Nigeria Cyber Security Outlook 2019

6/4/2019 12:00:00 AM

2018 was a year of tremendous technological innovation and landmark shift in thinking. On the other hand, it was plagued with several high profile privacy and cybersecurity breaches within and outside Nigeria. One of the most prominent security breaches was the Facebook data scandal. Cambridge Analytica acquired personally identifiable information of up to 87 million Facebook users resulting in a significant breach. We also saw several high profile organisations around the world in the media for major breaches that affected their profits and share value. Nigerian companies were not immune to the spree of cyber-attacks and data breaches. We had a mix of cases originating from phishing attacks, malicious software embedded at payment interfaces and ransomware. Although these attacks did not receive heavy media coverage, billions of Naira was lost. Many organisations also experienced cryptojacking; a situation whereby attackers use the victim’s computer to mine cryptocurrency. There was an increase in cryptojacking due to the fact that it is a cheaper alternative to ransomware that requires much less technical skills. Just as we predicted in the Deloitte Cyber Security Outlook for 2018, Cyber Security Regulations played a key role in 2018 as it became one of the major drivers for security. Regulations such as the Central Bank of Nigeria (CBN) Cyber Security Framework and the EU’s General Data Protection Regulation (GDPR) came to the fore ultimately raising the importance of security among Nigerian companies. It is also important to note that the GDPR also affects Nigerian companies transacting business with European citizens. An overview of the 2019 Cyber Security Landscape shows that we can expect some of these trends to continue with a number of them being amplified. Watch out for these major trends that could impact the Nigerian Cyberspace in 2019.