According to data presented by Atlas VPN, social media attacks on payment services increased by 561.8%, comparing 2021 Q1 to 2021 Q2. Social media platforms have many weak points that allow threat actors to carry out various types of internet crime.
In the second quarter of the year, the most popular internet crimes were fraud, impersonation, cyber threats, and data leaks. The data is supplied by PhisLabs, where researchers analyzed hundreds of thousands of phishing and social media attacks targeting enterprises, their employees, and their brands.
While attacks on payment services increased the most, other industries also experienced a significant increase in threats. In the second quarter of 2021, fraudsters targeted payment services drastically more often compared to the first quarter of 2021 as the volume of unique threats skyrocketed by 561.8% in Q2. However, some markets saw the opposite happen – a decrease in threats in the second quarter of 2021.
Hospitals and healthcare enterprises also saw a massive jump in attacks. Attacks on healthcare companies increased by 187.8%. Hackers also carried out significantly more attacks on businesses in the broadcast media industry, with a steep surge of 112.5%.
Finally, markets experiencing an upshift of attacks include cryptocurrency services and credit unions, where threats grew 13% and 4.9%, respectively.
On the other hand, some industries experienced fewer attacks in Q2 than they did in Q1.
Enterprises providing dating-related services (-52.3%), computer software (-49.2%), telecommunications (-23.5%), e-commerce (-19.7%), and banking (-10.2) all noticed a decline in the amount of threats.
Overall, social media attacks targeting enterprises are up 47%.
In January, businesses saw an average of 33.6 social media attacks per month. Five months later, in June, the average volume of attacks per enterprise reached 49.6, representing a 47% growth.
Fraud looms on social media
As mentioned previously, individuals and brands encounter various types of threats on social media. Here, we will analyze the most prominent attack types in 2021 Q2.
Fraud is by far the most common type of internet crime that plagued businesses. Nearly half of the threats encountered (45.6%), fall under the fraud category. Compared to Q1, fraud threats escalated by 23.7%.
Fraud refers to a type of internet crime intended to deceive a victim or offer illicit gain to the threat actor, such as the unauthorized selling of account credentials or exposing banking information.
Brand and employee impersonations were the second most common threats encountered by businesses, making up 21.8% of all threats. Most impersonators spoof a corporate brand, CEO, or employee with the objective of swaying victims into taking a specific action. Usually, the final goal of the fraudster is to obtain sensitive information or to convince the victim to transfer money.
Cyber attacks, mainly in the form of hacking attempts, comprised 19.1% of all social media threats to enterprises globally. Data leaks also make the top five list, comprising 13.2% of the total volume of threats.
The analysis also reveals that brands and employees receive a number of physical threats, but they represent a relatively small percentage of the total, at only 0.3%.
While there are countless attack vectors, social media has not been at the forefront for most threat actors. Yet, we see a different trend in the first half of 2021 – cybercriminals increasingly use impersonation, fraud, and other cyber threats to attack businesses on social media.
Mobile Operators Experienced 16,000 Outages in Seven Months, Says Minister
The Minister of Communications and Digital Economy, Dr. Isa Ibrahim Pantami has disclosed that there were about 16,000 reported outages by mobile network operators in the country from January 2021 to July 2021.
The outages, according to him, were due to fibre cuts, access denial and theft, leading to service disruption in the affected areas.
The Minister who disclosed this in Maiduguri, during a recent town hall meeting, where he addressed the vandalism of power and telecommunications infrastructure, noted that the protection of the critical infrastructural facility was key to the nation’s security, economic vitality, public health and safety.
The event, which was organised by the Ministry of Information and Culture, was attended by Governor Babagana Zulum of Borno State, his Deputy, Mr. Usman Kadafur, and other stakeholders. The Minister of Information and Culture, Alhaji Lai Mohammed, led some other ministers who were panellists at the town hall meeting.
Pantami, who was represented by the Commissioner for Technical Services, Nigerian Communications Commission (NCC), Mr. Ubale Maska, decried the situation where telecoms installations that were destroyed in the attacks by terrorists had not been replaced as a result of the lingering insecurity and tensions in parts of the North-east.
As a way forward, the minister recommended continuous stakeholders buying-in and synergy among security forces.
He also urged the National Assembly to expedite the passage of the Critical Infrastructure Protection Bill for onward submission to the President for assent.
Pantami, also said the Fifth Generation (5G) network, that was recently approved by the Federal Executive Council, would be deployed in Nigeria in January 2022. He said when deployed, it would aid the surveillance of public assets against vandalism.
He said while the technology would boost surveillance against criminal elements vandalising public infrastructure across the country, other measures should be put in place to arrest them and bring them to book.
The minister disclosed that there were over 50,000 telecommunication sites across the country, which made it difficult to manage manually except through the deployment of modern technology.
Nokia and African Telecommunications Union (ATU) to Speed up Digital Transformation and the Knowledge Economy in Africa
Collaboration to leverage the power of ICT including 5G for Industry 4.0 (IR 4.0), connecting the unconnected and transforming lives; Both organizations reiterate commitment to shape policy, develop talent, and promote inclusion and diversity in Africa.
