Nigeria is currently facing an alarming surge in cyber threats, with recent reports revealing a staggering 18,872 cyber attacks per month, translating to approximately 4,718 attacks every week. This concerning figure places Nigeria at the forefront of Africa’s digital ecosystem, emphasizing its rapid expansion as a key digital hub. However, as Nigeria continues to grow in its digital footprint, it is also becoming an increasingly vulnerable target for cybercriminals exploiting the country’s expanding online infrastructure. According to the 2024 African Perspectives on Cyber Security Report by Check Point Software Technologies, this escalation in cyber attacks has positioned Nigeria as one of the most targeted countries in Africa, ranking 19th globally in cyber attacks as of July 2024.

The surge in cyber threats comes at a time when Nigeria’s digital economy is experiencing significant growth, with more people becoming connected to the internet and utilizing digital services across various sectors, from finance to healthcare. While this transformation presents immense economic opportunities, it has also opened the door to greater risks, particularly for individuals and businesses who are ill-prepared to safeguard their data and operations from sophisticated cyber threats. As the number of internet users grows, so does the pool of potential targets for cybercriminals, many of whom have become increasingly adept at exploiting vulnerabilities within digital systems.

In response to this rising tide of cybercrime, the Nigerian federal government has issued at least 33 cyberattack advisories over the past year, the highest number recorded in a single year. These advisories signal an urgent need for heightened awareness and more robust cybersecurity practices among businesses, government agencies, and individuals across the country. Nigeria has become one of the most vulnerable countries on the continent, with recent attacks underscoring the severity of the threat. In one of the most notable incidents, a banking trojan attack resulted in the compromise of 100,000 customer accounts, leading to losses of $3 million.

Financial institutions have been the primary targets of such cyber attacks. According to the Nigeria Inter-Bank Settlement System, over 80,658 bank customers were victims of fraud in 2023 alone. Between 2019 and 2023, the total financial loss from cybercrime in Nigeria amounted to N59.33 billion, highlighting the growing threat to the financial sector. This sector, critical to the country’s economy, has seen a marked increase in scams, making it particularly vulnerable to malicious cyber activity.

The rapid digitalization of Africa’s key sectors, especially in Nigeria, has made the continent a prime target for increasingly sophisticated cyber threats. Lionel Dartnall, acting country manager for South Africa at Check Point Software Technologies, emphasized that the digital transformation sweeping across Africa has, unfortunately, also opened the door for malicious actors to exploit these advancements. While Nigeria is a key target, other African nations like South Africa, Kenya, and Morocco are also experiencing a significant increase in cyber attacks. In South Africa, government entities are facing 3,312 weekly attacks, with a 90 percent rise in ransomware incidents. The economic toll of cybercrime in South Africa is substantial, costing the nation nearly 1 percent of its GDP each year.

In Kenya, the situation is similarly dire, with 4,719 attacks occurring weekly. Morocco, another country heavily impacted by cyber threats, reports 8,733 weekly attacks, making it one of the most targeted nations on the continent. Governments, educational institutions, and financial organizations in these regions are facing persistent threats from cybercriminals who have become more adept at targeting vulnerable sectors.

These rising threats across Africa highlight the urgent need for businesses and governments to strengthen their cybersecurity measures. The report from Check Point underscores the importance of aligning with global cybersecurity standards and implementing advanced security systems that can detect and prevent cyberattacks in real time. Despite these critical needs, however, African companies currently allocate only 0.05 percent of their revenue to cybersecurity—far below the global average of 0.3 to 0.5 percent. This significant underinvestment in cybersecurity is a major challenge for the continent and one that could leave businesses exposed to further risks and losses.

Issam El Haddioui, Head of Security Sales Engineering for Africa at Check Point Software Technologies, emphasized that now is the time for African organizations to adopt a more proactive approach to cybersecurity. By embracing AI-driven threat detection and continuous monitoring, organizations can better defend themselves against evolving threats. Furthermore, there is a pressing need for public-private collaboration to address the continent’s cybersecurity challenges, leveraging the expertise of both sectors to create more resilient digital infrastructures.

In conclusion, the surge in cyber threats across Africa, particularly in Nigeria, underscores the urgent need for a comprehensive and coordinated approach to cybersecurity. As the continent continues its digital transformation, it must prioritize the implementation of robust security measures to protect critical sectors from increasingly sophisticated cyberattacks. Governments, businesses, and individuals must work together to strengthen their cybersecurity postures, allocate more resources to cyber defense, and foster a culture of cybersecurity awareness that can effectively mitigate the risks posed by the growing cyber threat landscape. Without these proactive measures, the region’s digital progress could be severely undermined by the rising tide of cybercrime.