Major Cyber Security Threats Facing Nigerian Economy

Major Cyber Security Threats Facing Nigerian Economy

Major Cyber Security Threats Facing Nigerian Economy - Nigeria's Cyber Security Problem

Regarding to the rapid digitalization, so many hackers are now attacking the digital infrastructure of Nigeria. Meanwhile, Nigeria and other African countries are lacking behind when it comes to digital security, making them a common target for cyber criminals across the globe.

These cyber security threat is not only at the individual level but also at the national level in Nigeria. In this article, we will be showing you the major cyber security threats facing Nigerian economy and other Africa countries. 

However, one of the main factors that transformed the global digital landscape was the outbreak of the Corona Virus pandemic which led to a rise in the use of technologies.

Private and public sectors had no option than to acquire and deploy technologies that would enable them work remotely to reduce the spread of the virus on their businesses. 


Most educational institutions adopted the method of teaching online through distance learning, to forestall disruption in the delivery of educational services to students.

According to Mr. Remi Afon the President of Cyber Security Experts Association of Nigeria, CSEAN, 
we expect that some of the prevalent cyber threats will continue next year. This is predicated upon different factors. The recent directive by the federal government of Nigeria that all SIM cards must be linked to the national identity number provides a new platform for cyber criminals to further perpetuate their activities. 
It will interest you to know that our banks and cell phone providers know our full names, date of birth, address, how much we earn and what we spend our money on. 

Most people also save their bank card details on company websites, and some people use the same password across several sites. 


Meanwhile, these data collectors don't always treat this data with the right amount of care. The conversation around data protection is yet to be fully discussed. 

Major Cyber Threats That Can Weaken Nigerian Economy

It will interest you to know that our banks and cell phone providers know our full names, date of birth, address, how much we earn and what we spend our money on.

Note that cyber incidents can be a permanent loss of data, money or servers. It can be malicious, such that hackers targets one of the biggest credit agencies in the world to steal millions of personal information, or a mistake, like sending sensitive information to the wrong person.


Research shows that Nigeria is one of the world's vulnerable countries to cyber attacks. About 60% of Nigerian firms suffered an attack in 2018, and $270 million was spent on cyber security.

Regardless of the huge sum of money spent on cyber security, Nigerian firms reportedly lost billions of naira to cyber attacks and the NCC also lamented that cyber attacks are one of the biggest threats facing the telecommunications industry in Nigeria.

Note that if a hacker steals your data from a bank, they can use your identity to attack you directly. We advice that when companies report they have lost your data, you protect yourself by changing passwords and warning relevant people of any impersonation. 

Nigeria's Cyber Security Problem - Cyber Security Threats In Nigeria

  • Remote Work Challenges 

Most of the Nigerian firms are now moving towards Work From Home, and it has become a necessity for employees to access company data remotely which may lead to cyber security threats.

  • 5G To Wi-Fi Vulnerabilities 

Cyber attacks are becoming more advanced day by day. Cyber criminals are now trying to find several methods to attack a 5G To Wi-Fi handover.

  • Ransomware Attacks 

It will interest you to know that Ransomware attacks have cost companies billions of dollars for many years now. This serves as encouragement to hackers.

  • Weak Passwords

Weak passwords is a very common threat faced by business in Nigeria. Many firms are using various online services that require different accounts. meanwhile, these services hold sensitive data and information. Using a weak passwords that can be easily guessed can compromise data.

  • Cloud Vulnerability 

Cloud vulnerability is a major cyber security threat facing Nigeria, because most businesses have moved to the cloud to store their sensitive data and daily business operations.

In conclusion, we advice that companies in Nigeria should beef up their cyber security measures and use online privacy tools to protect their personal data from cyber criminals. 
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