E-Business
Only Informed, Prepared Will Survive Cyberattacks with Less Losses- Deloitte
Transitioning from 2016 to 2017, the journey of attaining a secure cyber ecosystem is a long but optimistic one as cyberattacks would continue to grow and only the informed and prepared would survive with minimal losses, said Deloitte Nigeria.
In its ‘2017 Nigeria Cybersecurity Outlook’, the firm listed the countermeasures cyber threats are likely to take in 2017.
Tope Aladenusi, Partner, Risk Advisory at Deloitte Nigeria, said that the year 2016 took cyberattacks to an unprecedented level; as there were reports of it being used to influence and sway votes in democratic elections.
“In Nigeria, several organizations suffered cyberattacks, some had to pay ransom for their data to be released,” Aladenusi said.
The federal government also estimated the annual cost of cybercrime in Nigeria to be about 0.08% of the country’s Gross Domestic Products (GDP), which represents about N127 billion.
He said, “Also, as predicted in our annual cyber security forecast, 2016 saw a rise in the number of sophisticated phishing attacks; these occurred on multiple Nigerian financial institutions and utility companies.
“We also noticed an increased interest in cyber security hacking competitions and also efforts by the regulatory bodies in setting up committees responsible for implementing and monitoring the cybercrime act”.
“Transitioning from 2016 to 2017, Aladenusi added, “the journey of attaining a secure cyber ecosystem is a long but optimistic one. Cyberattacks would continue to grow and only the informed and prepared would survive with minimal losses. In 2017, cyber threats and countermeasures are likely to take the following dimensions:
Rise And Fall Of Cyber Ponzi Schemes
With the recession in 2016 came several schemes that promised unbelievable financial returns on investment. These schemes generate returns for older investors by acquiring new investors or from re-investors.
Such schemes rely on a constant flow of new investments to continue. When this flow runs out, the scheme falls apart.
The end game is eventually that there will not be enough money to go around, and the schemes unravel.
A key characteristic of these schemes is that they are not regulated; if something goes wrong, no one is accountable. In 2017, there would be a continuous rise in these cyber ponzi schemes as the economic recession looms.
As these schemes evolve and begin to use cryptocurrencies such as bitcoins that are not yet regulated or where identities are not traceable, the schemes will become more fraudulent and people would lose their money.
One major reason why these schemes thrive is that it works the first time, thereby encouraging the investor to try again. Another reason is because of personal relationship referrals – ‘it is working’.
Some of these schemes are actually used as bait to advance other types of attacks. The schemes leverage social engineering techniques to obtain confidential data such as bank details of the victims.
Some of the schemes require victims to visit infected websites that can compromise the individual’s computer. As a result, systems could be attacked with malware which could affect the user or organization’s data. Cyber ponzi schemes are addictive in nature as it feeds on greed and usually does not stop until the user gets seriously hurt. If you really wish to invest, consider doing so with licensed investment organisations.
Ransomware Will Continue to Evolve
Ransomware has been around for a few years and has become one of the most feared and destructive online threats.
Ransomware could also be viewed as “cyber-kidnapping”. In this case, data is kidnapped and not people and a ransom is expected to be paid for the affected data to be made available. Several organizations in Nigeria suffered ransomware attacks in 2016 and this trend is expected to continue.
The effect of these attacks included loss of critical information and operational downtime which resulted in financial losses.
Ransomware will get better at being more stealth, evasive and destructive. We are likely to see built-in advanced anti-virus evading features and ability to rapidly spread across networks before detection.
Network administrators will continue to face such ransom scenarios and it is more likely that organisations especially fast growing SME’s will be targeted. The good news is that prevention is possible if individuals and organizations follow some basic cyber security practices.
Regulatory Interest in Crypto-Currencies
Bitcoin is an emerging cryptocurrency that has continuously gained eminence in recent time.
They are generated through a process called mining and are stored in a digital wallet, the wallets contain a public key that is used to receive bitcoins (similar to a bank account number) and a private key that is used to verify that you own the coins you are trying to spend.
A Bitcoin Exchange just like the Nigerian Stock Exchange allows buying or selling using different currencies and it can be exchanged anonymously.
Bitcoin is relatively new, hence, there are currently no local laws regulating the use of cryptocurrencies. This has proven to be a contentious issue for regulators and law enforcers.
The anonymous nature of Bitcoins which creates a secure mind-set, makes it a potential instrument for money launderers and cyber criminals.
Though the Bitcoin protocol might be secure, it does not necessarily extend to the wallets or the exchange platform. There have been reports of stolen wallets and illegal bitcoin exchanges.
The future of bitcoin is uncertain, as it is still an unregulated currency, but that may soon begin to change.