Nokia has signed a Memorandum of Understanding (MoU) with the African Telecommunications Union (ATU) to drive digital transformation and the knowledge economy for socio-economic development across the continent. The two parties will leverage the power of telecommunications, including 5G networks, to connect the unconnected and identify innovative use cases, as well as business models. In addition, the MoU will lay ground for both organizations to better help governments shape telecom policy, develop talent and promote inclusion and diversity. This includes women, as well as the underprivileged in both rural and urban areas.
The MoU was signed in Nairobi, Kenya, by John OMO, Secretary General at ATU and Rajiv Aggarwal, Nokia Representative and Head of Central, East and West Africa Market Unit at Nokia.
Announcing the partnership, Rajiv Aggarwal, Head of Central, East and West Africa Market Unit at Nokia, said: “We remain keen on supporting Africa’s digital transformation journey and by collaborating with the ATU, we strengthen this commitment. We will leverage our global technology expertise and insights on policy matters to positively impact the universal socio-economic development in the continent.”
Co-signing the MoU with Mr. Rajiv, John OMO, Secretary General of the African Telecommunications Union (ATU), said: “Our vision is to make Africa a full and active participant in the global information and knowledge society by enabling universal access to ICT systems and services across Africa. Collaboration with a global industry leader such as Nokia is therefore crucial in this regard and will help us accelerate towards a digital transformation and knowledge economy.”
The MoU framework is guided by six tenets designed to facilitate this acceleration. These are:
- Sharing of best practices on telecom technology trends and developments
- Identification of innovative industrial use cases toward the Fourth Industrial Revolution
- Recommendation on implementation of emerging technologies and business models
- Promotion of connecting the unconnected with broadband
- Development of emerging talent for digital innovation
- Promotion of inclusion and diversity
Nokia has a long history of collaboration with international organizations and bodies across the globe. Regionally in MEA, Nokia recently partnered with UN Women to promote inclusion and diversity in Middle East and Africa. Nokia is also working with UNICEF as part of a shared-value partnership in Kenya to connect schools with broadband and empower children in rural as well as disadvantaged urban areas. In November 2020, Nokia supported the Forge Academy in South-Africa with the launch of a fully inclusive artificial intelligence (AI) laboratory to help students to become entrepreneurs in the Fourth Industrial Revolution and the global digital economy.
Broadband Penetration in Need of a Leg-up – Coronation Merchant Bank
Digital technologies can promote growth in an economy partly due to their capacity to reduce costs and improve the quality of delivery. However, to achieve this, highspeed and reliable internet and broadband are required. The latest data released by the Nigerian Communications Commission (NCC), the industry regulator, show that internet subscriptions stood at 139.4 million in July, representing a y/y decline of -5%. Furthermore, we noticed a m/m decline of c.431,000 in subscriptions.
The decline in subscriptions can be partly attributed to the temporary suspension of SIM card sales to ensure the achievement of the National Identification Number (NIN) registration exercise. Additionally, based on our channel checks, the stress associated with the NIN-SIM linkage has resulted in customers abandoning SIMs of devices that are not their primary source for communication or internet connectivity.
MTN Nigeria (MTNN) accounted for the largest share (42%) of total subscriptions though down -1.0% m/m in July ‘21. Airtel (-0.5%) and Glo (-0.9%) also recorded m/m decreases.
Over the past year, there has been a visible shift to fibre broadband internet plans which do not necessarily need SIM cards to function. We note that some residential estates are increasingly using this service given the heavy reliance on internet services at home due to the newly adopted work-from-home approach.
In November ‘19, President Buhari launched the National Digital Economy Policy and Strategy. The strategy is hinged on eight critical pillars. One of the critical pillars is developing a solid infrastructure by deploying fixed and mobile broadband infrastructure to deepen broadband penetration and drive an inclusive and vibrant digital economy.
Similarly, in September ‘21, the FGN approved the national policy for the fifth-generation (5G) network to boost the country’s digital economy. The national broadband plan set a target for the country to attain 70% broadband penetration at a price of N390 per 1GB of data (i.e. 1.3% of minimum wage).
The latest national accounts show that Information and Communications Technology sector grew by 5.6% y/y and contributed 17.9% to the total GDP in Q2 ’21. This is slightly higher than its contributions in Q2 ’20 (17.8%) and Q1 ’21 (14.9%). It also showed that telecommunications grew by 5.9% y/y in Q2 ‘21 compared with 7.7% in Q1 ‘21 and 18.1% in Q2 ‘20.
We note that investments into the sector have declined steadily. Capital importation into the telecommunications sector declined by 138.2% from USD944.1m in ’14 to USD417.5m in ’20. This can be linked to the infrastructure deficit in the telecommunications sector, the high cost of services and access devices, low digital literacy, poor perception of broadband value, among others.
Clear policy and regulatory guidance are fundamental to the optimal distribution and uptake of broadband services. The evolving work conditions, travel restrictions due to covid-19, the rise of e-commerce, and integration of technology in daily activities show that the rollout of broadband services has the potential to address various socio-economic challenges, grow the economy and create jobs.
Industry sources suggest that a 10% increase in broadband penetration can increase the GDP of an economy by 1.8 – 2.0%
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