- 41% of Cyberattack Victims Suffer Data Breach
Sophos, a global network and endpoint security firm has released findings of its latest survey, which showed that 41 per cent of cyberattack victims suffer from severe data breach.
It also revealed that phishing emails impacted 53 per cent of those hit by cyberattack, and Ransomware impacted 30 per cent of attacked victims.
The report stated that the situation was getting worse as Information Technology (IT) managers were struggling to keep up with such cyberattacks globally.
The report revealed that IT managers were inundated with cyberattacks coming from all directions and were struggling to keep up due to lack of security expertise, budget and up to date technology.
The survey polled 3,100 IT decision makers from mid-sized businesses in the US, Canada, Mexico, Colombia, Brazil, UK, France, Germany, Australia, Japan, India, and South Africa
The Sophos survey showed how attack techniques were varied and often multi-staged, increasing the difficulty to defend networks.
One in five IT managers surveyed didn’t know how they were breached, and the diversity of attack methods means no one defensive strategy is a silver bullet, the report stated.
Analysing the report, Principal Research Scientist at Sophos, Chester Wisniewski, said: “Cybercriminals are evolving their attack methods and often use multiple payloads to maximise profits.
“Software exploits were the initial point of entry in 23 percent of incidents, but they were also used in some fashion in 35 per cent of all attacks, demonstrating how exploits are used at multiple stages of the attack chain. “Organisations that are only patching externally facing high-risk servers are left vulnerable internally and cybercriminals are taking advantage of this and other security lapses.”
The wide range, multiple stages and scale of today’s attacks are proving effective, it noted.
For example, it showed that 53 per cent of those who fell victim to a cyberattack were hit by a phishing email, and 30 per cent by ransomware. Similarly, 41 per cent said they suffered a data breach, while 75 per cent of IT managers consider software exploits, unpatched vulnerabilities and/or zero-day threats as a top security risk, according to the report, which added that 50 per cent consider phishing a top security risk.
It, however, stated that only 16 per cent of IT managers consider supply chain a top security risk, exposing an additional weak spot that cybercriminals would likely add to their repertoire of attack vectors.
“Cybercriminals are always looking for a way into an organisation, and supply chain attacks are ranking higher now on their list of methods.
“IT managers should prioritise supply chain as a security risk, but don’t because they consider these attacks perpetrated by nation states on high profile targets.
“While it is true that nation states may have created the blueprints for these attacks, once these techniques are publicised, other cybercriminals often adopt them for their ingenuity and high success rate,” Wisniewski said.
According to him, “Supply chain attacks are also an effective way for cybercriminals to carry out automated, active attacks, where they select a victim from a larger pool of prospects and then actively hack into that specific organisation using hand-to-keyboard techniques and lateral movements to evade detection and reach their destination.”
According to the Sophos survey, IT managers reported that 26 per cent of their team’s time was spent managing security, on average, yet, 86 per cent agreed that security expertise could be improved and 80 per cent of them want a stronger team in place to detect, investigate and respond to security incidents.
“With cyber threats coming from supply chain attacks, phishing emails, software exploits, vulnerabilities, insecure wireless networks, and much more, businesses need a security solution that helps them eliminate gaps and better identify previously unseen threats.”
Dana Motors Ignites a Green Revolution in Nigeria’s Auto Industry with CNG-Powered Vehicles
Dana Motors Limited, the exclusive distributor of Kia in Nigeria, is leading a groundbreaking charge to revolutionize the transportation landscape in the country.
In response to the escalating fuel prices and mounting vehicle-related expenses, Dana Motors Limited has unveiled ambitious plans to introduce Compressed Natural Gas (CNG) vehicles into the Nigerian market.
This strategic move underscores Dana Motors Limited’s unwavering dedication to innovation and sustainability within Nigeria’s automotive sector, effectively tackling the pressing need for more economical transportation options.
Having previously set a precedent by launching Nigeria’s inaugural electric vehicle, the Kia Soul, Dana Motors Limited is now poised to introduce an array of high-efficiency CNG-powered vehicles.
Francis Ogboro, Vice Chairman of the Group, passionately stated, “At Dana Motors Limited, our ultimate objective is to provide Nigerians with innovative, environmentally-friendly, and budget-conscious automotive solutions. The introduction of CNG-powered vehicles seamlessly aligns with our overarching vision to elevate the quality of life for all Nigerians, while simultaneously mitigating the surging costs associated with vehicle ownership.”
