Major Cybersecurity Threats Facing Nigerian Economy

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Tuesday, June 15, 2021 / 04:00 PM / Sponsored Post by ruth albert / Image Header Credit: ruth albert 

 

The Coronavirus pandemic has sped up digitalization globally as most of the economy has been forced to move online, thus increasing cybersecurity threats in Nigeria. 

 

Due to rapid digitalization, hackers have exploited this opportunity to attack the digital infrastructure of Nigeria. Nigeria, including other South African states, lag when it comes to digital security, thus making them a favorite target for cybercriminals across the globe. 

 

These threats are not only at the national level but also at the individual level in Nigeria. Here are the top 6 major cybersecurity risks facing the Nigerian economy in 2021 and beyond. 


 

1.       Cloud Vulnerability 

Cloud vulnerability is a significant cybersecurity threat facing Nigeria and is also one of the major concerns for Nigerian companies. Most businesses have moved to the cloud to store their data, and daily business operations, primarily as employees work from home. Cloud makes a tempting target for hackers. 

 

Some of the top cloud security threats include insider threats, data breaches, API, and DDoS attacks. One way to strengthen your security is to use a VPN to encrypt your traffic, making it untraceable for the hacker. You can use any premium VPN service that works in Nigeria to secure your online traffic. 


 

2.       IoT Attacks 

IoT (Internet of Things) devices are multiplying, with billions of devices already connected to the internet. IoT devices include everything from desktops and laptops to routers, tablets, webcams, security systems, printing machines, and more. The more the devices connected online, the higher the security risk for companies in Nigeria. 

 

There are various cybersecurity issues with IoT devices. Once a hacker gets access to one device, it can tap into confidential company data and overleaf the entire network. Hackers also lockdown company access and demand ransomware in return for access to data. Companies can protect their networks by using a VPN to encrypt traffic which makes it impossible for the hacker to track. 


 

1.       Remote Work Challenges 

With so many organizations in Nigeria moving towards Work From Home (WFH), it has become necessary for employees to access company information remotely - thus leading to significant cybersecurity threats. It has caused companies to take a step further for protecting and ensuring safe access to official resources remotely. 

 

Studies have shown that 80% of the data breaches are caused due to weak passwords because they are predictable and can be easily cracked. Therefore, companies are moving towards multi-factor authentication and virtual private networks to secure confidential data. 


 

2.       5G-to-Wi-Fi Vulnerabilities

Cyberattacks are also continuing to become more and more advanced. Cybercriminals are now trying to find ways to attack a 5G-to-Wi-Fi handover. 

 

As 5G is being adapted more and more, more calls and data to Wi-Fi networks are being assigned by wireless networks to conserve bandwidth. Due to the rapid adoption of 5G, the technology used to safeguard the handover is not yet fully developed to secure the transition. Because of this, cybercriminals get a lot of opportunities to hack and compromise devices. One way to safeguard against it is to use a VPN to encrypt online traffic. 


 

3.       Ransomware Attacks 

Ransomware attacks have troubled countless businesses for many years now. If successful, these attacks can cost companies billions of dollars. This alone serves as encouragement to hackers so that they can keep refining these attacks. 

 

The process through which these hackers buy ransomware kits on the dark web is getting easier and easier these days. Ironically the ransomware itself is becoming more and more complex with each passing day. It is also reported that ransomware will break into small but more powerful ransomware that will work together. 

 

By doing this, attackers are becoming more dangerous and pose a more significant threat than ever before. Even a minor attack from this ransomware can cause companies considerable downtime. 

 

 

4.       Weak Passwords, Password manager, and Two-factor Authentication

Another common threat faced by businesses is employees using a weak password. Many companies are using various online services that require different accounts. Usually, these services hold sensitive data and information. Using a password that can be easily guessed or using the same password for multiple accounts can compromise data. 

 

To guarantee that workers are using strong passwords, businesses need to adopt password management technology or start using two-factor authentication on their accounts. Password management technology will help employees handle the passwords and suggest stronger passwords for the accounts. Two-factor authentication technology will implement various verification methods, such as sending a verification code or notification via email at the designated destination to add an extra layer of security to the accounts. 


 

Conclusion

The year 2021 will prove to be very challenging for Nigerian cybersecurity. According to last year's statistics, it seems like security will be a significant concern for Nigeria. Considering the current situation, companies need to beef up their cybersecurity measures and use online privacy tools like VPNs to secure company data from hackers. It is time to take proactive steps to manage cybersecurity risks as most businesses cannot afford an attack. 


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