Nigerian businesses face 3,759 cyber-attacks weekly – Report

Nigeria, Africa’s largest economy, is under siege from cybercriminals, with organisations facing an average of 3,759 cyber-attacks each week.

This is according to the latest 2024 African Perspectives on Cyber Security Report by Check Point Software Technologies.

The report paints a grim picture of the country’s vulnerability as it increasingly embraces digitalisation, with critical sectors such as finance, government, and education bearing the brunt.

Ransomware has emerged as the most significant threat, targeting both public and private institutions by exploiting zero-day vulnerabilities.

The report read, “Nigeria continues to face one of the highest frequencies of cyber-attacks in Africa, with organisations being attacked on average 3,759 times per week. This alarming statistic highlights the urgent need for robust cyber security measures to protect critical sectors, especially finance, government, and healthcare.

“In 2024, ransomware has become the most significant cyber threat in Nigeria, with attacks exploiting zero-day vulnerabilities and causing widespread damage to both public and private entities. Additionally, botnets, information stealers, and banking malware remain persistent threats, with attackers increasingly targeting network infrastructure and financial data.”

Banking malware and information-stealing software are also rife, particularly within the financial sector, which endures an alarming 4,718 attacks per week.

The report noted a case study of an unnamed Nigerian bank that suffered a major cyberattack early this year.

It stated, “The Banking Trojan allowed the attackers to gain unauthorised access to critical financial systems, leading to the theft of millions of naira from customer accounts. The bank’s internal investigation revealed that over 10,000 customer accounts were compromised, and the total financial loss was estimated at approximately $3m.

The attack caused significant reputational damage to the bank, leading to a loss of customer trust and a sharp decline in stock prices.”

The report points to outdated banking systems and weak multi-factor authentication as key enablers of these breaches.

Government institutions are not spared, with public sector entities experiencing 1,791 attacks weekly.

Ransomware and botnet activities dominate the threats to this sector, which plays a pivotal role in managing the economy.

Similarly, the education sector, vital for the country’s development, is targeted 1,682 times weekly, with phishing schemes and inadequate cybersecurity training leaving it exposed.

Efforts to tackle these challenges have seen the Central Bank of Nigeria introduce a cybersecurity levy on electronic transactions to strengthen online security.

Although the levy was initially met with public resistance, it was later reduced to strike a balance between security needs and public acceptance.

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

The findings call for a multi-layered approach to tackling cyber threats, with recommendations including stronger encryption, advanced threat detection technologies, and ongoing cybersecurity awareness campaigns.