E-Business
Nigeria Loses 127Bn on Yearly to Cybercrime, says Minister

Adebayo Shittu, Minister of Communications, said that Nigeria is losing about N127 billion annually to cybercrime and urged stakeholders in the Information and Communication Technology (ICT), industry to rise up to the challenge.
He also the Ministry in collaboration with the military is poised to use modern technology to fight insurgency, corruption and other crimes that pose a threat to Nigeria’s unity.
He spoke while declaring open the 26th edition of the National Conference of the Computer Society of Nigeria holding at NAF Centre, Abuja.
He told the gathering that all hands must be on the deck to face the challenges confronting the nation with the deployment of ICT, stressing that the theme of this year’s conference was more apt as “no nation can develop without safety and security.”
He said: “national safety and security further encompasses securing the nation’s cyber space. Our growing dependence on digital infrastructure introduces and poses grave threats to national security. It is quite shocking that Nigeria loses about N127 billion which is 0.08 per cent of the country’s Gross Domestic Products (GDP), yearly to cybercrime”.
He said further “Without safety and security, growth is impossible. “Information Technology for National Safety and Security”, the Conference theme, is highly relevant as it aligns with the National safety and security priority of the administration of President Muhammadu Buhari.
“Securing lives and properties is both an enabler and an imperative for growth and development. Threats emanate from local and global terrorism which strikes fear and shatters the much needed national peace and security.
“Nobody, no organization can perform optimally under a cloud of fear. Uncertainties and raised anxieties strain our economy and society. We must however acknowledge successes recorded so far in the fight to keep Nigeria secure.
“It is appropriate that the efforts of the armed forces and the significant achievements in the fight against Boko Haram are recognized. Though the Nigerian Army is already using some technology platforms, there may be some requiring close attention by the conference. The Ministry is also engaging with the Nigerian Army on possible technology collaboration to tackle the activities of insurgents and other security challenges in the country.
“Beyond military might, financial crimes and corruption are added burden to the national security challenges that threaten the very existence and development of the nation. In Public finance, the electronic platforms used by the Nigerian government such as the Treasury Single Account (TSA), the Government Integrated Financial Management Information System (GIFMIS) and the Integrated Payroll and Personnel Information System (IPPIS) have resulted in significant savings and elimination of waste in governance.
“Though great strides have been made in these areas, there is still a lot to do to secure our dear nation. We all know that ICT is the globally recognized enabler in all spheres of development and it is most appropriate for NCS to step in by offering the nation an authentic platform to explore the role of ICT in national safety and security. Using ICT and Geographical Information System (GIS) to tackle Boko Haram, Niger Delta militancy and other security challenges with enhanced efficiency and professionalism has become a matter of paramount importance. ”
“As at today, ICT is currently contributing up to 10 percent of Nigeria’s GDP and had created over 10 million jobs in the past 10 years. Developments in the ICT sector have provided well over $32 billion in foreign direct investment (FDI) over the last 15 years. It is indeed one of the fastest growing sectors of the Nigerian economy which is the second largest ICT market in Africa. The number of Internet subscribers in Nigeria also rose from less than one million in 2003 to over 80 million in November 2015,” the Minister added.
In his remarks, Prof. Sola Aderounmu, President of the Nigeria Computer Society, noted that more pro-active steps are needed to drive the ICT industry in the country considering the enormous challenge facing the nation.
He said the theme of this year’s conference, Information Technology for National Safety and Security, was carefully chosen to enable stakeholders brainstorm on issues that would bring about speedy growth and development of the ICT industry.
Prof Aderounmu commended all the past presidents of the association for their contributions to the development of the country and the organization, adding that a number of activities have been lined up during the conference to honour them.
E-Business
Nigeria Targeted with 4,622 Cyber-attacks Per Week in December 2025

In December 2025, organisations globally faced sustained cyber pressure, as the average number of cyber-attacks per organisation per week reached 2 027, a 1% increase from the previous month and a 9% increase from December 2024.

This is according to December 2025 Global Cyber Attack Statistics by Check Point Research, the threat intelligence arm of Check Point Software Technologies.
According to the statistics, Latin America was the hardest hit, with companies experiencing an average of 3 065 cyber-attacks per week, a 26% year-over-year increase.
In contrast, Africa saw a decline in attacks, with Nigeria (4 622 attacks per week) and Angola (4 002 attacks per week) being the most targeted countries on the continent.
The report’s findings highlight the evolving cyber threat landscape, with ransomware and GenAI-driven data risks posing significant challenges to companies worldwide.
Ransomware attacks jumped 60% year over year, with 945 publicly reported incidents in December. Qilin was the most active ransomware operator, responsible for 18% of publicly disclosed attacks.
“Ransomware continues to scale through industrialised operations, while unmanaged GenAI usage is creating widespread data exposure at enterprise level,” said Omer Dembinsky, data research manager at Check Point Research.
The report noted the education sector was the most targeted industry globally, with 4 349 cyber attacks per week; followed by government (2 666 attacks per week); and associations and non-profits (2 509 attacks per week).
The widespread adoption of GenAI tools has introduced new cyber security risks, with one in 27 GenAI prompts posing a high risk of sensitive data leakage.
Experts warn that companies must prioritise prevention-first security, real-time AI threat intelligence and strong governance over AI tools to mitigate these risks.
Hendrik de Bruin, head of security consulting at Check Point Software, added: “Strengthening ransomware resilience, deploying AI-powered prevention and enforcing clear GenAI governance will be critical to reducing cyber risk in the year ahead.”
E-Business
Half of Global Companies Build SOCs to Enhance Cybersecurity, with a Focus on Human Expertise

Among the primary reasons for establishing a Security Operations Center (SOC) are strengthening cybersecurity posture, enabling faster detection and response and gaining a competitive edge.

