Cybercriminals are increasingly targeting Nigeria’s digital economy, leading the government to release 33 cyberattack warnings in the last year to protect against potential threats. Starting in July 2023, the Nigeria Computer and Emergency Response Team (ngCERT), working under the National Security Adviser (ONSA), has issued advisories to warn Nigerians of emerging attack techniques and weaknesses. In 2024, 22 advisories were issued, with three in January, two in February, three in March, five in April, three in May, two in June, and four as of July 12th.
As the COVID-19 pandemic pushed for increased digitalisation, cyberattacks increased. According to data from the Nigerian Communications Commission (NCC), internet consumption in the country surged from 125,149.86 TB in December 2019 to 753,388.77 TB in March 2024. The National Information Technology Development Agency (NITDA) has highlighted the growing cybersecurity threats due to increased digitalisation, emphasising the need for solid protective measures. Recent data from Check Point Research revealed that the nation’s businesses are targeted by 2,308 attacks every week.
Hackers are focusing on IT and telecom services to access personal data.
The Federal Bureau of Investigation (FBI) ranked the country as the 16th most impacted by Cybercrime in 2020. According to cyber solutions expert Chris Uwaje, ransomware attacks have become an appealing career choice for hackers. The National Council of Educational Research and Training (ngCERT) advisory on July 8 stated the increasing trend of ransomware attacks, which block access to files until a Ransom is paid. Hackers are targeting information technology and Telecommunication services to obtain personal data. Specifically, mobile devices are being attacked to steal banking information and financial records.
Also, the Grandoreiro banking trojan, a dangerous malware targeting over 1,500 banks worldwide, was found to have infiltrated 41 banking applications in the country, according to an advisory released on May 27. The ngCERT team cautioned that cybercriminals could exploit this trojan to collect confidential financial information, posing a risk of financial harm. In August, pro-Nigerien hackers known as Anonymous Sudan targeted MTN Nigeria’s network in an attempt to disrupt critical Infrastructure due to the country’s position on the Republic of Niger coup. Despite facing some disruptions, the hackers were ultimately unsuccessful in their shutdown efforts, as reported.
Cyberattack has a negative impact on the national economy and security.
During the 2023 presidential and National Assembly elections, the federal government documented 12.99 million cyberattacks from February 24 to 28. The NCC estimates that cyberattack costs the nation approximately $500 million annually. Patricia, a Cryptocurrency Exchange in the country, was said to have been targeted by hackers in 2022, resulting in a reported loss of $2 million. The expenses of cybercrimes cover a wide range of losses such as data destruction, financial theft, decreased productivity, intellectual property theft, personal and financial information theft, embezzlement, fraud, Disruption after an attack, restoration costs, and many other associated expenses.
Chukwuemeka Orjiani of NJALO.NG emphasised the country’s struggling Economy as a factor pushing individuals towards cybercrime, contributing to the country’s reputation for illicit activities. World Cybercrime Index ranks Nigeria fifth in cybercrime prevalence. Professor of Computer Science and Information Security at the Federal University of Agriculture Adesina Sodiya predicts a continued rise in cyberattacks’ frequency and complexity, noting easy access to free tools leading to financial losses. There is a societal shift towards cybercrimes over traditional crimes. Orjiani criticises outdated cybersecurity training in universities and advocates for a modern curriculum. He also calls for collaboration between Security Agencies and financial institutions to boost local cybersecurity capabilities.
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Experts warn that hackers are using Artificial Intelligence (AI) to commit crimes. The Cyber Security Experts Association of Nigeria projects increased cyber attacks by 2024. Nigeria’s Cybercrime Act 2015 strengthens the legal framework against cybercrimes. Furthermore, Sodiya stressed the importance of raising awareness and using a multi-stakeholder approach to combat cybercrime. Despite some state governments creating cybersecurity committees, organisations with cybersecurity expertise are not involved. Banks are improving their cybersecurity measures, but there is a need for collaboration among banks, financial institutions, and professionals. NITDA aims to reduce cyber attacks in the country by 40% by 2027. The agency’s director-general, Kashifu Inuwa, highlighted the growing cyber threats and the need to prioritise security measures in development processes.