Nigeria is experiencing a significant rise in cyber threats, with a reported 18,872 cyberattacks each month, according to a recent report. This alarming figure underscores Nigeria’s role as a major digital hub in Africa.
The prevalence of cyberattacks has been increasing across Africa, particularly in Nigeria, which faces an average of 4,718 attacks per week.
Check Point Software Technologies, a provider of cybersecurity solutions, revealed these findings in its 2024 African Perspectives on Cyber Security Report, released on Thursday. The report highlights a sharp increase in cyberattacks in Nigeria, which ranked 19th globally for cyberattacks in July.
This surge coincides with the expansion of Nigeria’s digital economy, as more people gain internet access, increasing their exposure to cyber risks.
In response, the federal government issued at least 33 cyberattack advisories over the past year — the highest number on record.
The cybersecurity platform identified Nigeria as one of Africa’s most vulnerable nations to cyberattacks. It cited a recent case in which a banking trojan compromised 100,000 customer accounts, resulting in losses totalling $3 million.
Financial institutions have been the most targeted, with fraudsters scamming over 80,658 bank customers in 2023, according to the Nigeria Inter-Bank Settlement System. Between 2019 and 2023, Nigerian bank customers lost ₦59.33 billion to fraud.
“The rapid digitalisation of key sectors across Africa has made the continent a prime target for sophisticated cyber threats,” said Lionel Dartnall, acting country manager for South Africa at Check Point Software Technologies.
Nigeria is not alone in facing these challenges. Other African nations, including South Africa, Kenya, and Morocco, have also been targeted, particularly in the government, education, and financial sectors. Africa’s economic growth, underpinned by digital infrastructure, has also increased vulnerabilities.
The report noted that South Africa experiences 3,312 weekly attacks on government entities, alongside a 90 per cent surge in ransomware incidents, with cybercrime costing the country nearly 1 per cent of its GDP. Kenya endures 4,719 weekly attacks, while Morocco records 8,733, making it one of the most targeted nations on the continent.
Check Point emphasised the urgent need for organisations across Africa to strengthen their cybersecurity strategies, adopt robust security measures, and align with global standards to safeguard operations and secure valuable trade partnerships.
The report also stressed the importance of public-private collaboration to tackle cybersecurity challenges, highlighting the need for investment in AI-driven threat detection and continuous monitoring. However, it noted that African companies allocate only 0.05 per cent of their revenue to cybersecurity, significantly below the global average of 0.3–0.5 per cent.
Issam El Haddioui, Head of Security Sales Engineering for Africa at Check Point Software Technologies, commented, “Now is the time for African organisations to take proactive steps to align with global standards and enhance their cybersecurity resilience.”
