By By Amuta Susan
Cyberattacks are becoming more common in Nigeria and around the world. These attacks are when someone tries to break into another person or organization’s computer system on purpose. Hackers usually want to steal important information from businesses, like customer details or financial records. According to the Economic and Financial Crimes Commission (EFCC), 80% of the 978 convictions it secured by September 2021 were related to cyber fraud. A report from the Nigeria Inter Bank Settlement System (NIBSS) showed that in just nine months of 2020, there were 46,126 attempts to hack into systems, and unfortunately, 41,979 of those attempts were successful—about 91%.
A survey called “The State of Ransomware 2022” found that 71% of businesses in Nigeria faced ransomware attacks in 2021. For 44% of those businesses, fixing the damage from these attacks cost around $3.43 million.
In 2017, Africa lost $3.5 billion to cybercrimes, with Nigeria losing the most at $645 million.
Right after cybercrimes come financial crimes. Dr. Aminu Maida, the Executive Vice Chairman of the Nigerian Communications Commission (NCC), describes these as illegal activities that involve tricking or misusing financial systems to benefit oneself.
At a recent event, Maida was represented by Reuben Muoka, the NCC’s Director of Public l The following year, Nigeria lost $800 million (N288 billion) due to cyber attacks. A 2019 report also revealed that Nigeria has been losing an average of N127 billion ($328,842,878) in recent years to cybercrimes.
Fighting Financial Crimes
Maida said we can fight financial crimes using technology. Nigeria’s telecom sector has grown a lot. This growth creates a lot of data every day. With advanced data analysis and AI, we can find suspicious patterns that suggest crime. By working with banks, we can filter this data to catch these patterns early. These tools help monitor transactions in real-time, which helps prevent crime.
Maida also mentioned that the Commission is improving access to telecom services. They have set up a team called the Computer Security Incident Response Team (CSIRT). This team helps deal with security problems for organizations and individuals. They use biometric checks for telecom services and financial transactions, ensuring strict compliance from service providers. They also support digital forensics.
The team warned Nigerians about a malware called NetSupport RAT. Cybersecurity experts in South Korea found it being spread by a phishing website pretending to be a popular Pokemon card game.
The malware is a tool that lets attackers take control of people’s computers. They can use the mouse and keyboard, access files, and even install more harmful software.
Maida highlighted the importance of educating the public about online safety to reduce tech-related crime. He also stressed the need for better teamwork across countries to fight financial crime effectively.
Additionally, he mentioned that investing in technology and bringing together experts from different fields, like tech, law, and government, is crucial to stay ahead of new criminal tactics.
