In the rapidly evolving Nigerian digital economy, businesses are more reliant than ever on technology, from mobile payments to cloud computations, and from social media marketing to remote work platforms. But as we deepen our dependence on tech, we must also recognise that we are exposing ourselves to far greater risk. Cybersecurity is no longer optional; it is a strategic imperative.
Nigeria stands at the forefront of Africa’s digital transformation. With internet penetration, mobile device usage and fintech adoption all accelerating, businesses large and small are embedding digital technologies into all facets of their operations. Yet the more connected we become, the more vulnerable we are.
According to recent data from the cybersecurity firm Kaspersky, Nigeria faced nearly 6.5 million cyber threats in the first half of 2025 alone, including a 66-percent increase in password-stealer malware compared with the same period in 2024. Meanwhile, online and on-device attacks targeted nearly one in five Nigerians (19.9%) in that period.
Read also: Nigeria Cybersecurity Future: Educating the next generation
Beyond the sheer volume, the nature of threats is shifting – ransomware, spyware, advanced persistent threats, attacks on industrial control systems and supply-chain vulnerabilities are all on the rise.
At the same time, in Q1’ 2025, Nigeria recorded over 119,000 data breaches, placing it 34th globally in leaked user accounts. This is not merely an IT problem; it is a business problem, deeply strategic.
For Nigerian companies, especially in sectors like banking/fintech, energy, manufacturing and telecoms, the implications are deep.
Operational risk: A cyber incident, whether data theft, service disruption or ransomware, can paralyse operations, damage production, interrupt supply chains and lead to regulatory or reputational consequences.
“Many Nigerian businesses have embraced tech, mobile banking, cloud services, digital payments, and remote operations, but not always the corresponding safeguards.”
Financial cost: While local data is not yet as complete as for developed markets, global averages suggest breach costs run into millions of dollars.
Customer trust: In an era where digital channels are primary, customers expect security, privacy and reliability. A breach can undermine brand and consumer confidence in ways that take years to rebuild.
Competitive positioning: Firms that can demonstrate strong cyber-posture will be more attractive to partners, investors and clients. Conversely, weak cyber-capability may mean exclusion from high-value contracts or cross-border collaborations.
National and sectoral risk: Nigerian businesses are part of global chains. A vulnerability here can spread. Also, given Nigeria’s role in Africa’s ICT markets, its cyber-weakness can deter foreign investment, slow tech transfers and undermine the growth of the digital economy.
However, the very strength of the digital shift is also its flip side. Many Nigerian businesses have embraced tech, mobile banking, cloud services, digital payments, and remote operations, but not always the corresponding safeguards. In effect, reliance on digital platforms without commensurate investment in resilience leaves firms exposed.
For example, many organisations still depend heavily on foreign-hosted cloud infrastructure or legacy systems that were not built with modern threat vectors in mind.
The human dimension, phishing, social engineering, and employee error are still some of the main gateways for attacks. The recent survey by KnowBe4 found that while 58 percent of respondents in Africa were very concerned about cybercrime, 53 percent admitted they did not know what ransomware was, and 35 percent had already lost money due to scams.
Read also: Cybersecurity training critical in defence, infrastructure sectors, says ESET Nigeria MD
The push for rapid digitisation, accelerated during the pandemic, means many firms skipped risk assessment, cybersecurity architecture and governance that should accompany digital transformation.
Given the stakes, Nigerian businesses must adopt a comprehensive, proactive cybersecurity framework with key pillars such as: Leadership and governance – cybersecurity must be driven from the boardroom and integrated into corporate strategy, not left to the IT department alone. Clear accountability, risk-management frameworks and regular reporting are essential.
Risk assessment and prioritisation: Firms need to understand which digital assets are critical (customer databases, payment systems, intellectual property, industrial control systems) and allocate resources accordingly.
Technology and architecture: Firewalls, intrusion-detection systems, endpoint protection, encryption and secure cloud configurations are basic. Given the advanced threat environment in Nigeria, the use of AI/ML-powered defence tools is increasingly required.
Cyber hygiene and human training: Since social engineering remains a major vector, consistent employee education, simulated phishing drills and governance of third-party vendors are vital.
Incident response and resilience: A crisis will happen, but what matters is the speed and coordination of response. Organisations must have playbooks, forensic readiness, backups, and business continuity plans.
Collaboration and information-sharing: No firm is an island. Platforms for sharing threat intelligence (within industry groups, across sectors, and with regulatory bodies) strengthen collective defence.
Ethical and regulatory alignment: Cybersecurity is not just about protection; it is also about respect for privacy, rights and trust. Nigerian firms must align with standards (such as the Nigeria Data Protection Commission guidance) and embed ethics into their cyber posture.
Continuous monitoring and adaptive strategy: Threats evolve, so must defence. Regular audits, penetration testing and scenario planning must be part of the plan.
For Nigeria, the imperative is not just firm-level but systemic. As our economy swings increasingly digital, the cyber-ecosystem becomes a critical pillar of national competitiveness. Policymakers, regulators and industry must work together to build infrastructure, talent, regulatory clarity and incident-sharing platforms. Investments in cyber-education, talent development and public-private partnerships are vital.
In a world where digital dependence is irreversible, cybersecurity is not a luxury; it is foundational. Nigerian businesses cannot continue to pursue growth through tech alone while neglecting the safeguards that give that growth legitimacy and resilience. The message is clear: build your digital engines, but protect them with steel.
Read also: BlackBerry winning in cybersecurity after losing the smartphone battle
For companies that get this right, cybersecurity becomes a competitive advantage, an enabler of trust, and a pillar of scalability. For those that do not, the risks are obvious – operational paralysis, reputational damage, regulatory fines and the loss of customer confidence.
In Nigeria’s business landscape, the imperative is unambiguous: invest in cybersecurity now, embed it in your culture and structure your digital transformation around resilient foundations.