In Nigeria, the regulators have set up a committee to take a look at bitcoin and we expect a preliminary position to be communicated with a view to setting up a proper framework for regulating cryptocurrency.
Increase in Cloud Based Attacks
Cloud computing has evolved from many different technologies and more organizations are migrating their infrastructures, platforms or software to the Cloud. This has led to a prevalence in cloud email providers, data collocation centres and so on.
Just like every new technology breeds several security challenges, as these cloud services begin to converge and Cloud Service Providers (CSPs) start hosting the data for several organizations, attackers would shift their focus from individual organizations to the cloud service providers.
This puts a huge burden on organizations as there would be difficulty in monitoring an organizations perimeter as their security administrators may have limited control over issues from the cloud.
In essence, as organizations move to the cloud, their investments in security including tools and processes that cover their on-premise devices would need to be re-evaluated for the cloud while considering the value that CSPs have to offer in terms of security and the additional controls that need to be in place.
Cyber Intelligence As-A-Service
Disturbing trends such as commercialization of malicious software (malware kits) is transforming the cyber security landscape.
There has never been a time where launching a Distributed Denial of Service (DDoS) attack was as easy as it was in 2016.
A DDoS attack is an attempt to make an online service unavailable by overwhelming it with traffic from multiple sources.
The norm in security has been investing in the best available firewalls and anti-malware technology which remains a foundational element of any security architecture. With the overwhelming traffic generated by DDoS, such tools are no longer a viable option as they are more reactive in their approach as opposed to being proactive in dealing with such attacks.
The year 2017 will see the increased use of analytics and threat intelligence techniques and solutions to proactively disrupt future cyberattacks. For such solutions to be effective, a 24×7 intelligence information gathering and monitoring process will be required.
An intelligence early warning system empowered by machine learning and other advanced use of analytics will be sought-after. The parsing of various data feeds about cyber activity will be analysed and actionable intelligence information from several sources will form the basis against potential threats and impending attacks.
The adoption of the outsourced cyber intelligence service will grow in 2017 as organizations that lack the required skilled resources and seek to cut cost of setting up the infrastructure will choose to outsource such services.
Rise in IoT (Internet of Things) Compromises
According to the World Economic Forum, “Hacking the location data on a car is merely an invasion of privacy, whereas hacking the control system of a car would be a threat to a life.”
Such scenarios are likely to become more real and not tricks you would see in a movie as more devices get connected to the Internet. The technology that connects all of these physical devices is known as the Internet of Things (IoT).
IoT is currently being deployed in a widespread manner and Nigeria is not left out. The use of IoT devices is set to grow in 2017 in Nigeria as individuals and organizations begin to acquire such devices.
Devices such as Smart TVs, Apple watches, Android wears are already widespread and we expect more IoT devices especially ones for use in homes and offices.
As there is a distinct lack of experience in maintaining the environment and ensuring security checks on the IoT devices, there would likely be compromises if careful attention is not given to these devices.
The main challenge is that security is often overlooked and not considered in many product designs. IoT products are often sold with old and unpatched operating systems and software.
Furthermore, consumers fail to change the default passwords or configuration on such devices. In 2017, in order to stay safe and reduce the rate of IoT compromises, individuals have to employ security measures such as immediately updating the device firmware and changing passwords.
Organizations on the other hand need to gain a comprehensive understanding of IoT devices related to their business processes, operational support and the technology stack that is required before purchasing such devices.
Cyber Security Strategy and Awareness
In the New Year, as organizations increasingly link their operational processes to their cyber infrastructure and adopt new technologies such as cloud computing, IoT etc. effective cyber security management and awareness would be key to an organisation’s ability to protect its assets, reputation, intellectual property, staff and customers.
This trend of cyber security management and awareness will continue in 2017 as organizations aim to attain their goals and offer excellent services to customers. Many organizations have begun to see that their investment in sophisticated technical solutions does not fully translate to adequate protection from cyberattacks.
Organizations would gradually return to the basics which many do not consider important because they had always focused on deploying security tools.
This is particularly important as majority of the breaches that occurred in the last 3 years have focused on exploiting the people side of the cyber ecosystem.
This would lead the drive for increase in awareness and development of cyber security strategy, a service which was rarely included in budgets. The Central Bank of Nigeria (CBN) has also requested that financial institutions submit their cyber security framework to be reviewed for maturity and compliance.
We expect more business leaders to see the need for a Cyber Security Strategy which entails an integrated approach to security tailored to their particular business and risk profile. Such strategies will address not only the technical aspects of their defence, but also the people and organisational elements.
Kaspersky’s new platform, ‘Cyber Pathways’, offers a comprehensive look into the essential cybersecurity roles, skills, and tools, to empower professionals to chart their career paths with confidence.
