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14% Internet Users in Nigeria Suffer Cyber Attacks

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cybercrime - Investors King
  • 14% Internet Users in Nigeria Suffer Cyber Attacks

The Chief Executive Officer (CEO) of the National Information Technology Development Agency (NITDA), Mr. Ibrahim Pantami, has said that 14 percent of the 90 million Internet users in the country suffer one form of cyber attacks or the other.

The CEO in a statement signed by the Head of Corporate Affairs and External Relations, Mrs. Hadiza Umar, said the staggering statistics of cyber attacks necessitated the setting up of the National Cyber Implementation Committee, which is being overseen by his office.

According to Pantami, in 2013, global payment giant, paypal.com disclosed that Nigerians lost about N159 billion to cyber security threats.

He said it is becoming more worrisome that since 2014, the country has lost approximately N90 billion to cybercrimes.

Pantami said: “In December 2015, Nigeria was the 17th most attacked nation in the world.” This information, he averred was obtained from Check Point Software Technologies cyber threat intelligence report.

The Office of the National Security adviser (ONSA), the CEO said recently that 2,175 Nigerian websites were hacked in 2015, with 585 being government parastatals and agencies.

He said: “The inter-ministerial Technical Committee on the implementation of the national cyber security strategy held its inaugural meeting at the headquarters of the National Information Technology Development Agency.”

While reiterating the advantages derived from ICT, he said government is proactively putting measures in place to be ahead of hackers with the aim of preventing them from abusing or encroaching on users websites.

Pantami, said: “Information Technological tools that have become vital in our critical activities are also avenues adopted by individuals and groups to carry out a range of malicious activities.”

He noted that these threats on cyber space could be targeted at national critical infrastructures, government/private institutions or individuals.

“Today, information assets are very valuable and various sectors of the Nigerian government have come to rely on technological tools to carry out their processes both critical and non-critical.

“Financial services, telecommunications, navigational systems, manufacturing sector, oil and gas, power and energy, food and agriculture, emergency services and healthcare systems.” he stressed.

The CEO said the scale and dimension of the threats have compelled the agency to develop and implement a new cyber security strategy for the public service as approved by the Minister of Communications, Mr. Adebayo Shittu.

He called on every stakeholder in the committee for continuous collaborative effort, stressing that information security is not a one-off programme, as the threat landscape keeps changing.

The committee, he said consists of representatives from the ministry, ONSA, Nigeria Postal Service (NIPOST), Nigeria Computer Society (NCS) and Nigeria Communications Satellite (NIGCOMSAT).

On the committee’s terms of reference, he said: “The Technical Committee is aimed at countering an increasing number of threats and develop a strategy through greater inter-agency coordination, cooperation and information sharing.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Fintech

From Trading to Credit: Robinhood Launches No-Fee Credit Card with Gold Membership Perks

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Robinhood

Robinhood Markets Inc. has announced the launch of its highly anticipated no-fee credit card and it was accompanied by exclusive perks for Gold membership subscribers.

This bold move is a step in the company’s mission to evolve into a comprehensive financial services provider.

The Robinhood Gold Card boasts an array of enticing features. Chief among them is the absence of annual costs or foreign transaction fees, positioning it as an attractive option for consumers seeking financial flexibility.

Moreover, cardholders stand to benefit from a generous 3% cash back on all categories of purchases, a competitive offer in comparison to industry rivals.

Vlad Tenev, CEO of Robinhood, emphasized the company’s commitment to innovation and industry leadership in an interview.

He expressed the intention to not merely introduce a credit card, but to revolutionize the market with a product that sets new standards for customer satisfaction and financial empowerment.

The announcement has sparked enthusiasm among investors, with Robinhood’s shares witnessing a 6.9% surge in early market trading following the news.

This surge further underscores the market’s confidence in the company’s strategic direction and its potential to disrupt traditional financial services.

Beyond the credit card venture, Robinhood has been steadily diversifying its offerings. With the introduction of retirement products and the expansion of commission-free trading services internationally, the company is positioning itself as a formidable player in the global finance landscape.

As Robinhood continues to innovate and expand its suite of services, its trajectory suggests a promising future as a leading force in democratizing access to financial tools and services.

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Telecommunications

NCC Files Copyright Infringement Charges Against MTN Nigeria and Others

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Karl O Toriola - Investorsking.com

The Nigerian Copyright Commission (NCC) has taken legal action against MTN Nigeria Communications Ltd. and four individuals, including its Chief Executive Officer, Karl Toriola, over alleged copyright infringement.

The charges, filed in the Federal High Court, Abuja Division, revolve around the unauthorized use of musical works belonging to artist Maleke Idowu Moye.

According to the NCC, the defendants are accused of offering for sale, selling, and trading musical works of Maleke without his consent between 2010 and 2017. These works were allegedly used as Caller Ring Back Tunes without proper authorization.

The musical pieces in question include popular tracks such as “911,” “Minimini-wanawana,” and “Stop racism,” among others.

The commission further alleges that the defendants distributed these musical works to subscribers without authorization, infringing upon the rights of the artist.

The charges are based on provisions of the Copyright Act, Cap. C28, Laws of the Federation of Nigeria, 2004.

As the case awaits assignment to a judge and a fixed date for mention, it marks a significant development in the ongoing efforts to uphold copyright protection in Nigeria’s telecommunications sector.

This legal action underscores the NCC’s commitment to safeguarding the intellectual property rights of artists and creators within the country.

MTN Nigeria, a major player in the telecommunications industry, now faces a legal battle that could have broader implications for how intellectual property rights are respected and enforced within Nigeria’s digital landscape.

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Telecommunications

MTN’s MoMo Sees 32.2% Surge in Transaction Volumes

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MTN Nigeria - Investors King

MTN Group’s mobile money platform, MoMo, has experienced a 32.2% surge in transaction volumes.

With 72.5 million active users, MoMo continues to solidify its position as a leading fintech service provider in Africa, tapping into the continent’s burgeoning mobile banking sector.

The company’s success underscores the growing trend of Africa’s young and tech-savvy population embracing mobile technology to address financial needs.

Mobile phones are increasingly becoming a tool for bridging gaps in services, particularly in banking, presenting a lucrative opportunity for wireless carriers like MTN to capitalize on the burgeoning fintech market.

MTN’s achievement comes as it finalizes a deal with Mastercard Inc., valuing its fintech business at an impressive $5.2 billion.

This strategic partnership further enhances MTN’s position in the digital finance space, positioning it for continued growth and innovation.

However, MTN is not alone in its fintech endeavors. Rivals such as Airtel Africa Plc, Safaricom Plc, and Vodacom Group Ltd. are also making strides in digital transformation, with plans to separate and monetize their fintech businesses in the long term.

Airtel Africa, for instance, is reportedly considering an IPO for its mobile money unit, indicating the high stakes and intense competition within the sector.

Despite the remarkable success in its fintech ventures, MTN faced challenges in its core telecommunications business, with service revenue growth slowing to 6.8%.

Inflation and currency devaluation in key markets, particularly Nigeria, impacted profitability, highlighting the complexities of operating in diverse African markets.

As MTN continues to expand its fintech footprint and invest in infrastructure to enhance connectivity across the continent, it remains poised to capitalize on the immense potential of Africa’s digital economy.

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