As Nigeria undergoes rapid technological transformation, the need for robust cybersecurity has become a national priority. With over 122 million Nigerians accessing the internet and increasingly reliant on digital platforms for work, business and daily life, the importance of securing cyberspace cannot be overemphasized. There's no such thing as too much. However, this increase in digital connectivity also increases vulnerability to cyber threats. The range of potential targets is vast, from individuals to businesses to critical infrastructure, and the consequences of a cyberattack can be devastating.
Cyber threats on the rise in Nigeria
Nigeria, like many countries, is facing an increase in cybercrime. In 2022 alone, the country lost more than £5.5 trillion to cybercrime, particularly in sectors such as banking, telecommunications and e-commerce. The Central Bank of Nigeria (CBN) has reported that Nigerian banks have seen a 534% increase in cyber attack attempts due to the surge in digital banking during the COVID-19 pandemic. Phishing scams, ransomware attacks, and data breaches are becoming increasingly sophisticated, targeting both individuals and organizations. Hackers take advantage of weak security systems, outdated software, and a lack of cybersecurity awareness, posing serious risks to the digital economy.
Ransomware attacks, where cybercriminals lock or steal sensitive data and demand a ransom for its release, have become a major concern. These attacks target not only large enterprises but also small businesses and individuals. For a country like Nigeria, whose cybersecurity infrastructure is still underdeveloped, combating such threats requires urgent attention and investment.
One of the most prevalent forms of cybercrime in Nigeria is phishing. Attackers pose as legitimate organizations and steal personal and financial information. In 2022, the Nigerian Communications Commission (NCC) reported over 150,000 phishing attempts specifically targeting the banking and financial sector. This growing trend threatens to undermine trust in digital financial services and hinder the further adoption of cashless transactions.
The consequences of identity theft and financial fraud can be life-altering, leading to personal financial loss and, in some cases, irreparable damage to a person’s creditworthiness. The threat landscape continues to evolve as more Nigerians connect to the internet for banking and commerce.
Cyberattacks against businesses in Nigeria have far-reaching economic consequences. In 2021, cybercrime cost Nigerian businesses an estimated $500 million or more, with some businesses forced to shut down due to catastrophic financial losses. In addition to financial damage, a successful cyberattack can damage a company’s reputation, lead to loss of intellectual property, and even result in legal liability. Small and medium-sized enterprises (SMEs), which represent over 90% of businesses in Nigeria, are particularly vulnerable due to limited cybersecurity resources and awareness.
To mitigate these risks, Nigerian businesses should invest in cybersecurity solutions such as firewalls, intrusion detection systems, data encryption, and regular security audits. Additionally, human error remains the leading cause of security breaches, so employees must be trained to recognize and respond to cyber threats.
While individual and corporate efforts are important, the Nigerian government has a central role in securing the country’s digital infrastructure. The Cybercrime (Prohibition, Prevention, etc.) Act 2015 provides a legal framework to combat cybercrime, including provision of penalties for hackers, fraudsters and other cybercriminals. However, enforcement remains a challenge due to the dynamic nature of cyber threats.
To address these challenges, the government needs to strengthen cybersecurity institutions such as the Nigeria Cybersecurity Advisory Council and the Office of the National Security Adviser. Stronger public-private partnerships are also essential to sharing intelligence, responding to threats, and developing a national cybersecurity strategy to protect critical infrastructure such as power grids, financial systems, and health networks.
At a personal level, every Nigerian has a role to play in securing our digital future. Basic cybersecurity practices, such as using strong and unique passwords, enabling two-factor authentication, avoiding suspicious links, and not sharing personal information with unverified sources, can significantly reduce your risk of becoming a victim of cybercrime. can be reduced to Awareness campaigns led by governments, schools and the press are needed to educate the public about the dangers of the digital world and the steps they can take to protect themselves.
As Nigeria moves towards a more digital economy, a comprehensive, multi-stakeholder approach must address the pressing needs of cybersecurity. Citizens, businesses, and governments must work together to build a resilient cybersecurity framework that protects the nation’s digital assets and infrastructure. The future of Nigeria’s economy, national security and social welfare depends on its ability to adapt to the evolving cyber threat landscape.
The positive news is that by implementing preventive measures, investing in cybersecurity infrastructure and fostering a culture of digital security awareness, Nigeria can not only reduce cyber risks but also maximize the potential of the digital economy. That’s what it means. By recognizing that cybersecurity is a shared responsibility, Nigeria can build a more secure and prosperous future in the digital age.
Cybersecurity is more than just a technical issue. It is a fundamental pillar of national development. By safeguarding our digital society, we are safeguarding Nigeria’s future.
…Oyindamola writes from London, England.
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