Opinions

Cybersecurity in Nigeria’s digital age: Securing the future of our nation

As Nigeria undergoes rapid technological transformation, the need for robust cybersecurity has become a national priority. With over 122 million Nigerians accessing the internet and an ever-growing reliance on digital platforms for work, business, and daily life, the importance of securing our cyberspace cannot be overstated. However, this increased digital connectivity also brings heightened vulnerability to cyber threats. From individuals to businesses and even critical infrastructure, the scope of potential targets is vast, and the consequences of cyberattacks can be devastating.

The Growing Cyber Threat in Nigeria

Nigeria, like many nations, faces a rising tide of cybercrime. In 2022 alone, the country lost over ₦5.5 trillion to cybercrime, particularly within sectors such as banking, telecommunications, and e-commerce. The Central Bank of Nigeria (CBN) reported that Nigerian banks experienced a 534% increase in attempted cyberattacks during the COVID-19 pandemic, as digital banking surged. Phishing scams, ransomware attacks, and data breaches are becoming more sophisticated, targeting both individuals and institutions. Hackers exploit weak security systems, outdated software, and the lack of widespread cybersecurity awareness, posing serious risks to our digital economy.

Ransomware attacks, where cybercriminals lock or steal sensitive data and demand a ransom for its release, have become a major concern. These attacks not only target large corporations but also small businesses and individuals. For a country like Nigeria, which is still developing its cybersecurity infrastructure, combating such threats requires urgent attention and investment.

One of the most prevalent forms of cybercrime in Nigeria is phishing, where attackers disguise themselves as legitimate entities to steal personal or financial information. In 2022, the Nigerian Communications Commission (NCC) reported over 150,000 phishing attempts, particularly targeting the banking and financial sectors. This growing trend threatens to undermine trust in digital financial services, deterring further adoption of cashless transactions.

The consequences of identity theft and financial fraud can be life-altering, leading to personal financial losses and, in some cases, irreversible damage to an individual’s creditworthiness. With more Nigerians connecting to the internet for banking and commerce, the threat landscape continues to evolve.

Cyber attacks on Nigerian businesses have far-reaching economic consequences. In 2021, it was estimated that cybercrime cost Nigerian businesses more than $500 million, with some companies forced to close down due to crippling financial losses. Beyond financial damage, successful cyber attacks can tarnish corporate reputations, lead to the loss of intellectual property, and even result in legal liabilities. Small and medium enterprises (SMEs), which make up over 90% of Nigeria’s businesses, are particularly vulnerable due to limited cybersecurity resources and awareness.

To mitigate these risks, Nigerian businesses must invest in cybersecurity solutions such as firewalls, intrusion detection systems, data encryption, and regular security audits. Additionally, employees must be trained to recognize and respond to cyber threats, as human error remains a leading cause of security breaches.

While individual and corporate efforts are crucial, the Nigerian government has a central role in safeguarding the nation’s digital infrastructure. The Cybercrimes (Prohibition, Prevention, etc.) Act of 2015 provides a legal framework to combat cybercrime, including provisions for penalties against hackers, fraudsters, and other cybercriminals. However, enforcement remains a challenge due to the dynamic nature of cyber threats.

To address these challenges, the government must strengthen its cybersecurity agencies, including the Nigerian Cyber Security Advisory Council and the Office of the National Security Adviser. Enhanced collaboration between public and private sectors is also essential for sharing intelligence, responding to threats, and developing a national cybersecurity strategy that protects critical infrastructure such as power grids, financial systems, and healthcare networks.

At the individual level, every Nigerian has a role to play in safeguarding our digital future. Basic cybersecurity practices—such as using strong, unique passwords, enabling two-factor authentication, avoiding suspicious links, and not sharing personal information with unverified sources—can significantly reduce the risk of falling victim to cybercrime. Public awareness campaigns led by the government, schools, and media outlets are necessary to educate citizens about the dangers of the digital world and the steps they can take to protect themselves.

As Nigeria moves toward a more digital economy, it must address the pressing need for cybersecurity with a comprehensive, multi-stakeholder approach. Citizens, businesses, and the government must work together to build a resilient cybersecurity framework that protects the nation’s digital assets and infrastructure. The future of Nigeria’s economy, national security, and social wellbeing depends on our ability to adapt to the evolving cyber threat landscape.

The positive news is that by implementing preventive measures, investing in cybersecurity infrastructure, and fostering a culture of digital security awareness, Nigeria can not only mitigate cyber risks but also unlock the full potential of its digital economy. By recognizing that cybersecurity is a shared responsibility, Nigeria can build a more secure and prosperous future in the digital age.

Cybersecurity is not just a technical issue; it is a fundamental pillar of national development. In protecting our digital society, we are preserving the future of Nigeria.

…Oyindamola writes from London, United Kingdom.

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