Connect with us

Technology

41% of Cyberattack Victims Suffer Data Breach

Published

on

Cyber Security - Investors King
  • 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.”

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.

Fintech

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

Published

on

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.

Continue Reading

Telecommunications

NCC Files Copyright Infringement Charges Against MTN Nigeria and Others

Published

on

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.

Continue Reading

Telecommunications

MTN’s MoMo Sees 32.2% Surge in Transaction Volumes

Published

on

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.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending