SilverTerrier__2016__silverterrier-next-evolution-in-nigerian-cybercrime.pdf

The report analyzes Nigerian cybercriminal group SilverTerrier, detailing their evolution from 419‑style scams to a malware‑driven operation with 100 actors and 5,000–8,000 attacks per month, plus a May 2016 spike. It describes their use of commodity malware tools, cheap infrastructure, domain registrations, and social networks to coordinate activities, impersonate legitimate organizations, and conduct email‑based distribution, BEC, and fake‑website campaigns across high‑tech, higher‑education and manufacturing sectors worldwide, causing substantial financial losses. The analysis concludes they are a growing, organized threat to businesses globally.