Nigeria is grappling with a significant surge in cyber threats, recording an alarming 18,872 cyberattacks each month, according to Check Point Software Technologies’ 2024 African Perspectives on Cyber Security Report.
This surge highlights Nigeria’s growing status as a digital hub in Africa and the associated cybersecurity challenges.
The report reveals an average of 4,718 cyberattacks per week targeting Nigeria, ranking it 19th globally for cyberattacks as of July. This trend parallels the expansion of Nigeria’s digital economy, where increased internet access has heightened exposure to cyber risks.
Tekedia Mini-MBA edition 16 (Feb 10 – May 3, 2025) opens registrations; register today for early bird discounts.
Tekedia AI in Business Masterclass opens registrations here.
Join Tekedia Capital Syndicate and invest in Africa’s finest startups here.
The financial institutions are also not being spared, as a report from Check Point Software technologies reveal that Nigerian banks are targeted by 182.01 percent more than their global counterparts.
In 2023 alone, 80,658 Nigerian bank customers were scammed resulting in a loss of N59,33 billion between 2019 and 2023, according to the Nigeria Inter-Bank Settlement System. A notable incident involved a banking trojan compromising 100,000 customer accounts, causing $3 million in losses.
Nigeria’s finance sector is one of the most significant in Africa, making it a top target for cybercriminals. Top threats include InfoStealer and Banking Trojans, as well as weak multi-factor authentication and outdated banking systems, which make the sector very vulnerable.
In response to escalating attacks, several banks have announced increased investment in digital infrastructure and cybersecurity. Five commercial banks have earmarked N248.21 billion for technology upgrades in the coming months, with N59.69 billion allocated for cybersecurity enhancements.
The report also highlights cyber vulnerabilities across the continent, with South Africa, Kenya, and Morocco experiencing consistent attacks. South Africa faces 3,312 weekly attacks on government entities, coupled with a 90% rise in ransomware incidents, costing nearly 1% of its GDP. Kenya and Morocco endure 4,719 and 8,733 weekly attacks, respectively, with critical sectors like government, education, and finance being primary targets.
In response to escalating threats in Nigeria, the government issued 33 cyberattack advisories in the past year a record high. However, African companies invest only 0.05% of their revenue in cybersecurity, far below the global average of 0.3-0.5%. Experts stress the urgent need for robust cybersecurity strategies, including Al-driven threat detection and continuous monitoring. Public-private collaboration is also crucial to tackling these challenges and protecting the continent’s growing digital infrastructure.
Issam El Haddioui, Head of Security Sales Engineering for Africa at Check Point, stated, “Now is the time for African organisations to take proactive steps to align with global standards and enhance their cybersecurity resilience!”
As Africa’s digital economy grows, addressing cybersecurity vulnerabilities is essential to safeguard operations and secure valuable trade partnerships, ensuring long-term economic stability across the continent.