Connect with us

Economy

CBN Asks Banks to Report Cyber Crimes

Published

on

Fraudsters

CBN Asks Banks to Report Cyber Crimes

Meanwhile, following a recent report that North Korean hacking operations were growing and getting bolder and increasingly targeting financial institutions in Nigeria and 17 other countries, the central bank has advised financial institutions under its regulation to always report incidents of cybercrime to the CBN.

The CBN Director, Banking and Payment Systems Department, Mr. Dipo Fatokun, who said this while responding to questions about the report from Russian cyber security firm, Kaspersky, in a phone interview on Sunday said sharing of information about cybercrime would help in developing better defence against such crimes.

According to him, no Nigerian bank has reported any case of hacking to the CBN.

Fatokun explained: “From the reports we have read, no Nigerian bank has reported to have been hacked. One thing about hacking is that if a bank is hacked, it could disrupt its services to customers, depending on the type of hacking that was done. If it was denial of services, definitely the customers’ services would have been disrupted.

“Sometimes, it is such disruptions that even alert the banks that something is wrong with their system. But we have not heard any and no bank has reported that its system was hacked.”

Fatokun said the central bank has continued to sensitise banks and other stakeholders on the dangers of ransomware, a computer malware that hackers use to hold their victim’s data hostage.

He explained further: “You know ransomware is electronic kidnapping. Just like physical kidnapping where the law enforcement agencies would always advise against paying ransom because if you pay it may never end, what we did was to tell the banks that instead of paying ransom which may not end, they should have good back up arrangements.

“So that if your system is kidnapped or held hostage so that you cannot use it, you fall back on the backup server so that you continue with your operations. Of course, if somebody is holding you hostage and noticed that your operation is still continuing, it means he has not achieved his aim and will be forced to leave you.”

According to a news report by the Cable News Network (CNN), two international security experts believe that the stolen money from cyber hacking were likely being spent advancing North Korea’s development of nuclear weapons. Banks and security researchers have previously identified four similar cyber-heists attempted on financial institutions in Bangladesh, Ecuador, the Philippines and Vietnam.

But researchers at Kaspersky now say the same hacking operation known as “Lazarus” also attacked financial institutions in Costa Rica, Ethiopia, Gabon, India, Indonesia, Iraq, Kenya, Malaysia, Nigeria, Poland, Taiwan, Thailand and Uruguay.

The hackers can be traced back to North Korea, according to Kaspersky researchers.

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.

Economy

Prepaid Meter is Free, Buhari Warns DisCos, Agents

Published

on

prepaid meter

President Muhammadu Buhari once again warned Power Distributing Companies (DisCos) and their agents selling prepaid meters to electricity customers against the Federal Government directive that meter is free.

Ahmed Rufai Zakar, the Special Adviser to the President on Infrastructure, who represented Buhari at the FGN/NLC-TUC ad-hoc committee on electricity tariff stakeholders held in Ibadan, Oyo State on Wednesday, said President Buhari understood people’s concerns on issues surrounding electricity and was determined to curb and deal with unscrupulous individuals in the power sector.

He said, “We have made it very clear through the regulators direct order as well as intervention from the Ministry of Power that the meters are to be provided to Nigerians at no cost.

“Even for meters that were paid for, there is the directive from the regulator to the discos that they would need to find a way to reimburse those citizens over time.

“In cases where we find any disco or disco representative selling the meters or exploiting Nigerians to be able to get meters by paying, we would take the full measures of the law.

“The President has mandated that these meters must be free. We have also said that they must come from local manufacturers.

“This would create jobs and revive our industry.”

Continue Reading

Economy

Nigeria’s Real Estate Sector Shrinks by 8.06% in the Third Quarter -NBS

Published

on

Economic uncertainty plunged Nigeria’s real estate sector by 8.06 percent in the third quarter of the year, according to the National Bureau of Statistics (NBS).

Nigeria’s statistics office said “In nominal terms, real estate services recorded a growth rate of –8.06 per cent in the third quarter of 2020, indicating a decline of –11.78 per cent points compared to the growth rate at the same period in 2019, and by 9.12 per cent points when compared to the preceding quarter.

“Quarter-on-quarter, the sector growth rate was 18.92 per cent.

“Real GDP growth recorded in the sector in Q3 2020 stood at -13.40 per cent, lower than the growth recorded in third quarter of 2019 by –11.09 per cent points, but higher relative to Q2 2020 by 8.59 per cent points.

“Quarter-on-quarter, the sector grew by 17.15 per cent in the third quarter of 2020.

“It contributed 5.58 per cent to real GDP in Q3, 2020, lower than the 6.21 per cent it recorded in the corresponding quarter of 2019.”

Nigeria’s economy contracted by 2.48 percent in the first nine months following a 6.10 percent and 3.62 percent contraction in the second and third quarters respectively.

Continue Reading

Economy

Nigeria Requires N400 Billion Annually to Maintain Federal Roads -Senator Bassey

Published

on

lekki

The Chairman of the Senate Committee on road maintenance, Senator Gersome Bassey, on Friday said Nigeria requires about N400 billion annually to maintain federal roads across the country.

The Senator, therefore, described the N38 billion budgeted for road repairs in the 2021 proposed Budget as grossly inadequate. According to him, nothing meaningful could be achieved by the Federal Roads Maintenance Agency (FERMA) with such an amount.

He said, “For the 35 kilometres federal roads in the country to be motorable at all times, the sum of N400bn is required on yearly basis for maintenance.”

Bassey “What the committee submitted to the Appropriation Committee in the 2021 fiscal year is the N38bn proposed for it by the executive which cannot cover up to one quarter of the entire length of deplorable roads in the country.

“Unfortunately, despite having the power of appropriation, we cannot as a committee jerk up the sum since we are not in a position to carry out the estimation of work to be done on each of the specific portion of the road.

“Doing that without proposals to that effect from the executive, may lead to project insertion or padding as often alleged in the media.”

Continue Reading

Trending