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Nigerians Responsible for $9.3b in Global Loss to Cybercrime

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  • Nigerians Responsible for $9.3b in Global Loss to Cybercrime

Nigeria is responsible for at least $9.3 billion out of the total global loss to the rising cybercrime, according to the President, Cyber Security Experts Association of Nigeria (CSEAN), Remi Afon.

Afon disclosed this at the National Cyber Security Awareness Month organised by the American Embassy in Lagos yesterday. While making reference to a report, he said that somebody’s identity is stolen every three seconds as a result of the menace.

Cybercrime was said to have surpassed illegal drug trafficking as a criminal means of making money around the world.

The CSEAN president, who also made references to Forbes and Cybersecurity Ventures, disclosed that cybercrime cost has been projected to reach $2 trillion by 2019, while damages that would emanate from the menace would hit $6 trillion by 2021.
Already, he said, it had been established that between 2012 and 2014, Nigeria lost N64 billion to cybercrimes, while on a yearly basis, the figure has risen by N127 million.

Afon, who said 89 per cent of breaches have a financial or espionage motive, noted that cyber crime prosecutions are picking up in the country. He explained that the menace comes in different forms, “including 419, phishing, social engineering, malware, cyber bullying and identity theft.” He disclosed that phishing accounts for 83 per cent; compromised accounts, 63 per cent; web-based attacks 54 per cent; and client side attacks, 43 per cent.

According to him, it usually takes 146 days before a successful breach is detected, while 84 per cent of breaches are against the application layer. “Average cost of cybercrime is $7.7 million. About 95 per cent of enterprise attacks are through emails.”

The U.S. Consul-General, John Bray, said all around the globe, individuals, companies and governments have become victims of cyber attacks.

He said that it was for this reason that in 2009, President Barrack Obama urged an increase in education and dialogue about cybersecurity in the cyberspace security review.

“As part of this policy review, the Department of Homeland Security created an ongoing cybersecurity awareness campaign – Stop.Think.Connect.

“Stop.Think.Connect. is a national public campaign designed to raise awareness of cybersecurity and to be more vigilant about practising safe online habits.

“By joining the Stop.Think.Connect campaign, you will have connections to partners and subject matter experts who are committed to increasing online safety; cybersecurity tips, messaging, articles, and presentations; monthly discussions highlighting current cyber issues and trends,” he stated.

Bray stressed that the growing dependence on technology, coupled with the increasing threat of cyber-attacks and risks to privacy, demands greater security in online world. And by adopting and joining the campaign, he said people would better understand the risks that come with using the Internet and the importance of practising safe online behavior.

The Executive Vice Chairman of NCC, Prof. Umar Danbatta said cybersecurity has become an essential component of human activity. He stressed that its high level of complexity requires action at different levels (both virtual and physical) and by different actors (governments, private sector, civil society, intergovernmental organisations, among others.)

Danbatta, represented by the Director of Public Affairs at NCC, Tony Ojobo, said as the world approaches the end of the second decade of the 21st century, the challenges of a secure cyberspace are more daunting as threat actors are becoming more resourceful (both in terms of skillsets, competencies and available technologies), more brazen and determined to inflict maximal damage to their victims (who may be individuals, corporate organisations, enterprises, or even nations), and more pervasive in terms of their profiles.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Crude Oil

Oil Dips Below $62 in New York Though Banks Say Rally Can Extend

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Oil Dips Below $62 in New York Though Banks Say Rally Can Extend

Oil retreated from an earlier rally with investment banks and traders predicting the market can go significantly higher in the months to come.

Futures in New York pared much of an earlier increase to $63 a barrel as the dollar climbed and equities slipped. Bank of America said prices could reach $70 at some point this year, while Socar Trading SA sees global benchmark Brent hitting $80 a barrel before the end of the year as the glut of inventories built up during the Covid-19 pandemic is drained by the summer.

The loss of oil output after the big freeze in the U.S. should help the market firm as much of the world emerges from lockdowns, according to Trafigura Group. Inventory data due later Tuesday from the American Petroleum Institute and more from the Energy Department on Wednesday will shed more light on how the Texas freeze disrupted U.S. oil supply last week.

