Nigerian Businesses Hit by 3,759 Cyber-Attacks Weekly – Report

Nigeria, Africa’s largest economy, is grappling with a surge in cyberattacks, with organisations facing an average of 3,759 threats every week.

This stark reality is highlighted in the 2024 African Perspectives on Cyber Security Report by Check Point Software Technologies. As the nation increasingly embraces digitalisation, critical sectors such as finance, government, and education have become prime targets for cybercriminals, painting a troubling picture of Nigeria’s cyber vulnerability.

Ransomware emerged as the most significant threat in 2024, preying on both public and private institutions through the exploitation of zero-day vulnerabilities. The report states, “Nigeria continues to face one of the highest frequencies of cyber-attacks in Africa, with organizations being attacked on average 3,759 times per week. This alarming statistic highlights the urgent need for robust cybersecurity measures to protect critical sectors, especially finance, government, and healthcare.”

The financial sector endures an even higher frequency of attacks, averaging 4,718 per week. Banking malware and information stealers are particularly prevalent, with devastating consequences. One case study detailed in the report involved an unnamed Nigerian bank that suffered a major cyberattack earlier this year.

A Banking Trojan enabled attackers to infiltrate critical financial systems, resulting in the theft of millions of naira from over 10,000 compromised customer accounts. The financial losses were estimated at approximately $3 million, alongside significant reputational damage and a sharp decline in the bank’s stock prices. Outdated banking systems and weak multi-factor authentication protocols were cited as primary vulnerabilities enabling such breaches.

Government and Education Sectors in the Crosshairs

Public sector institutions are not spared, enduring an average of 1,791 weekly attacks. Ransomware and botnet activities are the most prominent threats, jeopardising key government operations. Meanwhile, the education sector faces 1,682 weekly attacks, with phishing schemes and inadequate cybersecurity training leaving it exposed. As a critical component of Nigeria’s development, the education sector’s vulnerability further underscores the need for urgent interventions.

In response to these escalating threats, the Central Bank of Nigeria introduced a cybersecurity levy on electronic transactions aimed at bolstering online security. Although initially met with public resistance, the levy was later reduced to strike a balance between security needs and public acceptance.

Advanced AI-driven solutions are being deployed to address Nigeria’s cyber vulnerabilities, but the report underscores the urgent need for increased investment in cybersecurity infrastructure.

The findings advocate a multi-layered approach to tackling cyber threats, including stronger encryption, advanced threat detection technologies, and ongoing cybersecurity awareness campaigns. As Nigeria navigates the digital age, prioritising cybersecurity will be critical to safeguarding its economy, institutions, and people from the growing menace of cybercrime.