing the agility that will enable quick pivots in response to future changes.

    “Cloud adoption amongst SMBs is a critical first step in their pursuit of resilience on their digital transformation journey. Beyond this first step, conducting business in the cloud in the long term is also the best bet for future-proofing operations in a global digital economy.

    “This economy will be driven by the latest technologies, from Artificial Intelligence (AI) and Machine Learning (ML) to the Internet of Things (IoT), which use the cloud as a platform,” she said.

  • New Horizons gets Youth Empowerment honour

    New Horizons gets Youth Empowerment honour

    The National Youth Service Corps (NYSC) and Bowen University, Iwo, Osun State have conferred awards on New Horizons Nigeria, and its Chief Executive, Tim Akano, for supporting private universities and contributing to youth empowerment.

    The Bowen University award plaque, which was signed by the institution’s Vice Chancellor, Prof Joshua Ogunwole and its Registrar, Mr. Babatunde Adetona, was “in recognition of New Horizons support to the Committee of Vice-Chancellors and Registrars of Private Universities of Nigeria (CVCRPUN).”

    The CEO of New Horizons received NYSC’s award of the ‘Icon of Youth Empowerment’ for his relentless commitment and unparalleled passion for youths empowerment while the company was designated by NYSC as, ‘A Critical Partner in Youth Empowerment’.

    The Director-General, NYSC, Brigadier Shuaibu Ibrahim, said: “NYSC Management wishes to place on record that New Horizons Systems Limited under your leadership as Managing Director/CEO, is unwavering in its commitment and support for the Skill Acquisition and Entrepreneurship Development programme (SAED) of the NYSC.

    “This is evident in the cost-free ICT skill/digital training from which hundreds of corps members and many NYSC SAED officers are  benefiting. In view of the forgoing, the NYSC Management honours you with the award of ‘Icon of Youth Empowerment’.”

    Akano said the honours by is a testament of the company’s efforts to build future generations that would make Nigeria a global economic powerhouse.

    New Horizons is Nigeria’s largest ICT training company, having empowered over 1.2 million Nigerians with ICT skills in the last 16 years, bridging Nigeria technical IT skill gaps.

    The Nigerian company is a franchisee of New Horizons worldwide, the world’s largest independent IT training company with offices in 90 countries globally. In the last 16 years, New Horizons Nigeria has won over 50 national, continental and international awards and industry recognitions while Tim Akano has won over 60 individual awards.

  • The rampage of cyber crooks

    The rampage of cyber crooks

    Though the report of Affordability Drivers Index (ADI) released last year ranked Nigeria 19th out of 72 countries surveyed for internet affordability, the country was fourth in Africa. The report underscored the importance of the cyberspace to every facet of human endeavour. Nigeria is increasingly becoming attractive to cyber crooks that target individuals, government and businesses. LUCAS AJANAKU reports.

    The place of a well-secured digital space is certainly critical for the Federal Government to drive its digital agenda.

    The Minister of Communication and Digital Economy, Prof Ali Pantami and the Chief Executive Officer, Nigeria Communication Commission (NCC), Prof Garba Danbatta and other stakeholders in the information communication technology (ICT) sector agree that a free but secure cyber space will promote e-commerce, telemedicine, agriculture and many more, especially as the fifth generation (5G) network will soon be rolled out.

    “The future is digital, and we should be committed to supporting and collaborating with African countries to maximise opportunities inherent in digital technologies. We should also be ready to avoid the pitfalls by instituting appropriate regulations as we are doing in NCC,” Prof Danbatta.

    From Malware Flubot to Cyber-espionage Lyceum  and Malware AbstractEmu, the growing incidence of attempted attacks on the country’s cyber space is becoming worrisome.

     

    Malware Flubot

     

    Last year, the NCC raised the alarm over the existence of new, high-risk and extremely-damaging, Malware called Flubot.

    A malware is a generic word used to describe a virus or software, designed specially to “disrupt, damage, or gain unauthorised access to a computer system.”

    According to the national agency established by the Federal Government to manage the risks of cyber threats in the Nigeria and which also coordinates incident response and mitigation strategies to proactively prevent cyber-attacks against Nigeria, the Nigeria Computer Emergency Response Team (ngCERT), malware Flubot “targets Androids with fake security updates and App installations”.

    The ngCERT affirmed that Flubot “impersonates Android mobile banking apps to draw fake web view on targeted applications” and its goal transcends stealing personal data and essentially targets stealing of credit card details or online banking credentials.

    FluBot is circulated through Short Message Service (SMS) and can snoop “on incoming notifications, initiate calls, read or write SMSes, and transmit the victim’s contact list to its control centre.”