Oil has surged this year after Saudi Arabia pledged to unilaterally cut 1 million barrels a day in February and March, with Goldman Sachs Group Inc. predicting the rally will accelerate as demand outpaces global supply. Russia and Riyadh, however, will next week once again head into an OPEC+ meeting with differing opinions about adding more crude to the market.

“The freeze in the U.S. has proved supportive as production was cut,” said Hans van Cleef, senior energy economist at ABN Amro. “We still expect that Russia will push for a significant rise in production,” which could soon weigh on prices, he said.

PRICES

  • West Texas Intermediate for April fell 27 cents to $61.43 a barrel at 9:20 a.m. New York time
  • Brent for April settlement fell 8 cents to $65.16

Brent’s prompt timespread firmed in a bullish backwardation structure to the widest in more than a year. The gap rose above $1 a barrel on Tuesday before easing to 87 cents. That compares with 25 cents at the start of the month.

JPMorgan Chase & Co. and oil trader Vitol Group shot down talk of a new oil supercycle, though they said a lack of supply response will keep prices for crude prices firm in the short term.

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Crude Oil

Oil Prices Rise With Storm-hit U.S. Output Set for Slow Return

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Oil Prices Rise With Storm-hit U.S. Output Set for Slow Return

Oil prices rose on Monday as the slow return of U.S. crude output cut by frigid conditions served as a reminder of the tight supply situation, just as demand recovers from the depths of the COVID-19 pandemic.

Brent crude was up $1.38, or 2.2%, at $64.29 per barrel. West Texas Intermediate gained $1.38, or 2.33%, to trade at $60.62 per barrel.

Abnormally cold weather in Texas and the Plains states forced the shutdown of up to 4 million barrels per day (bpd) of crude production along with 21 billion cubic feet of natural gas output, analysts estimated.

Shale oil producers in the region could take at least two weeks to restart the more than 2 million barrels per day (bpd) of crude output affected, sources said, as frozen pipes and power supply interruptions slow their recovery.

“With three-quarters of fracking crews standing down, the likelihood of a fast resumption is low,” ANZ Research said in a note.

For the first time since November, U.S. drilling companies cut the number of oil rigs operating due to the cold and snow enveloping Texas, New Mexico and other energy-producing centres.

OPEC+ oil producers are set to meet on March 4, with sources saying the group is likely to ease curbs on supply after April given a recovery in prices, although any increase in output will likely be modest given lingering uncertainty over the pandemic.

“Saudi Arabia is eager to pursue yet higher prices in order to cover its social break-even expenses at around $80 a barrel while Russia is strongly focused on unwinding current cuts and getting back to normal production,” said SEB chief commodity analyst Bjarne Schieldrop.

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Crude Oil

Crude Oil Rose Above $65 Per Barrel as US Production Drop Due to Texas Weather

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oil

Crude Oil Rose Above $65 Per Barrel as US Production Drop Due to Texas Weather

Oil prices rose to $65.47 per barrel on Thursday as crude oil production dropped in the US due to frigid Texas weather.

The unusual weather has left millions in the dark and forced oil producers to shut down production. According to reports, at least the winter blast has claimed 24 lives.

Brent crude oil gained $2 to $65.47 on Thursday morning before pulling back to $64.62 per barrel around 11:00 am Nigerian time.

U.S. West Texas Intermediate (WTI) crude rose 2.3 percent to settle at $61.74 per barrel.

“This has just sent us to the next level,” said Bob Yawger, director of energy futures at Mizuho in New York. “Crude oil WTI will probably max out somewhere pretty close to $65.65, refinery utilization rate will probably slide to somewhere around 76%,” Yawger said.

However, the report that Saudi Arabia plans to increase production in the coming months weighed on crude oil as it can be seen in the chart below.

Prince Abdulaziz bin Salman, Saudi Arabian Energy Minister, warned that it was too early to declare victory against the COVID-19 virus and that oil producers must remain “extremely cautious”.

“We are in a much better place than we were a year ago, but I must warn, once again, against complacency. The uncertainty is very high, and we have to be extremely cautious,” he told an energy industry event.

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