Featuring an interactive guidance test and personalised learning recommendations, the resource helps users to discover their ideal cybersecurity role. This platform is equally useful for newcomers to cybersecurity, IT generalists, seasoned experts and corporate organisations.
According to a global Kaspersky study, a staggering 41% of companies report that their cybersecurity teams are significantly understaffed, primarily due to a shortage of qualified professionals capable of handling complex challenges.
This talent gap is further echoed by the fact that 49% of cybersecurity experts see a pressing need for more practical training opportunities to enhance their skills and venture into new, more demanding areas.
Recognising the crucial role of expertise in closing this gap, Kaspersky introduces its new digital project ‘Cyber Pathways’, a comprehensive interactive platform designed to empower cybersecurity professionals at all levels.
‘Cyber Pathways’ is a digital platform that offers an in-depth overview of key cybersecurity spheres and spotlights the vital hard and soft skills essential for success in each area.
It highlights core responsibilities and introduces key tools and solutions utilised in these roles. It also offers practically oriented educational courses tailored to expand knowledge and sharpen skills in a chosen cybersecurity field.
Key cybersecurity spheres are reviewed in the ‘Kaspersky Cyber Heroes’ part, each embodying a vital area of cybersecurity: threat intelligence, malware analysis, security operations, security assessment, network security, and information security research.
These heroes are designed to help professionals understand the unique characteristics of each role and identify the key competencies required to succeed in them.
Career guidance test in an engaging and interactive form enables professionals to assess their current expertise level and identify the cybersecurity role that best matches their strengths and aspirations.
The platform offers three tailored test options, catering to different levels of expertise: for beginners in cybersecurity, for advanced professionals, and for organisations.
Building on nearly three decades of unmatched experience and extensive historical data, Kaspersky has developed a unique expertise that not only protects against the most dangerous cyber threats and guarantees top-tier product quality, but also empowers cybersecurity professionals worldwide to enhance their knowledge and stay ahead of cybercriminals.
Rooted in this expertise, the educational recommendations provided on this platform combine highly practical, hands-on programmes from Kaspersky Cybersecurity Training and Kaspersky Academy.
Designed to equip professionals with the critical skills needed to combat sophisticated threats, these initiatives ensure that their skills remain sharp, current, and ready for any challenge.
Additionally, these recommendations include valuable resources for corporate organisations, featuring online tools from Kaspersky Security Awareness that promote cybersecurity-conscious behaviours within teams and foster a resilient security culture.
Federal Competition and Consumer Protection Commission (FCCPC) has announced Monday, January 5, 2026, as the final deadline for full compliance with the Digital, Electronic, Online, and Non-Traditional Consumer Lending Regulations, 2025.
In a statement signed by Ondaje Ijagwu, director of Corporate Affairs, the Commission said that the Regulations took effect on July 21, 2025, pursuant to the Federal Competition and Consumer Protection Act (FCCPA) 2018.
According to the statement, the new framework is designed to promote fairness, transparency, and accountability within Nigeria’s expanding digital lending ecosystem.
To facilitate compliance, the Commission has also released an accompanying instrument, the Guidelines on the Digital, Electronic, Online, and Non-Traditional Consumer Lending Regulations, 2025, issued under Sections 17 and 163 of the FCCPA.
“This document provides practical direction for lenders and intermediaries, explains the documentation required, and introduces updated Forms 1 and 3 based on feedback received from stakeholders,” the statement noted.
The FCCPC added that applicants with pending submissions may supplement their filings with any additional information required under the new Guidelines without waiting for formal requests.
It assured them that applications would continue to be processed promptly and transparently.
Speaking on the compliance timeline, Mr Tunji Bello, executive vice chairman of the FCCPC, underscored the importance of adhering to the January 5 deadline.
“Full compliance is not only a legal requirement but an important step in protecting consumers and ensuring that the sector continues to grow in a fair and responsible manner,” Bello said. “Operators have had ample time to adjust to the Regulations and the additional guidance now provided. We expect all obligations to be met before the deadline.”
The Commission emphasised that all affected operators, including digital lending platforms, service partners, and intermediaries, must complete their compliance obligations before the stated date.
It warned that enforcement actions will commence immediately after the deadline, including restricting non-compliant entities from operating, directing partners or platforms to cease dealings with them, and imposing other sanctions permitted under the law.
Copies of the Guidelines, Forms, and Frequently Asked Questions (FAQs) are available on the FCCPC websit: www.fccpc.gov.ng, as well as at the Commission’s offices nationwide.
Kashifu Inuwa, CCIE, Director General of the National Information Technology Development Agency (NITDA), has urged Nigerian youth to take the lead in driving Africa’s digital transformation, emphasising that the nation’s young population holds the key to a prosperous and inclusive future.