Further amplifying this commitment, Olu Tikolo, Vice President of Dana Motors Limited, emphasized, “Recognizing the transformative potential of CNG vehicles for public transportation, we are steadfast in our dedication to making transit more accessible and affordable. Through this visionary initiative, we aspire to elevate the overall quality of life for all Nigerians.”
The forthcoming launch of CNG-powered vehicles by Dana Motors Limited is poised to make substantial contributions to Nigeria’s emission reduction efforts, foster sustainability, and establish a more economical transportation system. Dana Motors Limited is not just leading but reshaping the trajectory of the Nigerian automotive industry, forging a greener, more cost-effective future for all.
Nigerian Autotech Startup, Fixit45, Secures $1.9 Million for East Africa Expansion
Nigerian autotech startup Fixit45 has successfully secured $1.9 million in equity and working capital to fuel its ambitious expansion plans into East Africa.
The funding round, spearheaded by Launch Africa Ventures, witnessed significant participation from notable investors, including Soumobroto Ganguly and Dave Delucia, alongside a diverse group of angel investors.
In a press release issued on Wednesday, Fixit45 underscored the significance of this capital infusion as a substantial stride towards broadening its footprint and influence within Africa’s thriving automotive aftermarket industry.
The company revealed that these funds have been earmarked to fuel its strategic expansion initiatives, with a particular emphasis on fortifying its automotive repair business.
Fixit45 also shared its unwavering commitment to enhancing its spare parts distribution capabilities through its online-to-offline platform, xparts.africa. With a keen eye on the East African market, Fixit45 has set its sights on Kenya and Uganda.
Co-founded by visionaries Chioma Ahueze-Okochukwu, Goodluck Ikporo, and Pankaj Bohhra, Fixit45 offers a unique platform that empowers car owners to seamlessly connect and engage with a vast network of aftermarket stakeholders.
This extensive network encompasses automobile service providers, specialized technical teams, spare parts suppliers, and end-consumers.
Pankaj Bohhra, one of the co-founders of Fixit45, expressed his enthusiasm, stating, “This funding represents a pivotal moment for Fixit45. We are profoundly grateful to our investors for their faith in our vision and our unwavering commitment to revolutionizing the African automotive aftermarket sector. With this capital infusion, we are well-positioned to advance towards our expansion objectives.”
Fixit45’s strategic move into East Africa holds the promise of ushering in transformative developments in the automotive industry across the region.
As the company intensifies its efforts, the future of automotive repair and spare parts distribution in East Africa appears poised for a remarkable evolution. Stay tuned for more exciting updates as Fixit45 continues to make waves in the autotech sector.
Payday’s $3 Million Seed Round: From Hope to Headaches
Six months after securing $3 million in a seed round led by Moniepoint, Nigerian fintech startup Payday finds itself embroiled in controversy and uncertain about its future.
Founder and CEO, Favour Ori, confirmed that the company is actively engaged in discussions with potential buyers.
In March, reports surfaced that Moniepoint was in talks to acquire Payday, with an expected deal closure within three months. However, the deal fell through, reportedly due to Moniepoint’s board’s lack of enthusiasm. Despite this setback, negotiations to sell the company continue.
Payday faced a wave of negative publicity in August after suspending access to customer accounts following fraudulent activities that resulted in customer losses. The company was accused of misappropriating customer funds before acknowledging the account restrictions.
Internal issues further marred the company’s reputation, especially after Payday implemented contentious salary reductions for some Nigerian staff in July and failed to issue promised stock options to affected employees.
This led to dissatisfaction and several employee departures.
Payday’s COO, Ogechi Obike, also departed, citing goal misalignment and clashes with Favour Ori.
Accusations arose that Favour marginalized Obike in crucial meetings and decision-making processes.
Favour Ori’s management style came under scrutiny, with allegations of impulsiveness and a lack of transparency.
Employees claimed that he hired top talent but stifled their input, resulting in customer disruptions, including difficulties creating virtual cards and accessing accounts.
Amid these controversies, Favour Ori has reduced his involvement in the company, focusing on external work with GitHub while the co-founder, Elijah Kingson, is employed at Revolut.
Payday’s future remains uncertain, with the potential sale of the company and the need to regain customer trust and employee satisfaction hanging in the balance.
The company faces the challenge of restoring its reputation and stability while navigating a tumultuous period in its young history.
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