An explosion in mobile, cloud, Internet of Things (IoT), and remote tools has fundamentally reshaped how consumers and businesses engage with technology. While fostering innovation, creating new business opportunities, and forging closer global partnerships, this digital expansion has also significantly widened the digital attack surface.
The 2023 World Economic Forum’s Global Risks Report ranks cybersecurity among the top 10 global risks presently and in the future. Gartner analysts predict that within two years, 45% of global organizations will suffer some form of supply chain attack.
According to Cybersecurity Ventures, cybercrime’s global annual cost is projected to soar to $9.5 trillion USD by 2024, with damage expected to reach $10.5 trillion by 2025. Executives and board members are urged to shift focus towards enhancing cyber resilience to pre-empt disruptions.
As Africa increasingly embraces digital transformation processes, the region becomes more vulnerable to cyber threats. During the second quarter of 2024, African organizations faced an average of 2,960 cyber-attacks per week, indicating a significant 37% rise from the same timeframe in 2023. The most prominent cybercrime threats identified across Africa are online scams, digital extortion, phishing, ransomware, and botnets.
In Nigeria, financial institutions were the hardest hit by these attacks, losing ₦17.6 billion Naira ($11.2 million) to fraud in 2023 alone. Alarmingly, this figure has shown a steady rise over the past five years, skyrocketing by 496% from 2019 to 2023. Significantly, only 37% of financial institutions reported fraud incidents, highlighting a 63% non-compliance with regulatory guidelines.
The NDIC records that the most cyber-crimes committed by Nigerians include:
- Cyber Terrorism
- Malware
- Fraud
- Phishing
- Cyber Stalking
Factors driving cybercrime in Nigeria include:
- The fast-paced expansion of urban areas increases the digital footprint, creating more opportunities for cybercriminals to exploit vulnerabilities.
- Economic hardship and lack of employment drive many young Nigerians to cybercrime as a means of financial survival.
- Bribery and collusion further facilitate illegal access to sensitive information, making it easier for cybercriminals to execute their plans.
- Many businesses and individuals lack adequate knowledge about cybersecurity best practices, making them easy targets for cyber-attacks.
The pandemic accelerated digitalization, showcasing technology’s transformative power across industries. Yet, the World Economic Forum’s research reveals that only 4% of organizations are confident in safeguarding users of connected devices from cyberattacks. Such vulnerabilities pose significant threats, encompassing operational disruptions, financial losses, legal liabilities, and damage to reputation
As our reliance on technology intensifies—the number of connected devices is set to exceed 15 billion this year—so does exposure to cyber risks. Complex and interconnected networks amplify the repercussions of system failures.
Industry experts emphasize the importance of proactive measures that organizations can use to safeguard their environment from attack. These measures include:
Strengthen Defenses – Implementing a Secured Platform minimizes the chances of unauthorized access and security incidents, preventing potential economic losses, legal issues, and harm to the company’s reputation.
Regular Audits: Perform security checks regularly to identify and resolve system weaknesses. Engage in Vulnerability Assessment & Penetration Testing to uncover any security flaws within your systems.
Prompt Incident Reporting: Encourage employees to quickly report any unusual activity, minimizing further risks. Copilot for Security is an AI platform that identifies key security threats and proposes solutions while providing continuous protection.
Cybersecurity Education: Train staff frequently on cybersecurity protocol, focusing on creating strong passwords, recognizing phishing attempts, and managing data securely and other forms of cybersecurity awareness programs.
The rise in cyber incidents serves as a critical reminder that African enterprises must prioritize substantial investment in cybersecurity measures and remain vigilant with current security protocols, as it is now essential rather than optional.
