The Nigerian economy is under siege from cybercriminals, with organisations facing an average of 3,759 cyber-attacks each week.
According to the 2024 African Perspectives on Cyber Security Report by Check Point Software Technologies report, said that Nigeria’s finance, government and educational sectors are bearing the brunt.
The report stated that Ransomware emerged as the most significant threat, targeting both public and private institutions by exploiting zero-day vulnerabilities.
“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,” the report said.
The report added that 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 by Punch newspaper on Friday stated that the report mentioned a case study of an unnamed Nigerian bank that suffered a major cyberattack early this year.
“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 report said.
It added that 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The report also points to outdated banking systems and weak multi-factor authentication as key enablers of these breaches.
GIK/APA