Concerns As Cyber Threats, Attacks Soar In Banking, Education Sectors

Nigeria’s critical sectors, including banking, education, and government sectors, are facing an increasing wave of cyber-attacks, with the country climbing to 11th place among Africa’s most targeted nations, according to a report, raising concerns about safety of confidential information, finances and personal data of individuals.

The report by Check Point Software Technologies Ltd.’s Global Threat Index for January 2025 highlighted a surge in cyber threats across Africa, with Nigeria’s cyber threat risk ranking 11th among African countries in January 2025, up from 14th in August 2024.

Eight African countries were listed in the top 20 most attacked in the Global Threat Index for January 2025.

According to the report, Artificial Intelligence is being leveraged by cyber criminals to automate, scale their tactics, and enhance their capabilities.

In 2024, Nigeria was considered one of the most vulnerable to attacks in Africa.

The federal government issued at least 33 cyberattack advisories in the past year, the highest number on record.

Banking Sector

The banking and financial sector in Nigeria faces approximately 4,718 attacks weekly.

In one incident, a banking trojan attack compromised 100,000 customer accounts, resulting in $3 million losses.

Cybercrime cost Nigeria $706 million in 2022, with banks alone losing N8 billion.

The Economic and Financial Crimes Commission (EFCC) had to freeze over 300 bank accounts to protect the naira from further cyberattacks.

Digital asset scams and AI-powered attacks are major threats.

Technical glitches in the banking sector, resulting from system migrations and upgrades, have raised concerns about potential cyberattacks exploiting vulnerabilities.

Education Sector

Education is one of the most attacked industries.

Ethiopia remains the most attacked country, while other African nations, including Zimbabwe, Angola, and Uganda, also feature among the top 20 most targeted globally.

In Nigeria, the education and government sectors have also emerged as prime targets for cybercriminals seeking to exploit vulnerabilities in digital infrastructure. FakeUpdates, a persistent malware threat, continues to dominate the cyber landscape, while attackers increasingly leverage artificial intelligence to automate and scale their operations.

The vice president of Research at Check Point Software, Maya Horowitz, warned that traditional cybersecurity defences are no longer sufficient, urging organisations to adopt AI-driven security strategies to stay ahead of evolving threats.

“AI is transforming the cyber threat landscape, with cyber criminals rapidly evolving their methods, leveraging AI to automate and scale their tactics and enhance their capabilities. To effectively combat these threats, organisations must move beyond traditional defences and adopt proactive, adaptive AI-powered security measures that anticipate emerging risks,” Horowitz stated.