By Funminiyi Philips
Nigeria’s rapid digital growth has brought numerous benefits, but it also poses significant cybersecurity challenges. With an average of 2,560 cyberattacks per week, Nigerian businesses and institutions face constant threats.
The increasing sophistication of cybercriminals has left no sector immune, highlighting the urgent need for proactive security measures.
Third-party risks are a major concern in cybersecurity. Hackers often target weak points in a company’s supply chain by attacking third-party vendors or partners who have access to sensitive data or systems.
These third parties might not have strong enough security measures in place, making them an easy target for cybercriminals. To prevent this, companies must closely monitor the security practices of their third-party partners and ensure they meet stringent security standards.
This can be achieved by regularly checking their networks and systems for vulnerabilities and requiring them to adhere to strict security protocols in their contracts.
Ransomware attacks are on the rise, and they’re a serious threat to businesses. Here’s how it works: hackers break into a company’s system, lock up its data, and demand a ransom in exchange for the key to unlock it. This can be devastating for companies, causing them to lose access to critical data and disrupting their operations.
To protect against these types of attacks, companies can take a couple of key steps. First, they should use reliable cloud backup solutions to store their data in a secure, off-site location.
This way, even if their main systems are compromised, they’ll still have access to their data. Second, they should implement strong endpoint protection, which involves securing all devices connected to their network, such as laptops and smartphones.
Phishing attacks are also another major threat to businesses, accounting for a staggering 90% of all data breaches and resulting in losses of over $12 billion.
Phishing occurs when attackers attempt to deceive employees into disclosing sensitive information, such as login credentials or financial data, typically through fake emails or messages that appear legitimate.
To combat this, companies can implement effective technological solutions. One key measure is to use advanced email security gateways that can detect and block suspicious emails before they reach employees’ inboxes.
Additionally, providing security awareness training to employees can help them recognise phishing attempts and avoid falling victim.
Malware attacks can be devastating for businesses. Malware is malicious software that can infect devices, causing them to malfunction and giving attackers unauthorised access to sensitive data. Once malware is inside a system, it can spread quickly, compromising data and disrupting operations.
To safeguard against malware attacks, businesses need strong technology defences. This includes implementing endpoint protection systems, which secure devices such as laptops, smartphones, and tablets, as well as web security measures, which safeguard against online threats.
Protecting Nigeria’s critical infrastructure is crucial for the country’s economic stability and public trust. Critical infrastructure encompasses essential systems, including power grids, transportation networks, healthcare services, and financial institutions.
Cybersecurity measures play a vital role in safeguarding these systems from cyber threats, which could have devastating consequences if left unchecked.
With robust cybersecurity, Nigeria can ensure the reliability and integrity of its critical infrastructure, thereby preventing disruptions that could impact the economy and public services.
It helps maintain public trust and confidence in the government’s ability to protect its citizens and infrastructure. Effective cybersecurity is essential to support Nigeria’s economic growth, stability, and national security.
Advanced surveillance systems powered by artificial intelligence can significantly improve monitoring and risk management in the capital markets. These systems can detect suspicious activities, identify potential fraud, and alert authorities to take prompt action.
With AI-powered surveillance, financial institutions can safeguard investors, maintain market integrity, and comply with regulations. This creates a more secure and transparent financial system, building trust in the markets.
Automated response systems can quickly respond to security threats, greatly reducing the time it takes to detect and contain them. With automated response systems, organisations can quickly take action against cyber threats, reducing damage and keeping the business running smoothly.
This fast response helps safeguard data and systems, lowering the risk of breaches and losses.
Collaboration and capacity building are key to strengthening Nigeria’s cybersecurity. Through teamwork, stakeholders can share knowledge, expertise, and resources to create a robust cybersecurity ecosystem.
This can be achieved through training programs, technology transfer, and capacity-building initiatives that enhance the skills and capabilities of cybersecurity professionals. Through collaboration and capacity building, Nigeria can establish a robust and effective cybersecurity framework that safeguards its digital assets and fosters a secure online environment.
To stay ahead of emerging cyber threats, Nigerian businesses and institutions must take proactive steps. This includes regularly monitoring third-party systems, implementing strict security rules for partners, training security teams, and collaborating to share knowledge and best practices. With these actions, organisations can better protect themselves against cyber threats and create a safer digital environment.
By focusing on cybersecurity and taking proactive steps to protect it, Nigeria can effectively mitigate the risks posed by new and evolving threats. This forward-thinking approach will help safeguard the country’s digital landscape, protecting its citizens, businesses, and infrastructure from potential harm.
Addressing emerging threats, Nigeria can create a secure and stable digital environment that fosters growth, innovation, and progress.
Funminiyi B. Philips is a cybersecurity enthusiast. He can be reached on LinkedIn via https://www.linkedin.com/in/funminiyi-b-philips
