Tag Archive for: Trade

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


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 “Factors like the use of outdated or unpatched software and systems, reliance on cracked software, insufficient proactive monitoring, and unaddressed security vulnerabilities contributed to the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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New Jersey passes resolution affirming trade with Taiwan


  • By Jonathan Chin / Staff writer, with CNA

The New Jersey General Assembly on Thursday passed a resolution backing a bilateral trade agreement between Taiwan and the US, and supporting Taiwan’s bid to participate in the WHO and other international organizations.

The resolution marking the sister-state relationship between Taiwan and New Jersey established in 1989 unanimously passed the lower chamber of the state house by a vote of 75-0.

Hans Chang (張俊裕), deputy director-general of the Taipei Economic and Cultural Office (TECO) in New York, witnessed the resolution’s passage as a special guest.

Photo: REUTERS

Taiwan and New Jersey share free and democratic values and strong economic ties, and the resolution would deepen the partnership, said Assemblyman Robert Karabinchak, a US Democrat who sponsored the bill.

Taiwan thanks New Jersey state lawmakers for their support and friendship and looks forward to strengthening the bilateral partnership, TECO said in a statement.

In March, President Tsai Ing-wen (蔡英文) met New Jersey Governor Phil Murphy during her transit through New York, and discussed the nation’s collaboration with the governor’s economic and infrastructure initiatives, it said.

Taiwan’s six core strategic industries development plan could complement Murphy’s policies, especially in high-tech industries, green energy, traffic, communications, biotechnology and secure supply chains, it said.

The resolution mentions the increased collaboration between Taiwan and the US in supply chain resilience, efforts to counter Beijing’s economic coercion, development of a digital economy and improvement of Internet security, among other issues, TECO said.

The assembly urged Washington to continue supporting Taiwan’s effort for inclusion in the WHO, International Civil Aviation Organization and Interpol, it said.

The nation’s partnership with New Jersey is strong, with Taoyuan and Newark inking a…

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US trade rep seeks close economic security ties in Asia


TOKYO — The United States hopes to deepen trade ties with Japan as it fortifies cooperation on economic security with its Asian allies and partners, the top U.S. trade envoy said Wednesday.

U.S. Trade Representative Katherine Tai’s visit to Tokyo follows a trip to the Philippine capital, Manila, that she said highlighted a newly emerging partnership among the three countries as they build both economic and defense ties.

Tai met with Japanese Foreign Minister Yoshimasa Hayashi to discuss making supply chains more resilient and secure, the Japanese Foreign Ministry said in a statement.

Tai also reviewed the status of negotiations on the Indo-Pacific Economic Framework, or IPEF, a new trade pact proposed by Washington, emphasizing the importance of cooperation with Japan, it said.

The framework has 13 members, including the U.S., that account for 40% of global gross domestic product: Australia, Brunei, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand and Vietnam.

Hayashi responded by welcoming more U.S. engagement in the regional economy, saying Japan will proactively discuss the plan with other partners.

Japan and the United States have been promoting multilateral cooperation, most recently with the Philippines as they share common concern over China’s growing influence and assertiveness in both security and economic activities.

But the U.S. has stepped up diplomacy across the region, with Secretary of State Antony Blinken stopping over the weekend in Vietnam, which Washington sees as a key component of its strategy for the region given the country’s traditional rivalry with its much larger neighbor China.

Tai also met Wednesday with Minister of Economy, Trade and Industry Yasutoshi Nishimura. The trade ministry said the two discussed strengthening supply chains — an issue that gained urgency amid shortages of computer chips and other goods during the pandemic. They also discussed ways to cooperate in the protection of human rights in business, the ministry said.

Japan and the United States have set up a taskforce that aims to eliminate human rights violations in international supply chains and to ban use of materials from…

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U.S.-EU Joint Statement of the Trade and Technology Council


I. Introduction

The U.S.-EU Trade and Technology Council (TTC) met outside Washington, D.C., on December 5, 2022.  The meeting was co-chaired by U.S. Secretary of State Antony Blinken, U.S. Secretary of Commerce Gina Raimondo, U.S. Trade Representative Katherine Tai, European Commission Executive Vice President Margrethe Vestager, and European Commission Executive Vice President Valdis Dombrovskis, joined by U.S. Deputy Under Secretary of Labor Thea Lee, Jamaica Minister for Information Communication Technology Floyd Green, and Kenya Cabinet Secretary for Information, Communication and the Digital Economy Eliud Owalo.  
 
The TTC is a key mechanism to support stronger transatlantic relations and to deliver concrete outcomes.  We reaffirm that international rules-based approaches to trade, technology, and innovation that are founded on solid democratic principles and values can improve the lives of our citizens and generate greater prosperity for people around the world.  Through the TTC’s ten working groups, we are supporting sustainable, inclusive economic growth and development, promoting a human-centric approach to the digital transformation, and ensuring that international norms and the international trade rulebook are respected and reflect our shared values. We will continue to work together to modernize and reform the World Trade Organization (WTO) as set out in the WTO MC12 Outcome Document.

Geostrategic challenges, including Russia’s full-scale invasion of Ukraine and increased assertiveness of autocratic regimes, have reinforced the importance of our shared democratic values, commitment to universal human rights, and leadership role in upholding an international rules-based order.  The United States and the European Union reiterate our strong condemnation of Russia’s illegal and unjustifiable war of aggression against Ukraine and reaffirm our unwavering commitment to stand firmly with Ukraine for as long as it takes to ensure Ukraine’s sovereignty, independence, and territorial integrity.  We condemn attacks by Russia on Ukraine’s infrastructure and will continue supporting Ukraine in securing, maintaining, and rebuilding this…

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