Cybercriminals are launching a surge of cyberattacks on Nigeria, with 4,718 reported weekly.
Check Point’s 2024 report ranks the country 19th globally for cyber threats, particularly targeting financial institutions, and highlights the need for stronger cybersecurity.
Africa’s rapidly growing digital economy has led to a sharp rise in cyberattacks, particularly in Nigeria.
Check Point Software Technologies’ 2024 African Perspectives on Cyber Security Report reveals that the country faces 4,718 attacks every week.
As a result, Nigeria ranks 19th globally for cyberattacks, with its vulnerability increasing as more people come online.
In response, the Nigerian government has issued a record 33 cyberattack advisories over the past year.
However, despite these efforts, the threat continues to grow.
Cybercriminals primarily target financial institutions.
For example, a recent banking Trojan attack compromised 100,000 customer accounts and caused losses of $3 million.
Furthermore, fraudsters scammed 80,000 bank customers in 2023, resulting in losses of ₦59.33 billion between 2019 and 2023.
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Other African nations, such as South Africa, Kenya, and Morocco, also face increasing cyber threats.
South Africa experiences 3,312 weekly attacks on government entities, with ransomware incidents rising by 90%.
Similarly, Kenya sees the same number of attacks as Nigeria, while Morocco faces 8,733 weekly incidents.
As Africa’s digital infrastructure grows, cybercriminals increasingly target the continent.
However, African companies allocate only 0.05 per cent of their revenue to cybersecurity, far below the global average of 0.3-0.5 per cent.
Experts urge organisations to strengthen their cybersecurity resilience by adopting global standards and investing in AI-driven threat detection.
As cyber threats escalate, the need for public-private collaboration and continuous monitoring has never been more urgent to safeguard Africa’s digital future.
