cybersecurity

Malware That Can Take Over Computers is Skyrocketing in Africa

Sourced from Tech Advisor According to data collected by Russia-based cybersecurity provider Kaspersky, the number of backdoor computer malware detected in Q2 2022 for corporate users in South Africa, Kenya and Nigeria has significantly increased compared to the previous quarter. Currently, numbers are hitting new records and posing challenges to cybersecurity professionals in enterprise and government agencies. “Backdoors enable a series of long unnoticed cyberespionage campaigns, which result in significant financial or reputational losses and may disrupt the victim organisation’s operations. Corporate systems should be constantly audited and carefully monitored for hidden threats,” comments Dr Amin Hasbini, Head of Global Research and Analysis Team (GReAT), Middle East, Türkiye and Afri...

Curve Finance resolves site exploit, directs users to revoke any recent contracts

On Aug 9, automated market maker Curve Finance took to Twitter to warn users of an exploit on its site. The team behind the protocol noted that the issue, which appeared to be an attack from a malicious actor, was affecting the service’s nameserver and frontend. Don’t use https://t.co/vOeMYOTq0l site – nameserver is compromised. Investigation is ongoing: likely the NS itself has a problem — Curve Finance (@CurveFinance) August 9, 2022 Curve stated via Twitter that its exchange — which is a separate product — appeared to be unaffected by the attack, as it uses a different DNS provider.  However, the issue was quickly addressed by the team. An hour after the initial warning, Curve said it had both found and reverted the issue, directing users to have approved any contracts o...

The Crypto Collapse & Rising DDoS Smart Attacks

Image sourced from Shutterstock. During Q2 2022, Distributed Denial of Service (DDoS) attacks reached a new level as the share of smart attacks and average duration saw steep increases. Compared to the previous year, the average duration of a DDoS attack rose 100 times, reaching 3,000 minutes. The share of smart attacks almost broke the four-year record, accounting for nearly 50% of the total. Experts also expect an increase in overall DDoS activity, especially with the recent collapse of cryptocurrency. These and other findings are part of a quarterly DDoS report issued by Kaspersky. A Distributed Denial of Service (DDoS) attack is designed to hinder the normal functioning of a website or crash it completely. During an attack (which usually targets government institutions, retail or ...

VC Roundup: Lightning Network payment rail, DeFi trading platform and blockchain security firm raise millions

Even with the onset of crypto winter, 2022 has been a watershed year for venture capital funding. Crypto and blockchain companies collectively raised $30.3 billion in venture capital in the first half of 2022, exceeding all of last year’s totals. While the number of deals has declined in recent months, startups at the intersection of blockchain payments, decentralized finance (DeFi) and cybersecurity are still attracting sizable interest from the VC community. The latest edition of VC Roundup highlights some of the most intriguing funding deals of the past month. Related: The risks and benefits of VCs for crypto communities ZEBEDEE closes $35M Series B ZEBEDEE, a Bitcoin (BTC)-powered payment processor for the gaming industry, has raised $35 million from several investors i...

Winnipeg police get provincial funding to beef blockchain forensics unit

Police in Winnipeg, the capital of the Canadian province of Manitoba, will be better prepared to deal with the use of cryptocurrency in cybercrime, thanks to $100,000 Canadian Dollars (CAD) in funding provided by the provincial government. Provincial Justice Minister Kevin Goertzen on Aug. 3 said the money from the Criminal Property Forfeiture Fund will be used to put five additional members of the police service through a Cryptocurrency Tracing Certified Examiner training program, as well as to purchase specialized software to trace cybercrime activities such as CipherTrace and Blockchain Forensics. According to the Manitoba government, cybercrimes have increased by more than 370% between 2016 and 2020. Sgt. Trevor Thompson of the Winnipeg police financial crime unit said in a statement: ...

Phising Scams Surge 234% in Africa, Especially in Tech Powerhouses

Image sourced from NorthJersey.com New data from Russia-based cybersecurity firm Kaspersky reveals that the prevalence of phishing and social engineering scams has increased significantly in Africa in Q2 2022 in comparison with the previous quarter. The company’s security solutions detected 10,722,886 phishing attacks in Africa in Q2, showing a 234% increase from the previous quarter. Tech powerhouses across Africa have seen the highest amount of growth in scams. Kenyan users have been influenced the most by this type of threat: there were 5,098,534 phishing attacks detected in 3 months – a growth of 438% when compared to the previous quarter. It was followed by South Africa (4,578,216 detections and a growth of 144%) and Nigeria (1,046,136 detections and a growth of 174%). In particular, ...

