Abstract:With cyber threats escalating and economic losses exceeding ₦250 billion annually, Nigeria is launching comprehensive reforms to safeguard its digital future and build a more resilient cybersecurity infrastructure.
As cyberattacks become more frequent and sophisticated, Nigeria finds itself at a critical juncture in defending its digital economy. Estimates suggest that the country suffers over ₦250 billion in annual economic losses due to data breaches and cybercrime. In response, cybersecurity expert Victoria Ogunsanya has called for an urgent overhaul of Nigeria‘s data protection strategy, warning that inaction could lead to irreversible damage to the country’s digital ecosystem.
From high-profile data breaches affecting banks and government platforms to a surge in ransomware and business email compromise (BEC) cases, Nigeria is facing a relentless wave of cyber threats. According to the 2024 Nigeria Cybersecurity Outlook, attacks are growing not only in number but also in complexity—often leveraging artificial intelligence (AI), deepfake fraud, and Ransomware-as-a-Service (RaaS) tools.
Ogunsanya, also the co-founder of TechNovelle, emphasized that cybersecurity is no longer just a technical issue—it has become a matter of national resilience and business survival. “Companies must shift from a reactive mindset to a proactive, intelligence-led strategy that embeds cybersecurity into core business operations from day one,” she said.
Ogunsanya argues that most Nigerian organizations lack visibility into their data assets—many dont even know what sensitive data they hold or where it resides. This knowledge gap makes it impossible to protect those assets effectively. She recommends beginning with data visibility and classification, using tools like Data Loss Prevention (DLP) to identify and monitor sensitive information such as Bank Verification Numbers (BVNs), health records, and financial data.
The traditional “perimeter defense” model, she notes, is obsolete in todays cloud-based hybrid work environment. Instead, Nigeria must embrace security models like Secure Access Service Edge (SASE), which combine identity verification, access control, and real-time threat detection across cloud platforms and remote endpoints.
Nigeria has already established several frameworks to support data protection, including the Nigeria Data Protection Regulation (NDPR) enforced by the Nigeria Data Protection Commission (NDPC), cybersecurity standards from the Central Bank of Nigeria, and data protection guidelines from the National Information Technology Development Agency (NITDA).
Still, Ogunsanya stresses that these regulations need stronger enforcement, especially for SMEs and non-IT sectors. “Compliance isn't a technical option—it's a national imperative,” she stated. Without robust governance and simplified registration tools, many businesses will remain exposed.
To that end, she suggests rolling out user-friendly digital tools to assist companies with classification, risk assessments, and compliance audits.
To help organizations navigate this changing landscape, Ogunsanya recommends the following steps:
Know what data you have, where it resides, and assign sensitivity levels accordingly.
Prevent unauthorized transfers of sensitive data with automated alerts and response mechanisms.
Raise awareness on phishing, social engineering, and safe digital practices through regular training.
Use firewalls, endpoint protection, intrusion detection, and cloud security in a multi-tiered setup.
Automate anomaly detection and improve threat response times with AI-based monitoring tools.
Ensure alignment with NDPR requirements on data processing, third-party access, and privacy safeguards.
Protect distributed work environments by centralizing security functions in the cloud.
Actively engage with NDPC and NITDA for audits, assessments, and participation in national simulations.
Ogunsanya concluded that the goal of cybersecurity reform is not to eliminate all attacks but to create a resilient ecosystem that can detect, respond to, and recover from threats effectively. She emphasized that Nigeria must prioritize safety across policy, technology, and culture to transition from reactive to preventive cybersecurity practices.
“In a data-driven world, a countrys cybersecurity capacity is a direct reflection of its global competitiveness,” she noted.
Despite geopolitical tensions, gold prices have dropped sharply, reaching a two-week low. Markets refocus on Fed policy and broader macro trends.
Has CFreserve deceived you financially? Did you face problems regarding forex investment withdrawals with this broker? You’re not alone! Read this exposure story to know how it's duping investors.
Trading 212, a leading Forex trading broker, strengthens its presence in Germany with a new Berlin office. Discover how the platform is shifting focus from CFDs to stockbroking and tax-efficient savings.
38 Malaysian investors have come forward alleging they were deceived by a fraudulent foreign exchange (forex) investment scheme, resulting in collective losses exceeding RM3.9 million.