Banking Malware Attacks in Nigeria Experienced an 8% Increase in 2023 – Report

According to a report by Kaspersky, in 2023, Nigeria and several other African countries experienced a decline in cyberattacks following the implementation of enhanced security measures to combat criminal activities utilizing cyber tools. 

Despite an overall decrease in threats by 10 percent in Nigeria, there was an alarming 8 percent increase in banking malware attacks, targeting online banking credentials and sensitive information.

Similarly, South Africa witnessed a significant 29 percent decrease in cyber threats, juxtaposed with a concerning 29 percent surge in phishing attacks employing social engineering tactics. Meanwhile, Kenya reported an eight percent decrease in overall threats but saw a sharp rise in ransomware attacks by 68 percent, backdoors by 47 percent, exploits by 22 percent, and phishing by 19 percent.

These findings, presented in a report by Kaspersky during the 9th annual Cyber Security Weekend – META 2024 in Kuala Lumpur, shed light on the evolving cyber threat landscape in the region. Experts deliberated on the security challenges posed by emerging technologies like Artificial Intelligence (AI) and the increasing vulnerabilities in industrial control systems within critical infrastructure across the Middle East, Africa, and Asia.

Central to the discussions was Kaspersky’s Cyber Immunity approach, focusing on developing solutions that are highly resistant to compromise, thereby minimizing potential vulnerabilities.

Kaspersky’s analysis reveals significant fluctuations in online threats stemming from vulnerabilities in web pages, emails, and web services across the region. Turkiye reported the highest number of affected users at 41.8%, followed by Kenya (39.2%), Qatar (38.8%), and South Africa (35%). Conversely, fewer users were impacted in Oman (23.4%) and Egypt (27.4%), followed by Saudi Arabia (29.9%) and Kuwait (30.8%).

Amin Hasbini, Director of META Research Center Global Research and Analysis Team (GReAT) at Kaspersky, emphasized the evolving cybersecurity landscape characterized by increasingly diverse and sophisticated cyber threats. 

This trend is amplified by the rise of advanced technologies such as AI and exacerbated by geopolitical and economic volatility in the Middle East, Turkiye, Africa (META) region. These factors collectively fuel the surge in cybercrime and elevate the complexity of cyberattacks.