DD
MM
YYYY

PAGES

DD
MM
YYYY

spot_img

PAGES

Home Blog Page 3807

40% of Fintech Apps in Nigeria Exhibit Vulnerabilities That Could Lead to High-impact and Critical Issues – Appknox

0

Appknox, a plug-and-play security platform that helps developers, and enterprises to build a safe and secure mobile ecosystem, has said that a significant amount of Fintech apps in Nigeria have high-risk security elements.

In a recent round-table meeting, the CEO and Co-founder of Appknox, Harshit Agarwal, disclosed that 40% of Fintech apps in Nigeria are vulnerable to high-impact and critical issues.

In an analysis conducted by the firm, more than 80% of these vulnerable apps lack sufficient code obfuscation, a critical security measure.

Additionally, 60% of them have broken or disabled SSL and certificate pinning, which are essential for secure data transmission. Also, 35% are affected by network security misconfiguration and 25% indicate recording of audio and screen activity. 

Speaking on the theme of the meeting, “Next Generation Mobile App Security Empowering Cybersecurity Leaders in the Digital Age”, Appknox CEO Agarwal said,

“Any application on the internet can be hacked, it’s all about how proactively the affected organizations can find and resolve the issue as well as releasing an update.

“Using the current landscape of mobile security applications in Nigeria, the country, and Africa at large are driving many innovation and business opportunities. For this reason, it’s very critical that every growing business needs security”.

Also speaking at the meeting, the Chief Technology Officer of CED Technologies, Chukwuebuka Ume-Ezeoke said that while companies are building technology solutions that aid in simplifying mobile transactions for users, they must first recognize the need for a strong security system.

In his words,

“While companies like Appknox and CED Technologies have built a safe and secured mobile ecosystem using a system plus human approach to outsmart hackers, we believe that it is everyone’s business to think security first, recheck and double check so that businesses can be as secure as possible”.

Mr. Chukwuebuka highlighted the need for a multi-layered security approach and encouraged all stakeholders, including fintech app founders, to prioritize security.

He further noted that the meeting was put together to bring security leaders, bank executives, chief information security officers, heads of risk management, and founders of different FinTech companies to encourage everyone to take security as a top-most priority, while creating solutions that help and better the life of users.

Notably, API (Application Programming Interface) security was also discussed as a critical aspect of mobile app security.

As advancements in technology and banking solutions have brought simplicity and ease to financial services, it is worth knowing that these advancements have also created room for more modern and advanced fraud schemes.

Therefore, Fintech companies in Nigeria must treat security as an important priority when creating platforms, as failure to ensure robust security systems can risk the platforms to security breaches, resulting in loss in substantial amounts.

To mitigate these security concerns, these companies must invest in robust security measures, regular security audits, penetration testing, and user education.

Compliance with relevant regulations and standards is crucial, and partnerships with trusted third parties should be established cautiously. Continuous monitoring and rapid response to security incidents are also essential in maintaining the security of Nigerian fintech apps.

By staying vigilant and taking proactive steps to prevent security attacks, fintech companies can protect their bottom line and maintain the trust of their customers.

Atiku Calls Nigeria’s Presidential Election Petition Tribunal (PEPT) Judgment “Unacceptable”, Heads to Supreme Court

0

Former Vice President Atiku Abubakar has reacted to the judgment of the Presidential Election Petition Tribunal (PEPT), which threw his suit as well as those of others challenging the outcome of the February 25 presidential polls, out.

In a press briefing on Thursday, Atiku, who was declared the 1st runner-up by the Independent National Electoral Commission (INEC), said the court judgment failed to restore confidence in our dreams of free and fair elections devoid of human manipulations.

The PEPT quashed all the charges against President Bola Tinubu, upholding his victory. However, a large section of Nigerians have decried the judgment – calling it a miscarriage of justice.

Atiku said although he still has respect for the judiciary, the judgment is unacceptable. He said he has asked his lawyers to activate [his] constitutionally guaranteed rights of appeal to the higher court, which, in the instance, is the Supreme Court.

“It is my conviction that the electoral process in Nigeria should be devoid of untidy manipulations and that the outcome of every election should be a perfect reflection of the wishes of the electorate,” he said.

Read his full statement below:

Good afternoon, Gentlemen of the Press.

