Nigerian banks and financial institutions are targeted by 182.01 percent more cyberattacks than their global counterparts, according to Check Point Software Technologies, a cyber security platform provider.
The firm revealed this in its 2024 African Perspectives on Cyber Security Report, which was released on Thursday. It noted that the threat of cyberattacks has grown in Africa, especially in Nigeria, where 4,718 weekly attacks target the banking and financial sectors. This is 182.01 percent more than the weekly average of 1673 that their counterparts globally face.
It said, “Nigeria’s finance sector is one of the most significant in Africa, making it a top target for cybercriminals.” It highlighted that the top threats include InfoStealer and Banking Trojans, as well as weak multi-factor authentication and outdated banking systems, which make the sector very vulnerable.
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Financial institutions in the country have become prone to attacks. According to the Nigeria Inter-Bank Settlement System, fraudsters scammed over 80,658 bank customers in 2023, and bank customers lost at least N59.33 billion between 2019 and 2023.
A Financial Institutions Training Centre (FITC) report puts fraud losses at N43.12 billion in the first half of 2024, a jump from N6.26 billion recorded in H1 2023.
Check Point noted that in a recent incident, a banking trojan attack compromised 10,000 customer accounts, resulting in $3 million in losses. The incident, which happened in March 2024, involved a banking trojan known as Emotet.
“The attack began with a well-crafted phishing campaign that targeted the bank’s employees. The phishing emails contained malicious attachments that, when opened, installed the Emotet Trojan on the bank’s network. Once inside, the Trojan harvested login credentials and propagated to other systems within the bank,” the cybersecurity platform said.
Upon discovering the breach, the affected bank shut down compromised systems and collaborated with Nigeria’s Cybercrime Prevention Unit and international cybersecurity firms. The bank has since implemented enhanced security measures, including multi-factor authentication and employee training programs.
In response to escalating attacks, banks have announced increased investment in digital infrastructure and cybersecurity. Five commercial banks have earmarked N248.21 billion for technology upgrades in the coming months, with N59.69 billion allocated for cybersecurity enhancements.
Beyond the banking sector, other Nigerian industries have seen a sharp rise in cyberattacks, with the country ranked 19th in the global rankings for attacks in July.
According to the cyber security platform, the organisations in country face an average of 3,759 weekly attacks. Government agencies and educational institutions face 1,791 and 1,682 weekly attacks, respectively.
“The rapid digitalisation of Africa’s key sectors has positioned the continent as a prime target for sophisticated cyber threats,” stated Lionel Dartnall, acting Country Manager for South Africa at Check Point Software Technologies.
Check Point also reported significant cyber threats across Africa, with South Africa, Kenya, and Morocco among the most targeted nations. Morocco experienced 8,733 weekly attacks, while South Africa’s government entities saw a 90 percent surge in ransomware attacks, with 3,312 weekly attacks on government entities.
Read also: Nigeria ranks 14th on global cyberattack risk index
The cyber security platform noted that mounting cyber threats on the continent underscore the need for organisations to strengthen their cyber security postures, adopt robust security measures, and align with global standards to protect operations and secure valuable trade partnerships.
“With the rapid digitisation of our economy, we must remain vigilant and continue to push for greater investment in cybersecurity infrastructure to safeguard Nigeria’s digital future,” added Kingsley Oseghale, country manager, West Africa Check Point Software Technologies.
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