Cyberthreats mount as Nigerian banks record 18,872 attacks monthly

The threat of cyberattacks has grown in Africa, especially in Nigeria, whose banking and financial sector face 4,718 weekly attacks.

Check Point Software Technologies, a cyber security platform provider, disclosed this in its 2024 African Perspectives on Cyber Security Report, which was released on Thursday. Nigeria has witnessed a sharp rise in cyber-attacks, with the country ranked 19th in the global rankings for attacks in July.

This growth has been recorded on the back of a growing digital economy, with more people coming online and becoming more vulnerable to hackers. The Federal Government has had to issue at least 33 cyberattack advisories in the past year, the highest number on record.

According to the cyber security platform, Nigeria is one of the most vulnerable to attacks on the continent. It noted that in a recent incident, a banking trojan attack compromised 100,000 customer accounts and resulted in $3 million in losses.

Financial institutions in the country have been the most prone to attacks. According to the Nigeria Inter-Bank Settlement System, Fraudsters successfully scammed over 80,658 bank customers in 2023, and bank customers lost N59.33 billion between 2019 and 2023.

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“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.

Aside from Nigeria, other African nations like South Africa, Kenya, and Morocco are facing targeted attacks on government, education, and financial institutions. This is because Africa’s economic growth is being driven by digital infrastructure, which has also brought increased vulnerability.

The company highlighted that South Africa faces 3,312 attacks weekly on government entities and a 90 percent surge in ransomware. Cybercrime costs the country close to 1 percent of its GDP. Kenya experiences 4,719 attacks weekly.

Morocco records 8,733 attacks weekly and is one of the most targeted nations on the continent. The cyber security platform noted that mounting cyber threats targeting critical sectors across the continent emphasize 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.

It stated that this growth in attacks underscores the need for public-private collaboration to address these cyber security challenges, with investments in AI-driven threat detection and continuous monitoring needed. However, it noted that despite cybersecurity’s critical importance, African companies allocate only 0.05 percent of their revenue to cybersecurity, far below the global average of 0.3-0.5 percent.

Issam El Haddioui, Head of Security Sales Engineering for Africa at Check Point Software Technologies, added, “Now is the time for African organizations to take proactive steps to align with global standards and bolster their cybersecurity resilience.”