Nigeria’s financial sector has seen an exponential increase in cyberattacks due to the rapid adoption of financial technology (FinTech). Fraudulent activities have caused huge losses in the banking sector; fraud reached N273 billion in 2022. Cyberattacks have targeted mobile money accounts, bank customers, and FinTech companies. Many Nigerian financial institutions lack cybersecurity awareness and use outdated IT infrastructure, making them vulnerable to attacks. There are calls for robust cybersecurity measures, improved data protection practices, and a more comprehensive regulatory framework.
39 cybercrime domains seized, linked to HeartSender cybercrime group
Law enforcement agencies have taken down 39 cybercrime domains and servers in a recent operation to crackdown on illegal online activities.
