Education, health: sectors facing challenges as Nigeria records 586,130 cyber threats in 6 months

• Nigeria faced 586,130 cyber threats in the six months, mostly targeting financial institutions and telecommunications companies, according to Cybervergent’s semi-annual report
• Industries like education, healthcare, manufacturing and retail face unique cybersecurity challenges
• Experts have highlighted best practices for protecting against emerging cyberattacks from groups such as Gelsemium and Equation Group.

Lagos, Nigeria—Between January and June 2024, a staggering 586,130 cyber threats were recorded targeting Nigeria, with financial institutions and telecommunications companies in particular being targeted. Other sectors are also facing particular challenges.

This is according to the semi-annual cyber threat report published by Cybervergent, a Lagos-based technology firm focused on cybersecurity.

Cyber ​​Threats to Nigeria: Key Findings

Report made available Legit.nghighlighted the findings of Cybervergent’s Security Operations Center (SOC). They include:

• 586,130 cyber threats were detected, of which 226,103 were resolved by Cybervergent through automation.
• Cybervergent protected 19,920 endpoints.
• Cybervergent’s Security Operations Center (SOC) analyzed 304,522 events.
• 42,200 potentially harmful events were analyzed.

Cyber ​​Threats: Industry-Specific Cybersecurity Challenges

According to the report, various industries face unique cybersecurity challenges.

The education sector has struggled to maintain security in the face of digital transformation.

The healthcare industry has struggled to find the balance between handling sensitive patient data and running complex systems, akin to juggling weights on a balance beam.

The manufacturing sector has been challenged to prioritize operational technology (OT) security without neglecting IT security, like neglecting lower-body training while training for a marathon. Limited budgets and resources have made it difficult to invest in advanced security measures.

The retail industry is prioritizing short-term profits over long-term investments in security, just as it favors quick fixes over sustainable fitness plans.

An expert gives insight

Gbolabo Awelewa, Chief Solutions Officer at Cybervergent, stressed the need for regular updates to prevent attacks.

Aweleva, who spoke at a press conference attended by Legit.ng on Friday, September 14 in Lagos, said organizations need to ensure that applications and systems are regularly updated to prevent large-scale attacks.

“As we move forward, our Cyber ​​Operations Center remains committed to its mission of anticipating, detecting and preventing evolving threats that seek to compromise the integrity of digital assets,” he said.

Awelewa identified significant entities posing a risk to the Nigerian financial sector, including Gelsemium, Equation Group and Lyceum.

The report highlights key cybersecurity trends to address in Q2 2024, including Zero-Day vulnerabilities, Cloud Security Focus, Cybercrime as a Service, and the rise of ransomware attacks.

Cybersecurity Threats in Nigeria in H1

According to Awelwewa, Nigeria faced threats from multiple cyber actors in the first half of the year. The identified threat actors include Gelsemium, Equation Group, Lyceum, Gamaredon, Circus Spider, Mirage, Common Raven, Bronze Highland, Earth Krahang, and Insider Threat Syndrome.

Gelsemium, a sophisticated cyber espionage group, has targeted high-profile organizations across multiple sectors, using custom malware and advanced techniques to evade detection. They have focused on government, educational services, and national security.

He identified three main categories of insider threats: disgruntled employees, casual insiders, and negligent insiders.

The cybersecurity expert noted that disgruntled employees, motivated by anger, financial gain or perceived underutilization, pose a significant risk of harm. On the other hand, accidental insiders exploit the mistakes made by others to launch attacks on an organization.

Awelewa further explained that negligent insiders inadvertently compromise security by exposing their credentials or failing to secure devices when they leave the office.

Expert highlights cybersecurity best practices

Bamidele Obende, Business Development Director at Cybervergent, stressed the importance of ethical hacking and having the right credentials to conduct penetration testing and vulnerability assessments.

In the world of ethical hacking and cybersecurity testing, always ensure you have the proper authorization before conducting any penetration testing or vulnerability assessments,” Obende said.

FG suspends cybersecurity tax

In May 2024 Legit.ng announced that the federal government has suspended the controversial 0.5% cyber fee charged on online banking transactions.

The Central Bank of Nigeria (CBN) had earlier ordered all banks and financial institutions to introduce a cybersecurity levy of 0.5% on all banking transactions made electronically.

The CBN said it was introduced due to growing concerns about cybersecurity threats in the country. However, public outcry forced the government to suspend it.

Source: Legit.ng