Cyber Threats Threaten Business Sustainability, Profitability, Society Warns

The Information Security Society of Africa, Nigeria (ISSAN) has warned that the increasing sophistication of cyberattacks poses a significant threat to business sustainability and profitability across sectors.

The society raised the alarm over the rising incidence of identity theft, mobile fraud, ransomware, phishing, Business Email Compromise (BEC), and other forms of social engineering attacks, noting that organisations that fail to strengthen their digital defences risk severe operational and financial losses.

ISSAN made the warning during its monthly meeting held in collaboration with MAXUT Consulting.

The session featured a technical presentation titled “Confronting the New Mobile Threat Landscape: Beyond User Authentication,” which examined emerging mobile-based threats and the need for more advanced cybersecurity strategies.

Speaking at the event, ISSAN president and executive director, Risk Management at Nova Bank, Dr David Isiavwe, said cybersecurity can no longer be treated as a purely technical or IT concern but must now be regarded as a core business and national security priority.

He noted that cybercriminals are continuously refining their tactics, targeting individuals, corporate organisations, critical national infrastructure, and strategic economic assets.

According to him, the breadth of attacks now includes identity theft, ransomware, WhatsApp account hijacking, Distributed Denial-of-Service (DDoS) attacks, payment card fraud, cryptocurrency-related scams, and other increasingly complex forms of digital deception.

Dr Isiavwe warned that the consequences of such attacks extend beyond financial losses, potentially damaging corporate reputation, eroding customer trust, and disrupting essential business operations.

He stressed that in today’s digital economy, business sustainability is directly linked to the ability of organisations to protect information assets, maintain operational resilience, and proactively address vulnerabilities before they are exploited by attackers.

To mitigate the growing risks, ISSAN urged organisations to adopt a proactive cybersecurity posture that includes continuous monitoring systems, regular vulnerability assessments, and timely incident response mechanisms.

The Society also recommended sustained investment in cybersecurity awareness programmes for employees and customers, noting that human error remains a major entry point for cyberattacks.

In addition, ISSAN highlighted the importance of leveraging emerging technologies such as Artificial Intelligence (AI), Machine Learning (ML), and automation tools to improve threat detection, predictive analysis, and rapid response capabilities.

The Society further called for stronger collaboration among industry stakeholders, regulators, law enforcement agencies, and cybersecurity professionals to build a more resilient digital ecosystem.

“No organisation can successfully confront today’s cyber threats in isolation. Information sharing, collaboration, and collective vigilance remain essential to protecting our digital ecosystem and safeguarding public trust,” Dr Isiavwe said.

ISSAN reaffirmed its commitment to promoting cybersecurity awareness, capacity building, and industry-wide cooperation to strengthen Nigeria’s cyber resilience and support a secure and sustainable digital economy.