Nigeria spends $270 million on cyber attacks

The latest African cybersecurity study by Demadiur Systems Limited has revealed that banks, insurance companies, and government institutions in Nigeria spent an estimated sum of $270.22 million in 2018 to prevent cyberattacks. 

How the funds were deployed: Some of the funds were said to be used to procure hardware and software, which includes Antivirus, load balancer, network access controls, among others.

The indirect expenses were used by the companies to conduct penetration testing, audit, forensic investigations, risk assessment, compliance review and post-implementation, awareness and training of personnel. 

According to the report, which was titled ‘Cybersecurity skills gap’, some of the funds were also used to create awareness and spread information. It was used for the technical training of workers, board members, and business managers. 

Ikechukwu Nnamani, President of Demadiur, said that Nigeria was in need of qualified cybersecurity experts who would handle the cyber threat facing the country.  

Why it matters: He noted that Nigeria is a country that embraced digital services, over-the-top applications, fintech services; Internet of Things, convergence of telecoms, broadcasting, healthcare, and the financial sectors, and as such, the threats posed by cybercriminals could no longer be ignored. 

Nnamani’s words: “The dire situation of Nigeria with respect to cyberthreat is further exasperated by the fact that between 2016 and 2018 the number of active telecom subscribers in the country increased from 154 million to 172 million users. 

 “Training the Nigerian youth on cybersecurity skill presents a very viable opportunity to resolve youth unemployment while at the same time securing the country. It is on record that all certified cybersecurity experts in Nigeria are gainfully employed. 

 “Nigeria can take advantage of its well educated youthful population to build a strong cybersecurity workforce and become a global player in the cybersecurity space.” He added. 

Shedding more light on cyberattacks, the Director, Business Development Nigeria Interbank Settlement Scheme, Christabel Onyejekwe said that the banking sector were facing a number of challenges. One of them she said was the inadequate awareness and investment in cybersecurity, which left gaps and vulnerabilities that led to cyber-loss and fraud.

She also hinted in a report of Punch that the low state of technical resources, low training as well as loss of available technical competencies to migration. 

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