I am here today to give my official reaction to the judgment delivered yesterday by the Presidential Election Petition Court on the 2023 presidential election.

As you already know, I approached the court following the declaration by INEC that the APC and its candidate are the winners of the February 25, Presidential Election.

My decision to go to court is anchored in my belief that the court is the sanctuary of justice. The journey of my political career, as you know, holds so much to the courage and fearless decisions of our judiciary.

Indeed, I am no stranger to legal battles, and I can say that I have a fair idea of how the court system works. All through my career as a politician, I have been a fighter, and I must say that I have found the judiciary as a worthy pillar to rest on in the pursuit of justice.

The last presidential election in our country and the way it was managed by the electoral umpire, the Independent National Electoral Commission, leaves behind unenviable precedents, which I believe the courts have a duty to redress. Our gains in ensuring transparent elections through the deployment of technology was heavily compromised by INEC in the way it managed the last presidential election, and I am afraid that the judgment of the court as rendered by the Presidential Election Petition Tribunal yesterday, failed to restore confidence in our dreams of free and fair elections devoid of human manipulations.

Like I did say at the beginning of this legal battle when I instructed my lawyers to file my petition challenging the outcome of the presidential election, my ultimate goal in this pursuit is to ensure that democracy is further strengthened through the principles and processes of fair hearing.

Gentlemen of the press, I take great pains to tell you that the decision of the court of first instance on this matter utterly falls far short of that expectation. I am therefore here to tell you that, though the judgment of the court yesterday is respected, it is a judgment that I refuse to accept. I refuse to accept the judgment because I believe that it is bereft of substantial justice. However, the disappointment in the verdict of the court can never destroy my confidence in the judiciary.

Consequently, I have asked my lawyers to activate my constitutionally guaranteed rights of appeal to the higher court, which, in the instance, is the Supreme Court. It is my conviction that the electoral process in Nigeria should be devoid of untidy manipulations and that the outcome of every election should be a perfect reflection of the wishes of the electorate. I believe that such is the only way through which our democracy can have a manifest expression of its true meaning. Whether I prevail in this quest or not, the record of my effort in ensuring an order of credible elections in Nigeria shall remain for the future generations to evaluate.

On this note, I urge all my supporters to remain steadfast. I urge them to take solace in an immortal lesson I learned from my leader and mentor, the late Shehu Yar’Adua, that losing a battle is less important than losing the war. We might have lost a battle yesterday, but the war is well ahead of us. And I believe that with our hopes in God, we shall win the war of restoring confidence in our electoral system.

Distinguished ladies and gentlemen of the Press, I thank you for your attention.

Atiku Abubakar, GCON
Waziri Adamawa
Vice President of Nigeria (1999 – 2007)
2023 PDP Presidential Candidate

Solana Labs Calls Visa Pilot a ‘big step’ for Digital Payments

0

Solana Labs COO Raj Gokal has praised the recent Visa pilot program that uses the Solana blockchain to settle transactions in USDC, a stablecoin pegged to the US dollar. In a blog post published on Wednesday, Gokal said that the pilot was a “big step” for digital payments and showed the potential of Solana’s fast, scalable and low-cost network.

Gokal explained that Visa chose Solana because of its high performance and low fees, which enable millions of transactions per second at fractions of a cent. He also highlighted Solana’s compatibility with Ethereum, the leading smart contract platform, and its support for various applications and use cases in the crypto space.

Gokal said that the pilot was part of Solana Labs’ vision to create an open, interoperable and decentralized web, where anyone can build and use applications that empower individuals and communities. He added that Solana Labs was working with other partners and developers to bring more innovation and adoption to the Solana ecosystem.

Gokal concluded by saying that he was excited about the future of digital payments and the role that Solana could play in it. He said that Solana Labs was committed to working with Visa and other industry leaders to make payments faster, cheaper and more accessible for everyone.

Solana is a fast, scalable, and low-cost blockchain platform that supports smart contracts, decentralized applications, and interoperability with other chains. Solana can process over 50,000 transactions per second with sub-second finality and minimal fees, making it ideal for high-performance applications that require speed and efficiency.

Are you a developer looking for a challenge and a chance to win big? If so, you might want to check out the Solana hackathon, a global online event that will award up to $1 million in prizes and funding to the best projects built on the Solana blockchain.

