By Tolulope Oke
The Nigerian Communications Commission (NCC) warned corporate organizations about the Yanluowang Ransomware, a new harmful cyber threat that might seriously harm institutional records.
This caution was included in a Friday statement from Director of Public Affairs at NCC, Mr. Reuben Muoka, urging businesses to perform routine system backups.
The warning was issued when threat actors hijacked an employee’s personal Google account, which contained credentials synced from their browser, and used those credentials to enter Cisco’s network.
NCC said “education is critical in thwarting this type of attacks or any similar attacks, including ensuring that employees are aware of the legitimate channels through which support personnel will contact users.”
The commission noted that personnel may spot illegal attempts to get confidential material” with the use of this technique. Companies should make careful to regularly secure their servers.
ThisDay reported that Cisco had reported the security incident on its corporate network but said it did not identify any impact on its business although the threat actors had published a list of files from this security incident on the dark web on August 10.
The NCC-CSIRT assessed the potential damage from the incident to be critical while forecasting that successful ransomware exploitation would lead to ransomware deployment to compromise computer systems, sensitive product theft and exposure, and customer data theft and exposure, as well as a significant financial loss to organizations through significant indirect costs and the potential to damage their reputations.
The NCC established NCC-CSIRT as the telecom industry’s cyber security incident center to focus on occurrences in the telecom industry and as they may affect customers of telecom services and the general public.