The worst places to keep your crypto wallet seed phrase

Under the mattress, in the seams of a piece of luggage or even rolled into a cigar, what are the worst and best ways for keeping a seed phrase safe? The key to unlocking and recovering cryptocurrency, a seed phrase, should be secured and safe.  Especially now that prices are low and the crypto tourists have checked out, it might be time for a crypto security spring clean. Security starts with a seed phrase, sometimes called a recovery phrase. There’s no denying it: Bitcoin and the crypto space writ large are in the clutches of a bear market. Since Do Kwon’s Terra experiment went up in smoke, a crypto contagion has choked the most reputable of exchanges, causing many self-sovereignty advocates to chant, “not your keys, not your coins.” Indeed, hardly a day goes by that another “trusted...

Talking Public Sector Cybersecurity with Nclose – ITNA Digital Innovation Podcast EP 6

This week’s podcast is sponsored by the Public Sector Cybersecurity Summit held on the 2nd and 3rd of August 2022. This virtual event will have all the information you and your public organisation will need to prepare yourself for the next coming cyber-attack. Don’t be caught unawares – the attack is coming, and African enterprises will be prized targets – prepare yourself now before it’s too late. Register for #PubliSec2022 and learn from a host of cybersecurity experts on how to protect your organisation from the worst threat actors out there. In this episode of IT News Africa‘s Digital Innovation Podcast, Luis Monzon chats with Stephen Osler, co-founder and business development director of South African cybersecurity firm Nclose. Stephen and Luis talk about cybersecurity in the public s...

South Africa’s Cybersecurity Response Chairperson to Speak at #PubliSec2022

The Public Sector Cybersecurity Summit hosted by IT News Africa on the 2nd and 3rd of August 2022. Sign up here: https://itnewsafrica.com/event/event/public-sector-cybersecurity-summit-2022/ Irene Moetsana-Moeng, the Director at South Africa’s Public Sector Agency & the Chairperson of the country’s Cybersecurity Response Committee has been confirmed as a speaker at this year’s Public Sector Cybersecurity Summit held on 2nd and 3rd August 2022. Moetsana-Moeng is an Information Technology and Cybersecurity executive with extensive experience across the Airline, Insurance industries and Public Sector. She led the development of South Africa’s Cybercrime Bill and coordinated and managed the Global Action on Cybercrime capacity-building project sponsored by Council of Europe which led to th...

The Zero Trust Security Framework Explained: What it Means to Your Organization

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Solana and Ethereum smart contract audits, explained

As you might expect, this depends on how complex a smart contract is. According to Hacken, this can extend to $500,000 for larger projects where there are more lines of code — not least because of the additional engineering hours it’ll take. The company argues these costs pale into comparison with the economic damage that a smart contract vulnerability can bring. Hacken cites data showing that, in 2021, 80% of the incidents affecting decentralized applications related to smart contracts — with losses hitting $6.9 billion. Breaking this down even further, and we can see that the average cost per project stands at $47 million. Somehow, $500,000 looks a lot less expensive now.  Overall, 60% of its clients have been based on Ethereum so far in 2022. And here&...

5 Reasons to Attend the Public Sector Cybersecurity Summit 2022

The Public Sector Cybersecurity Summit hosted by IT News Africa on the 2nd and 3rd of August 2022. Sign up here: https://itnewsafrica.com/event/event/public-sector-cybersecurity-summit-2022/ Public Sector Cybersecurity Summit 2022 – Managing Risk and Continuity in the Public Sector. Public sector organisations are currently at more of a risk than ever before to be the target of a cyber-attack, be it aimed ransomware or social engineering like phishing – these attacks cost countries millions, if not billions, of dollars every day. Cybercriminals are only becoming more advanced, and more dangerous. In Africa, the situation is dire with top international cybersecurity education firm KnowBe4 reporting that the continent faces a growing array of cyber threats from espionage, critical infrastruc...