Ict/Telecom
German Cyber Agency Chides Yahoo Over Hacking Probe
Germany’s Federal Cyber Agency says Yahoo Inc has not cooperated with its investigation into a series of hacks that compromised over one billion of the U.S. company’s email users between 2013 and 2016.
“Yahoo’s Dublin-based Europe, Middle East and Africa unit refused to give the BSI any information.
“It referred all questions to the Irish Data Protection Commission, without, however, giving it the authority to provide information to the BSI,’’ Germany’s BSI computer security agency said.
The agency said it decided to go public after Yahoo repeatedly failed to respond to efforts to look into the data breaches and garner lessons to prevent similar lapses.
BSI also urged internationally active Internet service providers to work more closely with it when German customers were affected by cyber attacks and other computer security issues.
Yahoo did not respond to requests for comment, while Ireland’s data protection agency was not immediately available.
The BSI’s statement came at a time of heightened German government concerns about Russian meddling in national elections in September, after cyber attacks on the French and U.S. presidential elections which have been linked to Russia.
The U.S. Justice Department in March charged two Russian intelligence agents and two hackers with masterminding the 2014 theft of 500 million Yahoo accounts.
The charge, however marking the first time the U.S. government had criminally charged Russian spies for cyber offences.
However, Moscow has denied any involvement in hacking.
The BSI said it did not yet have any concrete information about the data breaches because of Yahoo’s lack of cooperation.
“Users should therefore be very careful about which services they want to use in the future and to whom they entrust their data,’’ BSI President Arne Schoenbohm said in a statement.
The BSI chief reiterated his recommendation that German consumers consider switching to other email service providers.
Schoenbohm added that certifications such as those offered with C5-class cloud service security were valuable for customers.
C5 is a German government scheme to encourage cloud-based internet service providers to attest they use various safeguards against cyber attacks.
Late 2016 Yahoo, which has agreed to be acquired by U.S. telecoms giant Verizon and is set to be merged with AOL to form a new business known as Oath, revealed a data breach dating back to 2013 of one billion user accounts.
The various disclosures led Verizon to cut the amount it was willing to pay for Yahoo by 350 million dollars on its previously agreed 4.83 billion dollars deal.
Yahoo has said it expects the merger into Verizon to close in June.
BSI said an additional 32 million Yahoo users were affected by cyber breaches in 2015 and 2016.
However, a spokesman for the agency said he was unaware of any additional breaches in 2017.
The Managing Director, Shell Nigeria Exploration and Company Limited (SNEPCo), Elohor Aiboni, said Bonga, Nigeria’s first deep-water asset, has recorded major milestones, due to effective leadership, cutting-edge technology, continuous improvement and collaboration with stakeholders.
She noted that since coming on stream in November 2005, Bonga has maintained a track record of production that saw it achieve one-billion-barrel export on February 13, last year.
In her presentation, titled “The Bonga Journey to a Billion Barrels”, at the ongoing 2024 Offshore Technology Conference in Houston, Texas, United States, Aiboni, said: “SNEPCo is grateful for the contributions of all the parties to the Bonga story and we can all be proud of the milestones.
“Bonga has been consistent. In 2014, nine years after coming onstream, it achieved half a billion barrels of crude and doubled it in 2023. We have worked relentlessly to ensure excellent asset management, project and wells delivery and deployment of technology and innovations in our operations”.
According to her, these factors, “coupled with the supportive partnership of the Nigerian National Petroleum Company Limited and our co-venturers – TotalEnergies, EP Nigeria Limited; Nigerian Agip Exploration; and Esso Exploration and Production Nigeria Limited, make Bonga stand out as a world-class investment case”.
She continued that, “SNEPCo also enjoyed the support of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Content Development and Monitoring Board (NCDMB) in the success of Bonga operations”.
Aiboni also listed the challenges of keeping the Bonga Floating Production, Storage and Offloading vessel full as the asset ages and dealing with unexpected developments with subsea wells and equipment.
She said: “SNEPCo responded with a campaign of operational excellence, which among other initiatives, led to the creation of a programme known as the Bonga Business Improvement Plan that continually reviews and identifies improvement initiatives and drives sustainability in operations and upskilling of staff.
“The Bonga success story has been led by Nigerians who have been managing directors of SNEPCo since it was established in 1993, in a deliberate policy by Shell to develop indigenous manpower for deep-water operations in Nigeria.
“Today, some 97percent of the SNEPCo workforce is Nigerian and overall, Bonga has helped to create a new generation of Nigerian deep-water professionals.
“Our vision at SNEPCo remains to be the best deep-water business, powering growth and achieving net zero emissions in line with Shell’s Powering Progress strategy”.
Banks’ borrowings from the Central Bank of Nigeria (CBN) fell month-on-month, (MoM) by 44 percent to N12.16 trillion in April from N21.7 trillion in March.
Analysis of latest data from the CBN shows that the 44percent drop represents the first MoM decline in banks borrowing from since January when it increased by 268.7 percent to N3.6 trillion from N976.29 billion in December 2023.
However, further analysis showed that banks’ deposits in the CBN SDF grew MoM by 118.4 percent to N428.97 billion in April from N196.37 billion in March 2024.
Banks make use of the SLF to access liquidity to run their day-to-day business operations while the Standing Deposit Facility window (SDF) on the other hand, is an overnight deposit facility that allows banks to lodge excess liquidity (money) with the CBN and earn interest.
The decline in banks’ borrowing from SLF may reflect an increase in banking system liquidity and also the decision of the apex bank last year to remove the limit on the remunerable daily placements by banks at the SDF.
According to the CBN Governor, Mr. Olayemi Cardoso, the CBN removed the cap on the remunerable SDF to increase activity in the SDF window and manage liquidity.
A Financial technology expert, Olatunji Akinrinola, has highlighted the exponential growth of the FinTech industry, which according to him, was driven by technological advancements.
Akinrinola made this assertion in a press release recently, where he stressed that the role of technology in driving this exponential growth in the FinTech sector was very outstanding.
According to him, Technology has revolutionised the way financial services are delivered, making them more accessible, efficient, and inclusive.
“Through innovations such as mobile banking, digital payments, and blockchain technology, FinTech companies have been able to reach a larger population and provided them with access to financial services”, he stated.
Akinrinola emphasised the role of technology in enabling financial inclusion, adding: “Technology has democratised access to financial services, particularly in regions with limited banking infrastructure.
“Mobile money platforms and digital wallets have empowered individuals to conduct financial transactions conveniently and securely, without the need for traditional banking services”.
He also underscored the role of Artificial Intelligence (AI) and data analytics in driving innovation within the FinTech industry, noting: “AI-powered algorithms and predictive analytics have revolutionised risk assessment, fraud detection, and customer personalisation in financial services.
“These technologies enable FinTech companies to provide tailored solutions and mitigate risks more effectively, ultimately enhancing the overall customer experience”.
Akinrinola stressed the importance of regulatory frameworks in fostering the growth of the FinTech industry.
“While technology has accelerated the growth of FinTech, it is essential to establish robust regulatory frameworks to ensure consumer protection and maintain market stability. Regulators play a crucial role in balancing innovation with risk management, thereby creating a conducive environment for the sustainable growth of the FinTech sector”, he stated.
Akinrinola underscored the role of technology in driving the exponential growth of the FinTech industry, saying, “Technology has been a game-changer for the FinTech sector, enabling innovation, expanding access to financial services, and driving economic growth.
“As technology continues to evolve, the FinTech industry will undoubtedly play a significant role in shaping the future of financial services ecosystem”.
Corlins Walter
