Nigeria’s banks, financial institutions, telecoms, and other industries faced an alarming 586,130 cyber threats in the first half of 2024, according to a recent report by cybersecurity firm, Cybervergent.
The report, titled “Breaking Down H1 Threats Like a Weight Loss Journey,” highlighted the growing scale of cyber attacks targeting the country’s financial sector and other key industries.
Presenting the report during a media briefing in Lagos, Gbolabo Awelewa, the Chief Solutions Officer at Cybervergent, revealed that the company had successfully resolved 226,103 of these cyber threats through automated systems. Additionally, the firm’s Security Operations Centre (SOC) monitored and analyzed 304,522 security events, while protecting 19,920 critical endpoints.
“Cybervergent’s automated solutions were key in tackling these threats, analyzing 42,200 potentially malicious events and preventing significant harm,” Awelewa said.
He noted that Nigeria’s increasing reliance on technology, coupled with groundbreaking innovations, had opened the door for more cyberattacks.
Awelewa explained, “With Nigeria’s rising exposure in cyberspace, threat actors are increasingly targeting financial institutions, telecom companies, retail businesses, and manufacturing sectors.”
Several cybercrime groups were identified as major players in these attacks, including notorious threat actors like Gelsemium, Equation Group, Lyceum, Gamaredon, and Bronze Highland. These groups are known for their sophisticated techniques aimed at stealing data and disrupting operations.
One of the most concerning issues highlighted in the report is the growing problem of insider threats, where individuals within organizations pose a risk to cybersecurity. Awelewa emphasized that companies need to address this internal vulnerability.
“Insider threat syndrome remains a major challenge in the cyber landscape, and organizations must be vigilant in preventing both external and internal threats,” he explained.
Looking ahead to the second half of 2024, Awelewa urged businesses to strengthen their defenses against emerging cyber threats. He pointed to several key cybersecurity trends, including Zero-Day Exploits, Cloud Security, Cybercrime-as-a-Service, and the ongoing rise of ransomware attacks.
“Ransomware isn’t going anywhere. Attackers will continue to use more sophisticated encryption methods and advanced tactics to evade detection. It’s a high-stakes hostage situation where your data is at risk, and you need to prepare your defenses accordingly,” Awelewa warned.
Cybervergent’s report serves as a wake-up call for organizations in Nigeria to ramp up their cybersecurity measures in response to the rapidly evolving threat landscape.
Awelewa reiterated the firm’s commitment to staying ahead of cybercriminals, adding, “Our Cyber Operations Centre remains steadfast in its mission to anticipate, detect, and thwart evolving threats, ensuring the integrity of digital assets and maintaining trust in Nigeria’s financial sector and other industries.”