Delivering his opening remarks at the three-day Digital Nigeria International Conference and Exhibition 2025 at the Bola Ahmed Tinubu International Conference Centre in Abuja, Inuwa extended heartfelt appreciation to the Vice President of the Federal Republic of Nigeria for his presence, describing it as a powerful demonstration that this administration cares deeply about our youth.
The conference provides a dynamic platform for ecosystem stakeholders to showcase their work and explore emerging trends aimed at transforming the nation and continent’s digital future.
Organised by NITDA, the Digital Nigeria Conference serves as a platform that bridges government and industry, fostering collaboration between policymakers, innovators, and private-sector leaders. It aims to harmonise regulatory frameworks, promote public–private partnerships, and drive the effective implementation of Nigeria’s national digital strategies for inclusive and sustainable growth.
Inuwa noted that the conference’s theme, Innovation for a Sustainable Digital Future: Accelerating Growth, Inclusion, and Global Competitiveness, aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, particularly its focus on economic diversification through digitalisation, industrialisation and innovation.
Dr Bosun Tijani, the Minister of Communications, Innovation and Digital Economy, also speaking at the event reiterated the Federal Government’s commitment to building a sustainable, inclusive, and globally competitive digital economy, calling on stakeholders across sectors to work together to achieve Nigeria’s digital transformation goals.
Dr Tijani described the annual gathering as more than a conventional technology conference. According to him, Digital Nigeria serves as a national platform for dialogue, collaboration, and actionable strategies that will shape the country’s future in the digital era.
“It is with great pleasure that I welcome you all to Digital Nigeria 2025, something I consider to be a dialogue, but also collaboration and action towards building a sustainable, inclusive, and globally competitive digital economy for our nation. This event reminds us of what digital truly means for our past as a people, our present reality, and the future we are striving to build,” he mentioned.
Dr Tijani took the audience on a reflective journey through Nigeria’s digital history, noting that the liberalisation of the telecommunications industry in 1999 was a bold, transformative decision that changed the trajectory of the nation’s economy.
“That decision marked the beginning of a new economy built on ideas and innovation. The introduction of mobile connectivity reshaped how Nigerians live, work, and connect, fuelling a digital revolution that continues to expand opportunities for millions,” the Minister explained.
He emphasised that the ripple effect of that single reform continues to be felt across sectors and further noted that the digital economy now contributes about 18 percent to Nigeria’s Gross Domestic Product (GDP), a clear demonstration of the sector’s growing importance as a driver of national growth and economic diversification.
He also highlighted Nigeria’s global leadership in financial technology (fintech) innovation, citing the country’s advanced digital payment systems and thriving startup ecosystem.
“Today, Nigeria boasts one of the most efficient and responsive payment systems in the world. Transactions that take hours or even days elsewhere are completed instantly here. This innovation has produced five of Africa’s nine technology unicorns, companies each valued at over a billion dollars,” Tijani stated.
Senator Kashim Shettima, the Nigerian Vice President, in his remarks stated that the country is on the cusp of a historic transformation as the government advances toward passing the National Digital Economy and E-Governance Bill into law.
He described the bill as a cornerstone of the nation’s ambition to build a $1 trillion economy powered by digital innovation. Emphasizing its significance, he noted that the bill represents more than legislative reform—it is “a strategic leap toward embedding technology into the fabric of governance, economic planning, and national development.”
Drawing a compelling parallel with Nigeria’s cashless policy, which catalysed the fintech revolution, the Vice President said the anticipated impact of the new bill would ignite a govtech revolution.
“Just as the cashless policy unlocked the fintech revolution, this new bill will unlock the govtech revolution—an era of smarter governance, greater transparency, and inclusive service delivery,” he declared.
He explained that this new era would be defined by smarter governance, greater transparency, and inclusive service delivery, all driven by digital tools and infrastructure. He stressed that the bill is part of a broader national strategy to position Nigeria as a global leader in digital innovation, with the potential to transform every sector of society.
He highlighted that Nigeria, with over 220 million people and an average age of 18, stands at a critical crossroads, one that could either unleash unprecedented prosperity or deepen socio-economic challenges if the nation fails to harness the creativity of its youth.
“If we harness the energy, the creativity and talent of our youth, we are not just going to power Nigeria, but we can power the entire Africa into a new era of prosperity. But if we fail to do that, if we fail to skill our youth, if we fail to provide a platform for them to create value, we are stunting the most valuable asset we have as a nation,” he noted.
The NITDA DG revealed that the 2025 edition of the conference has attracted over 4,800 participants from 12 countries and 25 Nigerian states, making it both a national and international gathering of innovators, policymakers, and investors.
He said, “This year’s event features 12 keynote sessions, 23 panel discussions, five workshops, and two expert masterclasses across five thematic tracks.”
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