    It attacks Android devices by pretending to be “FedEx, DHL, Correos, and Chrome applications” and compels unsuspecting users to alter the accessibility configurations on their devices in order to maintain continuous presence on devices.

    The new malware undermines the security of devices by copying fake login screens of prominent banks, and the moment the users enter their login details on the fake pages, their data is harvested and transmitted to the malware operators’ control point from where the data is exploited by intercepting banking-related One Time Passwords (OTPs) and replacing the default SMS app on the targeted Android device.

    Consequently, it secures admission into the device through SMS and proceeds to transmit similar messages to other contacts that may be on the device it has attacked enticing them into downloading the fake app.

    When Flubot infects a device, it can result in incalculable financial losses. The malware creates a backdoor which grants access to the user’s device, thus enabling the invader or attacker to perform other criminal actions, including launching other variants of malware.

    In view of this discovery and understanding of the process by which this malware operates, and to protect millions of telecom consumers and prevent criminal forces, irrespective of location, from using telecom platforms to perpetrate fraud and irredeemable damages, the NCC issued its advisory to which included not clicking on the link of a suspicious text message, and not installing any app or security update; use updated antivirus software that detects and prevents malware infections; apply critical patches to the system and application; and use strong passwords and enable two-factor authentication (2FA) over logins; back-up your data regularly.

    Again, the Commission has alerted members of the public that a cybercrime group has perfected a new year scheme to deliver ransomware to targeted organisation’s networks.

    The new ransomware uncovered by security experts has been categorised, by ngCERT advisory released over the weekend as high-risk and critical.

    According to the ngCERT advisory, the criminal group is said to have been mailing out USB thumb drives to many organisations in the hope that recipients will plug them into their PCs and install the ransomware on their networks. While businesses are being targeted, criminals could soon begin sending infected USB drives to individuals. The ngCERT advisory said the USB drives contain so-called ‘BadUSB’ attacks.

    The BadUSB exploits the USB standards versatility and allows an attacker to reprogram a USB drive to emulate a keyboard to create keystrokes and commands on a computer. It then installs malware prior to the operating system booting, or spoofs a network card to redirect traffic.

    Numerous attack tools are also installed in the process that allows for exploitation of personal computers (PCs), lateral movement across a network, and installation of additional malware. The tools were used to deploy multiple ransomware strains, including BlackBatter and REvil.

    According to ngCERT, the attack has been seen in the US where the USB drives were sent in the mail through the Postal Service and Parcel Service. One type contained a message impersonating the US Department of Health and Human Services and claimed to be a COVID-19 warning. Other malicious USBs were sent in the post with a gift card claiming to be from Amazon.

    However, ngCERT has offered recommendations that will enable corporate and individual networks to mitigate the impact of this new cyber-attack and be protected from the ransomware.

    These recommendations include a call on individuals and organisations not to insert USB drives from unknown sources, even if they’re addressed to you or your organization. In addition, if the USB drive comes from a company or a person one is not familiar with and trusts, it is recommended that one contacts the source to confirm they actually sent the USB drive.

     

    Cyber-espionage Lyceum

     

    An Iranian hacking group known as Lyceum (also known as Hexane, Siamesekitten, or Spirlin) was also reported to be targeting telecoms, Internet Service Providers (ISPs) and Ministries of Foreign Affairs (MFA) in Africa with upgraded malware in a politically motivated attack oriented in cyber-espionage.

    Information about the cyber-attack is contained in the latest advisory issued by the ngCERT warned the probability and damage level of the new malware as high.

    According to the advisory, the hacking group is known to be focused on infiltrating the networks of telecoms companies and ISPs. Between July and October last year, Lyceum was indicted in attacks against ISPs and telecoms firms in Israel, Morocco, Tunisia and Saudi Arabia.

    The advanced persistent threat (APT) group has been linked to campaigns that hit Middle Eastern oil and gas companies in the past. Now, the group appears to have expanded its focus to the technology sector. In addition, the APT is responsible for a campaign against an unnamed African government’s Ministry of Foreign Affairs.

    By the attackers’ modus operandi, Lyceum’s initial onslaught vectors include credential stuffing and brute-force attacks. So, once a victim’s system is compromised, the attackers conduct surveillance on specific targets. In that mode, Lyceum will attempt to deploy two different kinds of malware: Shark and Milan (known together as James).

    Both malware are backdoors. Shark, a 32-bit executable written in C# and .NET, generates a configuration file for domain name system (DNS) tunneling or Hypertext Transfer Protocol (HTTP) C2 communications; whereas Milan – a 32-bit Remote Access Trojan (RAT) retrieves data.

