When Wale Ameen founded MyDatastream, a messaging platform that helps businesses with their communication needs, he never expected to become the victim of a cyberattack.
He is just one of the thousands of entrepreneurs building solutions to growing needs in the technology sector in Nigeria today. He launched the platform and recorded impressive growth within a year. This doesn’t mean he didn’t face some challenges. It was difficult for him to scale up because there were already big companies in the field and he didn’t have much capital to compete with them.
Increasing competition from many other players, strict policies, customer withdrawal due to harsh economic realities, and personal needs are other challenges he faced in the early days of his startup. Despite these problems, Wale didn’t give up and kept pushing, believing things would get better.
But what he didn’t expect was that his startup would be hit by a cyberattack. In just one night, his platform was attacked and he lost millions of naira in the blink of an eye. The impact was so great that he was forced to retreat for a while and take a break to restrategize.
This is just one experience of many other entrepreneurs and startups, some of whom may not be bold enough to share their story.
Nigeria, Africa’s largest economy, is rapidly embracing digital transformation. The country’s rapidly growing technology industry driven by innovative startups and investments has made cybersecurity a pressing concern. The threat landscape is complex, with hackers exploiting vulnerabilities in Nigeria’s digital infrastructure.
Like many other places, Nigeria’s cybersecurity environment is fraught with danger. According to the Nigerian Communications Commission (NCC), Nigeria lost £2.5 trillion ($6.5 billion) to cybercrime in 2020 alone. Phishing attacks, malware, and ransomware are common threats targeting individuals, businesses, and government agencies.
The Federal Bureau of Investigation (FBI) 2021 report ranks Nigeria as the 16th country most affected by cybercrime. In another report, the NCC said that between 2020 and 2023, financial crimes related to the telecommunications industry cost Nigerians about NOK 12.5 billion. The NCC added that the country loses an estimated $500 million annually to cybercrime.
The world loses $600 billion to cybercrime every year, and that number continues to grow. But experts say this challenge presents opportunities for innovation, job creation and economic growth.
Speaking at the 2024 Nigeria Fintech Festival, Lanre Basamuta, co-founder of Optimus AI Labs, said that advances in artificial intelligence will allow hackers from anywhere in the world to use bots to attack any establishment. He said that it would be possible to carry out cyberattacks. In the past, someone could steal payment card details and use them suspiciously, he said, but now someone could steal a payment card, enter the card details into an AI bot, and then use those details to said it could potentially compromise millions of other cards. customer.
But the biggest threat doesn’t come from outside, but from someone inside the organization who knows how the system works. These are the employees, the gatekeepers who work within the company, understand the system, and know the loopholes.
Despite the threats, significant opportunities exist in Nigeria’s cybersecurity landscape. The country’s young population, with more than 60% under the age of 30, represents a huge talent pool for cybersecurity professionals.
The number of cybersecurity companies is increasing, making it safer to operate your business within a secure space. This opportunity helps companies grow and create as many jobs as possible for professionals in the field. There is also an opportunity for relevant government agencies to establish cybersecurity departments, implement the latest technology, and hire experts to train staff.
You will need more people, so you will need to invest in education and ongoing training programs. Threats are increasing, but manpower is scarce. It is also important to develop a comprehensive national cybersecurity strategy. The federal government must work in this direction, lead by example, and play a regulatory role.
Additionally, public-private partnerships should be encouraged, requiring collaboration between government and the private sector. The goal is to work together to fight cyber fraud and strengthen cybersecurity, not to be better than each other.
Cybersecurity will continue to play a key role as Nigeria pursues digital growth. By embracing challenges and opportunities and investing in education, infrastructure and innovative solutions, the country will overcome threats, develop opportunities in the digital economy and position itself as a leader in cybersecurity innovation and expertise. You can.
Journalist and data analyst Israel Ojoko can be reached via (email protected)
The views expressed by contributors are solely their own and not those of TheCable.
