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Yahoo Confirms Hackers Stole data From 500m Accounts

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Yahoo said Thursday a massive attack on its network in 2014 allowed hackers to steal data from half a billion users and may have been “state sponsored.”

Yahoo, which confirmed details of the breach months after reports of a major hack, said its investigation concluded that “certain user account information was stolen” and that the attack came from “what it believes is a state-sponsored actor.”

“Based on the ongoing investigation, Yahoo believes that information associated with at least 500 million user accounts was stolen,” said a statement by the US internet giant in what is likely the largest-ever breach for a single organization.

“Yahoo is working closely with law enforcement on this matter.”

The comments come after a report earlier this year quoted a security researcher saying some 200 million accounts may have been accessed and that hacked data was being offered for sale online.

Yahoo said the stolen information may have included names, email addresses, birth dates, and scrambled passwords, along with encrypted or unencrypted security questions and answers that could help hackers break into victims’ other online accounts.

While there is no official record of the largest breaches, many analysts have called the Myspace hack revealed earlier this year as the largest to date, with 360 million users affected.

– Ammunition for hackers –

Computer security analyst Graham Cluley said the stolen Yahoo data “could be useful ammunition for any hacker attempting to break into Yahoo accounts, or interested in exploring whether users might have used the same security questions/answers to protect themselves elsewhere on the web.”

He noted that while Yahoo said that it believes the hack was state-sponsored, the company provided no details regarding what makes them think that is the case.

“If I had to break the bad news that my company had been hacked… I would feel much happier saying that the attackers were ‘state-sponsored,’” rather than teen hackers, Cluley said in a blog post.

University of Notre Dame associate teaching professor and data security specialist Timothy Carone told AFP that the Yahoo hack fit the “big picture” when it comes to cyberattacks launched by spy agencies in Russia, China, North Korea or other countries.

“It just smacks of traditional trade craft,” Carone said.

“It is a broad sweep of getting information on people and building up profiles on those who may be of use to them.”

Carone described Russia, China and North Korea as the usual three suspects in state-sponsored hacks, but cautioned that allies are not above cyber snooping as well.

“People have to realize that anything they put out there is fair game,” he said, stressing a need for internet users to remain wary.

It appeared that looted Yahoo data did not include unprotected passwords or information associated with payments or bank accounts, the Silicon Valley company said.

Yahoo is asking affected users to change passwords, and recommending anyone who has not done so since 2014 to take the same action as a precaution.

Users of Yahoo online services were urged to review accounts for suspicious activity and change passwords and security question information used to log in anywhere else if it matched that at Yahoo.

“Online intrusions and thefts by state-sponsored actors have become increasingly common across the technology industry,” Yahoo said in a statement.

“Yahoo and other companies have launched programs to detect and notify users when a company strongly suspects that a state-sponsored actor has targeted an account.”

– Yahoo being bought –

Confirmation of the major cyber breach comes two months after Yahoo sealed a deal to sell its core internet business to telecom giant Verizon for $4.8 billion, ending a two-decade run as an independent company.

It was not immediately clear if the data breach could impact the closing of the deal or the price agreed by Verizon.

“Frankly, the timing couldn’t be worse for Yahoo,” Cluley said.

The telecom firm said it was reviewing the new information.

“Within the last two days, we were notified of Yahoo’s security incident,” Verizon said in a statement.

“We will evaluate as the investigation continues through the lens of overall Verizon interests, including consumers, customers, shareholders and related communities.”

AFP

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Crude Oil

Oil Prices Rebound on OPEC+ Output Delay Talks and U.S. Inventory Drop

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Oil prices made a modest recovery on Thursday on the expectations that OPEC+ may delay planned production increases and the drop in U.S. crude inventories.

Brent crude oil, against which Nigerian oil is priced, rose by 66 cents, or 0.9% to $73.36 per barrel while U.S. West Texas Intermediate (WTI) crude appreciated by 64 cents or 0.9% to $69.84 per barrel.

The rebound in oil prices was a result of the American Petroleum Institute (API) report that revealed that the U.S. crude oil inventories had fallen by a surprising 7.431 million barrels last week, against analysts 1 million barrel decline projection.

The decline signals better than projected demand for the commodity in the United States of America and offers some relief for traders on global demand.

John Evans, an analyst at PVM Oil Associates, attributed the rebound in crude oil prices to the API report.

He said, “There is a pause of breath and light reprieve for oil prices.”

Also, discussions within the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, are fueling speculation about a potential delay in planned output increases.

The group was initially expected to increase production by 180,000 a day in October 2024.

However, concerns over softening demand in China and potential developments in Libya’s oil production have prompted the group to reconsider its strategy.

Despite the recent rebound, analysts caution that lingering uncertainties around global oil demand may continue to weigh on prices in the near term.

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Energy

Power Generation Surges to 5,313 MW, But Distribution Issues Persist

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Nigeria’s power generation continues to get better under the leadership of President Bola Ahmed Tinubu.

According to the latest statement released by Bolaji Tunji, the media aide to the Minister of Power, Adebayo Adelabu, power generation surged to a three-year high of 5,313 megawatts (MW).

“The national grid on Monday hit a record high of 5,313MW, a record high in the last three years,” the statement disclosed.

Reacting to this, the Minister of Power, Adebayo Adelabu, called on power distribution companies to take more energy to prevent grid collapse as the grid’s frequency drops when power is produced and not picked by the Discos.

He added that efforts would be made to encourage industries to purchase bulk energy.

However, a top official of one of the Discos was quoted as saying that the power companies were finding it difficult to pick the extra energy produced by generation companies because they were not happy with the tariff on other bands apart from Band A.

“As it is now, we are operating at a loss. Yes, they supply more power but this problem could be solved with improved tariff for the other bands and more meter penetration to recover the cost,” the Disco official, who pleaded not to be named due to lack of authorisation to speak on the matter, said.

On Saturday, the ministry said power generation that peaked at 5,170MW was ramped down by 1,400MW due to Discos’ energy rejection.

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Again NNPC Raises Petrol Price to N897/litre

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The Nigerian National Petroleum Company (NNPC) Limited has once again increased the price of Premium Motor Spirit (PMS) from N855 per litre on Tuesday to N897 on Wednesday.

The increase was after Aliko Dangote, the Chairman of Dangote Refinery, announced the commencement of petrol production at its refinery.

The continuous increase in pump prices has raised concerns among Nigerians despite the initial excitement from the refinery announcement.

According to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the 650,000 barrels per day refinery will supply 25 million litres of petrol to the Nigerian market daily this September.

This, NMDPRA said will increase to 30 million litres per day in October.

However, the promise of increased fuel supply has not yet eased the situation on the ground.

Tunde Ayeni, a commercial bus driver at an NNPC station in Ikoyi, said “I have been in the queue since 6 a.m. waiting for them to start selling, but we just realised that the pump price has been changed to N897. This is terrible, and yet they still haven’t started selling the product.”

The price hike comes as NNPC continues to struggle with sustaining regular fuel supply.

On Sunday, the company warned that its ability to maintain steady distribution across the country was under threat due to financial strain.

NNPC cited rising supply costs as the cause of its difficulties in keeping up with demand.

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