Cyberattacks Threaten Nigeria’s Digital Economy as Experts Warn of Systemic Data Security Risks
Nigeria’s fast-growing digital economy is facing increasing threats as cybersecurity experts warn of a surge in sophisticated cyberattacks targeting financial institutions and public databases. A UK-based data protection lawyer, Temidayo Akindele, says the country must urgently strengthen its data governance systems or risk deeper economic and security consequences.
Recent incidents involving breaches of major platforms such as the Corporate Affairs Commission (CAC), Sterling Bank, and payment infrastructure like Remita have raised fresh concerns about the safety of sensitive data in Nigeria. Experts say the attacks are no longer random acts of cybercrime but coordinated operations aimed at exploiting identity systems, financial networks, and government databases.
Cybersecurity specialists warn that attackers are now focusing on data exfiltration—quietly stealing information without immediate detection. According to analyst Adewale Odunsi, this makes breaches more dangerous because stolen data can be sold or used to build large-scale fraud systems before victims even realise they have been compromised.
Business and technology experts also highlight weaknesses in system integration and application programming interfaces (APIs), especially as Nigeria moves toward open banking. Olalekan Olubiyi, a digital transformation specialist, stressed the need for stronger encryption, continuous vulnerability testing, and real-time monitoring to prevent further breaches across interconnected platforms.
Beyond technical failures, experts say poor data ethics, weak regulation, and low cybersecurity awareness are worsening the situation. They are calling for stronger enforcement, nationwide digital literacy, and the creation of a dedicated cybersecurity regulatory agency. Without urgent reforms, they warn, Nigeria’s digital economy could face long-term damage, loss of trust, and significant financial risks.
source: Leadership