In recent times, cyberattacks have become a growing concern for individuals, businesses, and governments worldwide, and Nigeria is no exception. 

Cybersecurity is becoming increasingly important in Nigeria as the country continues to experience an increase in cyber threats. 

The Nigerian government and its citizens must take proactive measures to protect themselves from cyber threats that could lead to financial loss, reputation damage, and identity theft.

In this article, I explored the impact of cyberattacks on Nigeria’s economy and its citizens. I also discussed the measures that individuals and businesses in Nigeria can take to protect themselves from cyber threats.

The Impact of Cyberattacks on Nigeria’s Economy

Cyberattacks have had a significant impact on Nigeria’s economy, with reports showing that between July and September 2020, Nigerian banks lost N3.5 billion to fraud-related incidents, a 534-percent  increase from the same period in 2019, when it was N552 million. This figure is expected to increase as more businesses and individuals continue to embrace technology. Cybercrime not only affects the economy but also has a ripple effect on citizens’ livelihoods.

One of the most significant cyberattacks in Nigeria’s history was the 2016 attack on the Nigerian banking sector. This attack resulted in the loss of over $50 million from customers’ accounts. The attack was carried out by hackers who exploited a weakness in the banks’ security system, allowing them to gain access to customers’ accounts.

Another significant cyberattack was the 2017 WannaCry ransomware attack, which affected over 200,000 computers in 150 countries worldwide, including Nigeria. The WannaCry attack caused significant disruptions in Nigeria’s healthcare sector, with hospitals unable to access patient records and other critical information.

Is it also worthy of note that cyberattacks affect multiple areas of the Nigerian sector, including the political space? 

Just recently, during the 2023 general elections, the Nigerian government reported that it recorded over 12.9 million cyberattacks. 

This was said in a statement issued by Uwa Suleiman, the spokesperson of the Minister of Information and Digital Economy, Isa Pantami.

The Impact of Cyberattacks on Nigerian Citizens

One of the most common types of cyberattacks in Nigeria is identity theft, which occurs when hackers steal personal information such as names, addresses, and social security numbers. This information can be used to open bank accounts, take out loans, and commit other forms of financial fraud.

Another common type of cyberattack is phishing, where hackers send fraudulent emails or messages to trick people into giving out their personal information. This type of attack is prevalent in Nigeria, with reports showing that over 91% of cyberattacks in Nigeria are phishing attacks.

Cyberattacks can also result in reputational damage, particularly for businesses. A single data breach can damage a company’s reputation and lead to a loss of customer trust. This loss of trust can have long-term consequences for businesses, as customers may choose to take their business elsewhere.

How Nigerians Can Protect Themselves from Cyberattacks

Given the significant impact of cyberattacks on Nigeria’s economy and its citizens, it is essential to take proactive measures to protect oneself from cyber threats. Here are some measures that individuals and businesses in Nigeria can take to protect themselves from cyberattacks:

Nigerians can protect themselves from different forms of cyberattacks by taking proactive measures based on the specific types of attacks they are most vulnerable to. 

Here are some ways to protect against some of the most common types of cyberattacks in Nigeria, along with relevant data and statistics:

1. Phishing Attacks

Phishing attacks are a common type of cyberattack in Nigeria, with reports showing that over 91% of cyberattacks in Nigeria are phishing attacks. To protect against phishing attacks, individuals should:

– Be careful when clicking on links in emails or messages, especially if the sender is unknown or the message seems suspicious.

– Avoid giving out personal information, such as passwords or social security numbers, in response to email or message requests.

– Verify the authenticity of emails or messages before responding or clicking on links.

According to a 2020 report by Kaspersky, a leading cybersecurity company, Nigeria was the second most targeted country for phishing attacks in Africa. 

The report also revealed that in the second quarter of 2020, phishing attacks in Nigeria increased by 27.5% compared to the previous quarter.

2. Identity Theft

Identity theft is another common type of cyberattack in Nigeria, and it can lead to financial fraud and reputational damage. To protect against identity theft, individuals should:

– Use strong passwords and avoid using the same password for multiple accounts.

– Avoid sharing personal information online, especially on social media platforms.

– Monitor credit reports and bank statements regularly for any suspicious activity.

According to a 2019 report by the Nigerian Communications Commission (NCC), identity theft was the most reported cybercrime in Nigeria, accounting for 47% of all reported cybercrimes.

3. Ransomware Attacks

Ransomware attacks involve hackers encrypting a victim’s files and demanding a ransom payment in exchange for the decryption key. To protect against ransomware attacks, individuals should:

– Regularly back up important files to an external hard drive or cloud storage.

– Avoid clicking on suspicious links or downloading attachments from unknown senders.

– Use reputable antivirus software and keep it updated.

According to a 2020 report by Check Point Research, Nigeria was the second most targeted country for ransomware attacks in Africa, accounting for 18% of all ransomware attacks in the region.

4. Business Email Compromise (BEC)

Business Email Compromise (BEC) is a type of cyberattack where hackers impersonate a company executive or employee to trick the victim into transferring money or sensitive information. To protect against BEC attacks, businesses should:

– Use two-factor authentication for email accounts and other sensitive systems.

– Train employees on how to identify and report suspicious emails or messages.

– Verify the authenticity of any email or message requesting a money transfer or sensitive information.

According to a 2019 report by the Federal Bureau of Investigation (FBI), BEC attacks resulted in losses of over $26 billion globally between 2016 and 2019. Nigeria was among the top countries affected by BEC attacks during this period.

Nigeria has been associated with cybercrime and has been named one of the countries with the highest number of cybercriminals in the world. According to the 2020 Internet Organised Crime Threat Assessment (IOCTA) report by Europol, Nigeria is one of the top countries of origin for business email compromise (BEC) attacks, and it is also a significant source of phishing attacks.

In terms of the common tricks used by cybercriminals in Nigeria, BEC attacks and phishing attacks are among the most prevalent. BEC attacks typically involve the impersonation of a company executive or employee in an attempt to trick the victim into transferring money or sensitive information to the attacker. Phishing attacks involve the use of fake emails or websites to trick victims into revealing their login credentials or other sensitive information.

It is difficult to compare the expertise of Nigerian cybercriminals with those in other countries, as cybercrime is a global issue and varies widely in terms of complexity and tactics used. 

However, it is worth noting that Nigeria has a relatively high level of internet and mobile phone penetration, which may provide a larger pool of potential targets for cybercriminals. Additionally, Nigeria has a large and growing population of young people, who may be more likely to be involved in cybercrime due to various factors such as unemployment and lack of job opportunities.

Cyberattacks are a growing concern for individuals and businesses in Nigeria, with significant impacts on the economy and citizens’ livelihoods. Nigerians can protect themselves from cyberattacks by taking proactive measures based on the specific types of attacks they are most vulnerable to. By using strong passwords, updating software regularly, being careful when clicking on links, avoiding sharing personal information online, monitoring credit reports and bank statements, and using reputable antivirus software,