    Both are able to communicate with the group’s command-and-control (C2) servers. The APT maintains a C2 server network that connects to the group’s backdoors, consisting of over 20 domains, including six that were previously not associated with the threat actors.

    According to reports, individual accounts at companies of interest are usually targeted, and once these accounts are breached, they are used as a springboard to launch spear-phishing attacks against high-profile executives in an organization. The report suggests that not only do these attackers seek out data on subscribers and connected third-party companies, but once compromised, threat actors or their sponsors can also use these industries to survey individuals of interest.

    ngCERT advised multiple layers of security in addition to constant network monitoring to stave off potential attacks.

    Telecom consumers and the general public were advised to ensure the consistent use of firewalls (software, hardware and cloud firewalls); enable a Web Application Firewall to help detect and prevent attacks coming from web applications by inspecting HTTP traffic; install up-to-date antivirus programmes to help detect and prevent a wide range of malware, Trojans, and viruses, which APT hackers will use to exploit your system; implement the use of Intrusion Prevention Systems that monitors your network; and create a secure sandboxing environment that allows you to open and run untrusted programs or codes without risking harm to your operating system.

    Others are ensure the use of virtual private network (VPN) to prevent an easy opportunity for APT hackers to gain initial access to your company’s network; and enable spam and malware protection for your email applications, and educate your employees on how to identify potentially malicious emails.

     

    Malware AbstractEmu

     

    Another Android malware named ‘AbstractEmu’, which can gain access to smartphones, take complete control of infected smartphones and silently modify device settings while simultaneously taking steps to evade detection.

    AbstractEmu has been found to be distributed via Google Play Store and third-party stores such as the Amazon Appstore and the Samsung Galaxy Store, as well as other lesser-known marketplaces like Aptoide and APKPure.

    The advisory stated that a total of 19 Android apps that posed as utility apps and system tools like password managers, money managers, app launchers, and data saving apps have been reported to contain the rooting functionality of the malware.

    The apps are said to have been prominently distributed via third-party stores such as the Amazon Appstore and the Samsung Galaxy Store, as well as other lesser-known marketplaces like Aptoide and APKPure. The apps include All Passwords, Anti-ads Browser, Data Saver, Lite Launcher, My Phone, Night Light and Phone Plus, among others.

    According to the report, rooting malware though rare, is very dangerous. By using the rooting process to gain privileged access to the Android operating system, the threat actor can silently grant itself dangerous permissions or install additional malware – steps that would normally require user interaction. Elevated privileges also give the malware access to other apps’ sensitive data, something not possible under normal circumstances.

    The ngCERT advisory also captured the consequences of making their devices susceptible to AbstractEmu attack. Once installed, the attack chain is designed to leverage one of five exploits for older Android security flaws that would allow it to gain root permissions. It also takes over the device, installs additional malware, extracts sensitive data, and transmits to a remote attack-controlled server.

    Additionally, the malware can modify the phone settings to give app ability to reset the device password, or lock the device, through device admin; draw over other windows; install other packages; access accessibility services; ignore battery optimisation; monitor notifications; capture screenshots; record device screen; disable Google Play Protect; as well as modify permissions that grant access to contacts, call logs, Short Messaging Service (SMS), Geographic Positioning System (GPS), camera, and microphone.

    The ngCERT also said in the advisory that, while the malicious apps were removed from Google Play Store, the other app stores are likely distributing them. Consequently, the NCC wishes to reiterate a two-fold ngCERT advisory in order to mitigate the risks. The two-fold advisory said users should be wary of installing unknown or unusual apps, and look out for different behaviours as they use their phones; and they should reset phone to factory settings when there is suspicion of unusual behaviours in the phone.

  • Despite ban, crypto will shake digital currency space

    Despite ban, crypto will shake digital currency space

    On February 5, last year, the Central Bank of Nigeria (CBN) ordered financial institutions to stop facilitating crypto transactions and desist from transacting with entities engaging in crypto. Despite the CBN’s order, which has been voided by a court ruling, no official pronouncement has been made, but trade in crypto continues to flourish. LUCAS AJANAKU reports that the deployment of 5G technology in Nigeria will further deepen the global trade in the country.

    Ostensibly as official reaction to the booming trade in crypto, the Central Bank of Nigeria (CBN) first clamped down on traders and financial institutions that were facilitating the trade. It later launched its version it called e-Naira.

    Crypto and eNaira are digital or virtual currencies and are mediums of exchange but are not regular money. While the former is not issued or backed by the Federal Government or any other government or central bank, the latter is.

