Cyber security in Nigeria needs to be a priority and here’s why

Cyber security in Nigeria needs to be a priority and here’s why

Nigeria is without doubt one of the most enterprising locations in Africa, boasting the largest population of all the countries on the continent and an economy that surpasses those of neighbouring states. While there are signs of Nigeria developing into a major global economy, certain steps must be taken rapidly to thwart the risk of damage to businesses resulting from catastrophic cyber attack.

According to a recent Deloitte report, last year Nigeria encountered multiple phishing attacks on financial institutions and utilies, as well as several cyber attacks, with organisations held ransom by hackers demanding fees in exchange for the restoration of important data. According to statistics, the estimated annual cost of cybercrime in Nigeria already amounts to approximately 0.08% of the country’s Gross Domestic Products (GDP), with Ransomware just one of the major threats gathering momentum.

The Central Bank of Nigeria (CBN) has already set an example by requesting that financial institutions submit their cyber security framework for review – a move that has come in the wake of revelations that fast growing SMEs within the country are set to be targeted.

New technology gives rise to security challenges and with the IoT set to become the next target alongside cloud-based computing, serious commitment to keeping industry going is to be admired.

Given that Nigeria shows such vast potential, it is important that businesses of all sizes take a proactive stance in tackling cyber crime, which if left unchecked could result in loss of critical information, operational downtime and the inevitable financial losses that follow.

MGI estimates that, in 2013-2030 Nigeria could expand its economy by more than 6% annually, with its GDP exceeding $1.6 trillion, moving the country into the global top 20. So while awareness may come at a cost, it pays to be savvy.

Click here for more details about Securex West Africa

About Security Buyer

Security Buyer is the leading authority in global security content, delivering expert news, in-depth articles, exclusive interviews, and industry insights across print, digital, and event platforms. Published 10 times a year, the magazine is a trusted resource for professionals seeking updates and analysis on the latest developments in the security sector.

To submit an article, or for sponsorship opportunities, please contact our team below.

Rebecca Spayne picture 2025

Rebecca Spayne

Managing
EDITOR

Georgina Turner image

Georgina Turner

Sales
Manager

Afua Akoto image - Security Buyer

Afua Akoto

Marketing Manager

Read the Latest Issue

Follow us on X

Follow us on X

Click Here

Follow us on LinkedIn

Follow us on LinkedIn

Click Here

Advertise here

Reach decision makers and amplify your marketing

Advertise here

Click Here

Related News

Copyright: Security Buyer

ASIS UK Launches “Security is You(th)” Hackathon

ASIS International UK has launched Security is You(th), an initiative designed to engage students and early-career professionals…
Image provided by Veeam

AI and Ransomware: Cutting Through the Hype

Rick Vanover, Vice President Product Strategy, Veeam discusses how It might be the great paradox: Artificial Intelligence (AI)….
Copyright: Security Buyer

AmiViz Partners with Titania

AmiViz announced a strategic distribution agreement with Titania. This collaboration underscores a shared commitment to enhancing…
Oil and Gas

Navigating Africa’s Oil & Gas Industry

A comprehensive analysis of security strategies in Africa’s oil and gas industry, covering physical, cyber, and remote surveillance measures.
blackhat

Black Hat Europe Starts Soon

Black Hat Europe starts Monday and now is the perfect time to start planning your experience. With a full lineup of Keynotes…

VIVOTEK’s All-in-One Software Boosts Operational Efficiency for Enterprises

As demand for high-efficiency security systems rises among large enterprises, the global leading…
Assa Abloy website

WTC Amsterdam enhances security and efficiency with digital access solution

The World Trade Center (WTC) Amsterdam, home to over 300 companies, has upgraded its building security with a streamlined, digital access solution from ASSA ABLOY.
John Maddison website

Fortinet launches Lacework FortiCNAPP to enhance cloud-native security

In an advancement in cybersecurity, Fortinet has announced Lacework FortiCNAPP, providing organisations with visibility and security.
GITEX Global 2024 website

GITEX GLOBAL 2024: AI revolution drives strategic tech innovation

GITEX GLOBAL 2024 concluded on Friday, showcasing artificial intelligence (AI) as a transformative force driving business and economic growth
Scroll to Top