According to a report from Cybervergent, a leading provider of automated cybersecurity solutions, 586,130 cyberattacks targeted Nigeria’s banks, financial institutions, telecom companies, and other sectors in the first half of 2024.
The report, “Breaking Down H1 Threats Like a Weight Loss Journey,” highlighted the most common cyber threats and trends affecting organizations during the first six months of the year and provided recommendations for strengthening cybersecurity measures in the second half.
Out of the total threats detected, Cybervergent’s automated systems neutralized 226,103 attacks, while 19,920 endpoints received protection. The company’s Security Operations Centre (SOC) analyzed 304,522 events, and 42,200 potentially harmful incidents were further examined for malicious activity.
At a media briefing in Lagos, Gbolabo Awelewa, Chief Solutions Officer at Cybervergent, presented the findings alongside his team. Awelewa emphasized that Nigeria’s rapid adoption of cutting-edge technology has also increased vulnerability to cyberattacks.
The report identified several threat actors who targeted Nigeria’s financial institutions, telecoms, retail, and manufacturing sectors, including Gelsemium, Equation Group, Lyceum, Gamaredon, Circus Spider, Mirage, Common Raven, Bronze Highland, and Earth Krahang.
Awelewa also flagged insider threats as a major concern, where employees or internal parties may unknowingly or intentionally compromise security.
“As we progress, our Cyber Operations Centre remains dedicated to anticipating, detecting, and preventing evolving cyber threats that aim to breach digital assets. Our deep understanding of the threat landscape and continuous innovation in security solutions positions us to defend the financial sector and other industries, ensuring their digital safety,” Awelewa said.
Looking ahead to the second half of 2024, Awelewa urged organizations to reinforce their cybersecurity defences. He warned of critical trends such as Zero-Day Exploits—where hackers take advantage of unknown vulnerabilities—heightened focus on Cloud Security, Cybercrime-as-a-Service, and an expected surge in ransomware attacks.
“Ransomware isn’t going away,” Awelewa cautioned. “Expect attackers to use more advanced encryption techniques and stealthy methods to avoid detection and increase their impact. It’s like a high-stakes hostage situation involving your data, so prepare your defenses.”
