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Cybervergent: Nigeria financial sector faces rising malware threat

Nigeria’s financial sector has been bedeviled by a spike in attacks utilising the deceptive Remote Control and Surveillance Access Trojan (Remcos RAT) in the last three months of this year, according to a new Cybervergent report.

The findings by the technology company providing automated cybersecurity solutions, affirmed a stark forewarning to the financial institutions and organisations in Africa, urging heightened vigilance and proactive measures to mitigate potential escalating risks. 

Previously marketed as a legitimate software, Remcos got co-opted by malicious actors and is now a prevalent tool in cybercrime campaigns. This remote access tool grants attackers hidden entry into victims' devices, allowing them to seize control, pilfer sensitive data, and even introduce stealth backdoors to compromise entire systems. The capabilities of Remcos are diverse and frightening, ranging from disabling vital security features like User Account Control (UAC) to covertly recording user activities.

Speaking on the report, Chief Solutions Officer at Cybervergent, Gbolabo Awelewa, said: "As vigilant cybersecurity gatekeepers, we have observed a significant surge in attacks leveraging the Remcos RAT malware. Financial institutions are particularly targeted due to the sensitive nature of their data and assets. Organisations must remain diligent and adopt proactive monitoring measures to safeguard against such threats."

The proactive approach adopted by Cybervergent's Cyber Operations Centre involves meticulous analysis of attacker tactics, constant updating of threat intelligence, and implementing robust endpoint security solutions. These measures are designed to detect, prevent, and neutralise Remote Access Trojans like Remcos, ensuring the continued security and compliance of organisations in the face of evolving cyber threats.

"Our mission is to fortify our clients' defenses and ensure the seamless operation of their organisations.By staying ahead of emerging attack vectors and vulnerabilities, we empower businesses to take proactive measures and protect their valuable assets," Awelewa said.

Chief Executive Officer of Cybervergent, Adetokunbo Omotosho, emphasised the firm's focus on empowering organisations to navigate the complexities of cybersecurity and compliance with dexterity and confidence.

He said: "Cybervergent's Assurance and Compliance Team has demonstrated unparalleled leadership in the cybersecurity domain, achieving significant milestones and delivering transformative solutions. Our journey through Q1 reflects a deep commitment to advancing the state of cybersecurity compliance, paving the way for a secure and resilient digital future for organisations in Africa and across the world."