    But in the years ahead, the crypto world will continue to see infrastructure development, proliferation of protocols, expansion of the metaverse, evolution of non-fungible tokens (NFTs), as well as increased regulation, according to Michael Sonnenshein, CEO of major digital asset investment firm Grayscale.

    In a letter to investors, the CEO took a moment to look back, stating that “it is remarkable where we are today compared to 12 months ago”.

    Crypto and Web3 are seeing increased attention and acceptance by the media, regulators, legacy financial institutions, and world leaders. Therefore, crypto is continually increasing its footprint and becoming “further woven into the global economy,” Sonnenshein said.

    As for his look into the future of crypto, the CEO said he is focused on “the big picture,” listing five key trends to watch this year and beyond.

    The first is crypto infrastructure development. The digital economy requires the tools and services that facilitate access to and usage of crypto, which is why crypto infrastructure will continue to grow. This includes exchanges, wallets, and analytics software.

    “As the crypto economy and existing financial markets become increasingly intertwined, these are likely to provide some of the most compelling long-term investment opportunities,” he said.

    During the year, more protocols than ever before will be witnessed.

    The increase in the number of different crypto protocols is “staggering, “and it is not slowing down, finds the CEO.

    “Sorting through these protocols to separate the wheat from the chaff continues to be challenging, requiring deep knowledge of both the technology and the marketplace,” he added.

    Expansion of Web3 and the metaverse will also play a significant impact in crypto adoption and trading.

    The Web2 experience is defined by large centralised corporations, with the users being the product and the means of revenue generation, Sonnenshein said. On the other hand, Web3, which, according to the CEO, includes the metaverse, shows opportunities for a digital future where the users control their data and digital footprint in all “the focal points of societal engagement,” such as commerce, gaming, entertainment, news, and social networks.  “Web3 flips the script and empowers users in a revolutionary way,” he added.

    According to the CEO, the NFT’s current iteration is limited, mostly to digital art – however, this will change as they continue to evolve through the years into “more sophisticated” use cases. This will especially be seen in areas such as authenticity, provenance, and ownership, as well as across sectors, including fashion, music, gaming, real estate, and ticketing.

    “The public discourse and momentum around NFTs demonstrates the material value of digital verification.”

    New regulation and policies are expected in this sphere of digital human endeavor. Grayscale finds that increased regulation is both inevitable and beneficial. Sonnenshein argues that we’ve never before seen regulators and policymakers engaged and articulate about the crypto ecosystem as they are now.

    “This enables the conversation to shift to how these new technologies – when provided with the appropriate regulatory frameworks – can flourish, keeping crypto companies in the United States, and setting a global standard for crypto regulation.”

    Going back to the CEO’s comment on how far the industry came in just a year, he noted that it’s easy to forget that ‘we are still in the early days – and this is the most exciting part about crypto’.

    Losing the sight of this early age, Sonnenshein said “leads many to make predictions that are premature or unfounded.” For instance, he said digital assets and/or the metaverse will not replace the physical world or traditional asset classes – but will augment them, stating.

    “While the path of the digital economy is relatively unknown, our reality is increasingly a fusion of the analog and digital worlds,” he said.

  • Glo backs Benin Great GSM Village festival

    Glo backs Benin Great GSM Village festival

    Globacom has sponsored the  yearly festival of the Benin Great GSM Village for the second year.

    The sponsorship is in line with a Memorandum of Understanding (MoU) between the company and the Benin Great GSM Village association that spans five years.

    The Great GSM Village is the only recognised and registered association in Benin City, the Edo State capital, housing Information Communication Technology (ICT) professionals empowered to train technicians in the repair of GSM products and sale of the devices.

    Globacom’s Head of Business,  Mid-West, Mr. Augustus-ndu Offor, who spoke at the carnival, said Globacom had always been in support of small and medium scale businesses in Nigeria since they are the backbone of viable economies. He expressed appreciation to the executives and members of the association for availing Globacom the opportunity to collaborate with them, and appealed to them to ensure that the facilities provided by the company are well utilised.

    “Our network has always empowered Nigerian youths to achieve their dreams and contribute to Nigeria’s economic development,” he noted, and assured the GSM Village of the company’s continued collaboration to enhance the growth of the association which provides jobs for thousands of Edo youths.

    At a soccer tournament, which was one of the highlights of the festival, the Globacom representative presented awards to the best performing team. He charged the teams to continue to do their best in their passion which, he said, could be one of the ways of further putting the state on the world map.

    Chairman, GSM Village, Mr. Aminu Abraham, lauded Globacom for supporting the association and prayed for more achievements for the company in the coming year.