Interestingly, despite the increasing demand for automated cybersecurity solutions, businesses rely on skilled security professionals to make key decisions, as human expertise remains essential for effective security management.
A Security Operations Center (SOC) is a dedicated organisational unit responsible for continuous monitoring and safeguarding of a company’s IT infrastructure. Its core mission is to proactively detect, analyse and respond to cybersecurity threats.
To identify the main drivers, strategic priorities, and potential challenges in SOC planning and implementation, Kaspersky has conducted a comprehensive global study involving senior IT security specialists, managers and directors from companies with 500 or more employees.
All participants operate without a SOC but have plans to establish one in the near future. The study spans 16 countries across APAC, META, LATAM, Europe, and Russia, providing valuable insights into the emerging trends and best practices in SOC development worldwide.
The findings of the research reveal that 50% of companies intend to establish SOCs to strengthen their cybersecurity posture, and 45% are motivated by the need to address increasingly sophisticated and dangerous threats.
Other drivers include budget optimisation, the necessity for faster detection and response, and the expansion of software, endpoints and user devices – factors that demand more comprehensive and layered security measures.
These are cited by 41% of organisations. Additionally, 40% seek better protection of confidential information, 39% aim to meet regulatory requirements and one-third (33%) expect SOC capabilities to provide a competitive edge. Larger enterprises tend to cite each of these reasons more often, reflecting the broader operational and regulatory pressures they experience.
Continuous monitoring becomes the leading SOC requirement
Among the key functions organisations plan to delegate, 24/7 security monitoring leads at 54%. This around-the-clock vigilance enables early detection of anomalies, prevents escalation and sustains cyber resilience in real-time. This demand highlights a strategic requirement for proactive risk management, as organisations aim to defend against persistent threats that can strike at any moment.
Companies intending to fully outsource SOC operations show a stronger interest in applying “lessons learned” methodologies, whereas those developing internal SOCs focus more on access management to maintain tighter control.
Human expertise drives SOC technology choices
While SOCs use advanced technology, the choices made by organisations show that human analysts are very important. Among the solutions that organisations plan to include in SOC are – Threat Intelligence Platforms (48%), Endpoint Detection and Response (42%) and Security Information and Event Management systems (40%) – sophisticated solutions that automate data collection and reduce operational load, however, they depend heavily on skilled security professionals who provide critical context, interpret complex findings and make final decisions when guiding appropriate responses.
Other solutions chosen include Extended Detection and Response (38%), Network Detection and Response (37%) and Managed Detection and Response (33%). Large enterprises tend to adopt more technologies (5.5 per SOC on average), while smaller ones integrate fewer (3.8).
“To successfully build a SOC, companies must prioritise not only the right mix of technology but also the careful planning of processes, clear goal-setting and effective resource distribution.
“Well-defined workflows and continuous improvement are essential to ensure that human analysts can focus on critical tasks, making the SOC a proactive and adaptable component of their cybersecurity strategy,” comments Roman Nazarov, Head of SOC Consulting at Kaspersky.
E-Business
Nigerian Terra Industries Secures $11.8m for Expansion

Terra Industries, a Nigerian defence technology startup, has raised $11.75 million to expand its development of defensive systems that protect critical facilities across Africa.

The fundraising round was led by Silicon Valley venture firm 8VC, which was founded by Palantir co-founder Joe Lonsdale.
Other investors in the round include Valour Equity Partners, Lux Capital, SV Angel, and Nova Global, as well as African-focused funds Tofino Capital, Kaleo Ventures, and DFS Lab.
Terra Industries, founded in Abuja by Nathan Nwachuku and Maxwell Maduka, provides multi-domain security solutions for both air and land. Its solutions are intended to detect and respond to threats including terrorism, sabotage, and armed attacks on infrastructure.
The company’s product portfolio includes surveillance drones, ground-based robotic systems, and fixed monitoring towers deployed around sensitive locations.
Co-founder and CEO Nathan Nwachuku said the company has now fully embraced its identity as a defence-focused startup, citing the growing urgency of security challenges across Africa.
He said safeguarding critical infrastructure from terrorist threats has become unavoidable.
Nwachuku argues that protecting Africa’s infrastructure requires a different approach, one that combines local manufacturing, end-to-end system control, and software capable of independently identifying and responding to threats over large areas.
The company aims to position itself as a defence prime, similar to the role played by firms such as Anduril Industries and Palantir in the United States.
Nwachuku also disclosed that the company had earlier raised $800,000 in pre-seed funding.
With the new funding, Terra plans to increase manufacturing capacity within Africa, establish additional defence production facilities, and expand its artificial intelligence and software teams.
While software offices are planned for San Francisco and London, the company said manufacturing operations will remain on the continent.
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