The Solana hackathon is open to anyone who wants to build something amazing on Solana, whether you are a beginner or an expert, an individual or a team. You can choose from four tracks: DeFi, Web3, Gaming, or NFTs. Each track has its own set of challenges, mentors, judges, and prizes. You can also submit your project to multiple tracks if it fits the criteria.

The hackathon will run from September 15 to October 15, 2023. You can register for free on the official website and join the Discord server to connect with other participants, mentors, and organizers. You will also get access to tutorials, workshops, and resources to help you get started with Solana development.

The hackathon will culminate in a demo day on October 22, where the top projects from each track will present their work to a panel of judges and a live audience. The judges will select the winners based on the following criteria: innovation, functionality, design, impact, and scalability. The winners will receive cash prizes ranging from $5,000 to $50,000, as well as potential funding opportunities from Solana Labs and other partners.

The Solana hackathon is a great opportunity to showcase your skills, learn new technologies, network with other developers, and contribute to the growth of the Solana ecosystem. Don’t miss this chance to build the future of blockchain with Solana.

Circle Recommends Tweaks to EU’s Proposed Crypto Guidelines

0

Circle, a leading global financial technology firm and the principal operator of the USD Coin (USDC) stablecoin, has published a blog post in response to the European Commission’s proposed Markets in Crypto-Assets (MiCA) regulation. In the post, Circle outlines its views on how the MiCA framework can be improved to foster innovation and inclusion in the crypto sector, while ensuring consumer protection and financial stability.

The European Union (EU) has been working on a comprehensive framework for regulating cryptocurrencies and other digital assets. The proposed regulation, known as the Markets in Crypto-Assets Regulation (MiCA), aims to provide legal clarity and consumer protection for crypto-asset issuers, service providers and users.

Circle welcomes the MiCA proposal as a positive step towards creating a harmonized and comprehensive regulatory regime for crypto assets in the EU. Circle also commends the Commission for recognizing the potential of stablecoins to enhance cross-border payments, financial inclusion, and economic growth. However, Circle also identifies some areas where the MiCA proposal could be revised or clarified to better reflect the realities and opportunities of the crypto industry.

The MiCA proposal should adopt a more nuanced and risk-based approach to classifying crypto-assets, rather than relying on a binary distinction between asset-referenced tokens (ARTs) and e-money tokens (EMTs). Circle argues that this distinction is too rigid and does not capture the diversity and innovation of stablecoin models. For instance, Circle suggests that USDC, which is backed by US dollars held in reserve accounts at regulated financial institutions, should not be considered an ART, as it does not pose the same risks as other types of stablecoins that are backed by more volatile or complex assets.

The MiCA proposal should allow for more flexibility and proportionality in applying the prudential and governance requirements for stablecoin issuers. Circle contends that some of the requirements, such as having a minimum capital of 5 million euros, maintaining a 1:1 reserve ratio at all times, and obtaining prior authorization from a competent authority, are too stringent and may create barriers to entry and innovation for smaller or newer players.

Circle proposes that these requirements should be tailored to the specific characteristics and risks of each stablecoin, taking into account factors such as the nature and quality of the underlying assets, the governance and audit mechanisms, and the market size and reach of the stablecoin.

The MiCA proposal should clarify the scope and applicability of the anti-money laundering (AML) and counter-terrorism financing (CTF) obligations for stablecoin issuers and service providers. Circle notes that some of the provisions in the MiCA proposal seem to overlap or conflict with existing AML/CTF regulations in the EU, such as the Fifth Anti-Money Laundering Directive (5AMLD) and the Sixth Anti-Money Laundering Directive (6AMLD). Circle urges the Commission to harmonize and streamline the AML/CTF rules for crypto-assets, and to ensure that they are consistent with international standards and best practices.

MiCA covers a wide range of topics, such as:

Defining different types of crypto-assets, such as utility tokens, asset-referenced tokens and e-money tokens.

Establishing rules for issuing and offering crypto assets to the public, such as disclosure requirements, whitepapers and prospectuses.

Setting standards for crypto-asset service providers, such as custodians, exchanges and trading platforms, including licensing, governance, capital and operational requirements.

Introducing a passporting system that allows crypto-asset service providers to operate across the EU with a single authorization.

Harmonizing the supervision and enforcement of crypto-asset activities among national competent authorities and the European Banking Authority.

