Tag Archive for: growing

Nigerian Businesses Face Growing Ransomware-as-a-Service Trade

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Ransomware-as-a-service looks set to fuel an increase in cyberattacks in Nigeria in the coming year, even as operational disruptions and recovery efforts already cost billions of Nigerian naira, or millions of US dollars, in 2023.

The National Cyber Threat Forecast 2024 from the Cyber Security Experts of Nigeria (CSEAN), a nonprofit championing cybersecurity awareness in Nigeria, reports that ransomware groups and other malware variants — such as ALPHV, 0XXX Virus, DJVU, and the Cobalt Strike exploit toolkit — affected big swathes of both public- and private-sector organizations in the African country in 2023.

For example, one “notable regulatory agency” fell victim to the Mallox ransomware, “exploiting a Microsoft vulnerability in their public-facing digital systems,” the study noted, although there was no detail on which agency it was.

Ransomware-as-a-Service

Ransomware-as-a-service (RaaS) is a business model where ransomware developers sell or lease their variants to other cybercriminals, known as affiliates, who do the grunt work of planting malware by either exploiting software vulnerabilities or phishing.

RaaS allows would-be cybercriminals to launch sophisticated cyberattacks, according to the report. “Factors like the use of outdated or unpatched software and systems, reliance on cracked software, insufficient proactive monitoring, and unaddressed security vulnerabilities contributed to the success of these attacks,” CSEAN noted. “The accessibility of ransomware-as-a-service and the success of previous campaigns suggest a persistent and growing threat.”

Potential mitigations in the face of an increased threat of ransomware attacks include prompt patching, avoiding unauthorized software and rolling out stronger monitoring practices through intrusion detection systems.

“Adopting these proactive cybersecurity measures is essential to lessen the anticipated impact of the expected surge in ransomware attacks,” according to CSEAN.

CSEAN is not the first cybersecurity organization to report that Nigeria has become a hub of ransomware attacks. During the first half of 2023, Nigeria saw a 7% increase in ransomware attack attempts on individual and corporate users compared with the…

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Strategies for Businesses in the Phase of Growing Cyber Extortion Threats

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In the rapidlyadvancing digital age, businesses find themselves in an ongoing struggle against an invisible adversary called ransomware attacks. As cyber threats become more sophisticated and frequent, organizations are under increasing pressure to fortify their defenses and develop robust strategies to counter the growing menace of cyber extortion.

Ransomware, malicious software designed to block access to a computer system or files until a ransom is paid, has evolved into a pervasive and lucrative method for cybercriminals to exploit vulnerabilities in organizational networks. The consequences of falling victim to such attacks go beyond financial losses, encompassing severe operational disruptions, reputational damage, and compromised sensitive data. In fact, human error stands out as a primary entry point for ransomware attacks.

Therefore, in order to mitigate the risk, organizations are investing in comprehensive cybersecurity awareness training for employees. They are educating staff about the dangers of phishing emails and suspicious links, as well as the importance of robust password practices to reduce the risk of falling victim to ransomware.

Mr. Pallav Agarwal, Founder and CEO, HTS Solutions Pvt. Ltd., believes that ransomware resilience has become a significant concern as businesses navigate an era marked by escalating cyber threats. The growing sophistication of cybercriminals demands a proactive approach to safeguarding sensitive data and critical systems. As a result, in order to combat the menace of ransomware, businesses must adopt multi-faceted strategies. This is where updating and patching software, operating systems, and security applications regularly surfaced as significant ways to close the potential entry point for ransomware attackers.

Automated patch management systems streamline this process, ensuring timely updates and a more secure digital infrastructure. Furthermore, putting strong endpoint security in place—including cutting-edge antivirus and anti-malware software—offers a crucial line of defense against constantly changing cyber threats. Having current, safe backups is crucial in case of a ransomware attack. Thus, by regularly backing up important…

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DOD Annual Report Details China’s Growing Cyber Capabilities

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The report says Beijing is looking to create a “highly informatized force capable of dominating all networks.”

South China Sea, Feb. 11, 2023. Photo credit: DVIDS / Seaman Carson Croom

A recently released report on the People’s Republic of China lays out an array of military and security developments, drawing attention to the increasing pressure campaign against Taiwan and the continued advancement of the country’s cyber capabilities.  

The annual unclassified report to Congress details the current and probable future course of the People’s Liberation Army, Chinese military and security strategy and organizations supporting military goals and developments for the next 20 years.  

As Beijing is growing its military arsenal, it is also expanding and investing in its cyber capabilities as it moves toward a “highly informatized force capable of dominating all networks and expanding the country’s security and development interests.” 

“The PRC has publicly identified cyberspace as a critical domain for national security and declared its intent to expedite the development of its cyber forces,” the report states. 

The threat landscape is becoming increasingly complex and widespread, the report reads, as China’s focus is expanding beyond cyber espionage on other governments and private companies. It is diversifying its focus toward the U.S. defense sector, key critical infrastructure sectors and influence operations campaigns. 

“The PRC seeks to create disruptive and destructive effects – from denial-of-service attacks to physical disruptions of critical infrastructure – to shape decision-making and disrupt military operations beginning in the initial stages and throughout a conflict. The PRC can launch cyberspace attacks that, at a minimum, can cause localized, temporary disruptions to critical infrastructure within the United States, and the PRC believes these capabilities are even more effective against military superior adversaries that depend on information technologies,” the report reads.  

“As a result, the PRC is advancing its cyberspace attack capabilities and has the ability to launch cyberspace attacks – such as disruption of natural gas pipelines for days to…

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Application security market to grow by USD 16.68 Billion between 2022-2026 | The market is driven by the growing number of data leaks

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NEW YORK, Nov. 5, 2023 /PRNewswire/ — According to Technavio, the global application security market size is estimated to grow by USD 16.68 billion from 2021 to 2026. The market is estimated to grow at a CAGR of 25.55% during the forecast period. The market is driven by the growing number of data leaks. Globally, the number of cybercrimes is growing at an alarming rate. For instance, the number of data breaches jumped to 68% in 2021 compared to the previous year. In March and April 2020, hackers leaked the login credentials of staff at the World Health Organization (WHO). Similarly, in April 2020, about 500,000 passwords of Zoom users, a virtual meeting app, were stolen and were made available for sale in the black market. The increasing incidences of cyber attacks is compelling enterprises to invest in security solutions to safeguard critical areas of concern, which is driving the growth of the market. Gain deeper insights into the market study. Buy the report!

Technavio has announced its latest market research report titled Global Application Security Market 2023-2027
Technavio has announced its latest market research report titled Global Application Security Market 2023-2027

Application security market – Five Forces
The global cloud data warehouse market is fragmented, and the five forces analysis covers– 

  • Bargaining Power of Buyers 
  • The threat of New Entrants
  • Threat of Rivalry
  • Bargaining Power of Suppliers
  • Threat of Substitutes
  • Interpretation of porter’s five models helps to strategize the business. For highlights – Download Sample Report

Application security market – Customer Landscape 

The report includes the market’s adoption lifecycle, from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Application Security Market – Segmentation Assessment

Segment Overview
Technavio has segmented the market based on end-user (web application security and mobile application security) and geography (North America, Europe, APAC, Middle East and Africa, and South America). 

  • The market growth in the web application security segment will be…

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