Nigerian organisations are grappling with a cyber-attack crisis, facing an average of 3,759 incidents every week. This figure, more than double the global weekly average of 1,876, highlights Nigeria’s critical need for improved cybersecurity as the nation undergoes rapid digital transformation.
According to the 2024 African Perspectives on Cyber Security Report by Check Point Software Technologies, finance, government, and education sectors are the most targeted.
“These numbers underscore Nigeria’s vulnerability,” the report noted, “and stress the urgency for robust cybersecurity measures to safeguard critical sectors.” The financial sector, in particular, suffers the brunt, enduring 4,718 attacks weekly—marking the highest rate among all industries.
Ransomware Leads as Nigeria’s Top Cyber Threat
Ransomware continues to dominate the cyber landscape in Nigeria, exploiting zero-day vulnerabilities to cripple public and private institutions. Botnets, information stealers, and banking malware follow closely, targeting network infrastructure and sensitive financial data.
One case study detailed a March 2024 breach at a leading Nigerian bank where attackers deployed the Emotet Trojan, compromising over 10,000 accounts and causing $3 million in losses.
“The attack led to severe reputational damage and eroded customer trust,” the report stated, adding that the bank’s stock value plummeted in the aftermath.
Public Institutions and Schools Under Siege
Government institutions face an average of 1,791 cyber-attacks per week, with ransomware and botnets being the most common threats. Exploited vulnerabilities, such as remote code execution, have disrupted operations and raised national security concerns.
Similarly, Nigeria’s education sector suffers 1,682 weekly attacks, primarily through phishing schemes and malware infections. The lack of cybersecurity awareness among staff and students exacerbates these challenges, making schools easy targets for hackers.
Rising Sophistication in Cyber Threats
The report highlights a troubling trend: a 90% year-over-year increase in ransomware attacks across Africa, with Nigeria becoming a focal point due to its growing reliance on digital platforms. Threat actors are now employing advanced technologies, including generative AI, to enhance phishing campaigns and malware precision.
READ MORE: Somaliland Opposition Leader Abdirahman Cirro Wins Presidential Election, Securing 64% of the Vote
“The sophistication of these attacks is unprecedented,” the report warned, calling for urgent reforms in Nigeria’s cybersecurity frameworks. Recommendations include adopting advanced authentication protocols, conducting regular security audits, and strengthening encryption technologies. Public resistance to the Central Bank of Nigeria’s cybersecurity levy has led to a reduction in its implementation rate, further complicating efforts to bolster defenses.
Urgent Need for Investment in Cybersecurity
The report concludes with a call to action: sustained investment in AI-driven solutions, awareness campaigns, and improved cybersecurity infrastructure. As Nigeria continues its digital transformation, safeguarding its economy and critical sectors is no longer optional—it’s imperative.