Enhancing consumer protection and market integrity by imposing anti-money laundering, anti-fraud and market abuse rules on crypto-asset activities.

Addressing the risks and opportunities of stablecoins, especially those with a global reach, by imposing additional requirements on their issuers and service providers.

MiCA is expected to enter into force in 2024, after being adopted by the European Parliament and the Council of the EU. It will have a significant impact on the crypto-asset industry in Europe and beyond, as it will create a common legal framework that will foster innovation, competition and growth. Circle concludes by reaffirming its commitment to working with regulators, policymakers, and industry stakeholders in Europe and around the world to advance a balanced and forward-looking regulatory framework for crypto assets. Circle also invites feedback and dialogue from the crypto community on its suggestions for improving the MiCA proposal.

Labour Party, PDP Reject PEPT’s Judgment Upholding Tinubu’s Victory, Vow to Appeal

0

The Labour Party (LP) has expressed its disapproval of the Presidential Election Petition Tribunal’s decision, which dismissed the petitions filed by its candidate, Peter Obi, challenging the victory of President Bola Tinubu in the February 25 presidential elections.

The PEPT had on Wednesday, quashed all charges filed by the LP and other political parties, challenging Tinubu’s victory. But the LP said in a statement on Wednesday that it rejects the rulings as they did not serve justice or reflect the law and the desires of the people.

“The Labour Party watched with dismay and trepidation the dismissal of petitions by the five-man panel of the Presidential Election Petition Court led by Justice Haruna Tsammani today and we reject the outcome of the judgment in its entirety because justice was not served and it did not reflect the law and the desire of the people,” Obiora Ifoh, national publicity secretary of the LP, said in the statement.

“Nigerians were witnesses to the electoral robbery that took place on February 25, 2023, which was globally condemned but the Tribunal in its wisdom refused to accept the obvious.

“What is at stake is democracy and we will not relent until the people’s will prevail.

“We salute the doggedness of our team of lawyers who fearlessly exposed the wrath in our system. We can only weep for democracy in Nigeria but we refuse to give up on Nigeria.

“Details of the party’s position will be presented after consultation with our lawyers after the Certified True Copy of the judgment is made available to us.”

The Independent National Electoral Commission (INEC) declared Tinubu the winner of the presidential election and Atiku Abubakar of the Peoples Democratic Party (PDP) and Obi the second and third runners-up respectively.

However, both the LP and the PDP filed petitions in March challenging the outcome of the presidential poll.

In their final written address dated July 20, the petitioners reiterated their claim that both Tinubu and Vice President Kashim Shettima were not eligible to participate in the election.

The petitioners had contended that Tinubu’s ineligibility stemmed from the forfeiture of $460,000 in the US and his inability to secure 25 percent of the votes cast in the Federal Capital Territory (FCT).

The petitioners also challenged the outcome of the election on the grounds of fraud and electoral malpractices, which they said the INEC had connived with the ruling All Progressive Congress (APC) to perpetrate to rig the election.

The PDP also rejected the judgment, vowing to approach the Supreme Court. The party’s team of lawyers led by Chief Chris Uche said their client only got a judgment from the court and not justice.

“Judgment has just been delivered but we have not received justice. Luckily, the Constitution has given us the right to go on appeal.

“This is the court of first instance. We still have the right to go on appeal to the Supreme Court and you see, this is a struggle that is not just for our client, but for the Constitution of this country, for the rule of law and democracy.

“We were expecting an outcome that will improve, encourage the use of technology to enhance election management, to enhance transparency, to enhance accountability, so that Nigerians will believe in democracy.

“So that Nigerians can come out in their masses like they did, to vote. We don’t want Nigerians to be discouraged.

“There are certain things and principle of law that he knows that we need to explore and we strongly believe that when we get to the Supreme Court, it will have the opportunity to review a number of things that have been said here today.

“We have the instruction of our client to go to the Supreme Court. So, we have asked for the records. We have asked for the judgment. We are going to apply for the transmission of the records because we have a very limited time to push this.

“So, the struggle continues and as it is said, it is not over until it is over,” the lawyer said.

Many Nigerians agree with the LP and the PDP that the ruling of PEPT is a miscarriage of justice.

However, expressing their lack of trust in the Nigerian judicial system, many have preempted the parties’ decision to appeal the judgments, saying it would likely yield the same result.