Ict/Telecom
Cyber Attack: MaerskWorking On Recovery Plan
Shipping giant A.P. Moller-Maersk, which handles one of seven containers shipped globally, said last Wednesday, that it was working on a recovery plan a day after being hit by global cyber attack Petya.
“We have contained the issue and are working on a technical recovery plan with key IT partners and global cyber security agencies.
“We have shut down a number of systems to help contain the issue,” Maersk said in a stock exchange announcement.
The company said Maersk Line vessels are maneuverable, able to communicate and crews are safe, while port unit APM Terminals has been impacted in a number of ports.
Our source reports that a major global cyber attack disrupted computers at Russia’s biggest oil company, Ukrainian banks and multinational firms with a virus similar to the ransomware that infected more than 300,000 computers last month .
The rapidly spreading cyber extortion campaign, which began on Tuesday, underscored growing concerns that businesses have failed to secure their networks from increasingly aggressive hackers, who have shown they are capable of shutting down critical infrastructure and crippling corporate and government networks.
Businesses in the Asia-Pacific region reported some disruptions on Wednesday, with the operations of several European companies hit, including India’s largest container port, although the impact on companies and governments across the wider region appeared to be limited.
The ransomware virus includes code known as “Eternal Blue”, which cyber security experts widely believe was stolen from the U.S. National Security Agency (NSA) and was also used in last month’s ransomware attack, named “WannaCry”.
“Cyber attacks can simply destroy us,” said Kevin Johnson, chief executive of cyber security firm, Secure Ideas.
“Companies are just not doing what they are supposed to do to fix the problem.”
The virus crippled computers running Microsoft Corp’s Windows by encrypting hard drives and overwriting files, then demanded 300 dollars in bitcoin payments to restore access.
No fewer than 30 victims paid into the bitcoin account associated with the attack, according to a public ledger of transactions listed on blockchain.info.
Microsoft said the virus could spread through a flaw that was patched in a security update in March.
“We are continuing to investigate and will take appropriate action to protect customers,” a spokesman for the company said, adding that Microsoft antivirus software detects and removes it.
Operations at one of the three terminals of Jawaharlal Nehru Port (JNPT) in Mumbai, India’s largest container port, were disrupted.
The impacted terminal is operated by Danish shipping giant AP Moller-Maersk which also reported disruptions in Los Angeles.
JNPT chairman Anil Diggikar told Reuters the port has been trying to clear containers manually and is operating at about a third of its capacity.
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
