E-Business
Securing Your Organization Against Ransomware Attacks

Nigerian businesses continue to reap immense gains from deploying contemporary digital technologies in the design and execution of their processes. But these tools aren’t always insulated from potential sabotage. Malicious actors may find vulnerabilities in those technologies, and exploit such weaknesses to wreak havoc on the organizations that use them.

One way that cybercriminals do this is by targeting their victims with ransomware. Over the past decade, cyberattacks involving ransomware have grown in number, and have become more sophisticated. These attacks hit SMEs and large corporations, and even public sector agencies, and costs them tens of millions of naira.
If you are a business or an institution in Nigeria, you should be concerned about ransomware and the damage it could cause you.
Ransomware: A Brief Introduction
Ransomware is a program that blocks access to its victim’s files until the victim pays a ransom. Cybercriminals infect a target’s computer with it, aiming to extort a specific amount of money from that target in return for restored access, in a manner akin to a kidnap-for-ransom.
Typically, the perpetrator would send ransomware disguised as a harmless file to victims. If the target downloads or opens the file, it infects their system. The program may be spread through email attachments, malicious URLs, remote desktop protocol, and even malicious advertising.
Newer ransomware types can self-propagate across a network, potentially infecting every system used in an organization. They are capable of shutting down entire businesses.
Ransomware Attacks Are Fairly Common
Reports on the state of IT and the contemporary business environment reveal that ransomware attacks are fairly common across the globe. Not surprisingly, they are usually concentrated on businesses.
In 2020 alone, there were an estimated 304 million ransomware attacks worldwide. This was up 62% on the previous year. According to the Singapore Computer Emergency Response Team, there was “a seven-fold jump” in the number of reported ransomware incidents in the first half of 2020.
Some of that spike in activity was attributed to cyber criminals trying to exploit lapse IT security during the COVID-19 pandemic; their targets were predominantly remote workforces. However, these incidents have numbered in the hundreds of millions per year since 2016.
Nigerian organizations have been affected. A report by the Sophos Group, a UK-based security software and hardware security firm, revealed that 53% of the Nigerian businesses it surveyed had been victims of ransomware in 2019.
Of the businesses hit, about 38% of them admitted to paying the attackers to regain access to their files. However, the Sophos report indicated that these payments didn’t always result in the victims recovering all their resources.
A Few Well-Known Ransomware Attacks
In 2019 and 2020, many companies worldwide were targeted by ransomware called Ryuk. It is spread via malicious emails that contain dubious links or attachments. If successfully deployed on an organization’s computers, it can request a ransom of more than $300,000. As of January 2021, cybercriminals had reaped more than $150 million from Ryuk.
Three years before this, another ransomware, Petya, began infecting computers in several countries. It denied users access to their Operating Systems and demanded a $300 ransom from them. A later version did not unlock the infected system even after the ransom was paid.
The most infamous ransomware attack to date involved the WannaCry program, which infected more than 200,000 computers in over 150 countries. In May 2017, it spread across the world fairly rapidly, affecting both businesses and public institutions. The global cost of the attack is believed to have exceeded $4 billion.
Since the first known ransomware was created in 1989, several more have been designed and deployed, to devastating effect.
Organizations Incur Significant Costs from Ransomware Attacks
The cost of recovering from a ransomware attack has doubled in the past year. The cumulative global cost was well over $1 billion in 2020 alone.
Sophos says that these incidents cost mid-sized businesses an average of $133,000 annually. Some companies incurred several million dollars in recovery costs. In many cases, this expenditure racks up from multiple incidents.
The most hard-hit sectors included media, IT and telecoms, and energy/oil and gas utilities. The public sector was the least frequently targeted. Regardless, organizations in these domains have spent large amounts of money on damages inflicted by ransomware.
Unfortunately, many SMEs are unable to bear the financial weight of recovery. At least 1 in 5 of these businesses shut down within a year of suffering an attack. Bigger companies are better able to cope, but they too aren’t immune from the burden that such events bring.
How to Protect Your Organization Against Ransomware
The threat of a ransomware attack is ever-present. You will do well to prepare for an attempted strike against you.
Map your assets and note the degrees to which each one is vulnerable to an attack. Work with your IT team to prepare a resilience plan, complete with data backup, business continuity, and recovery strategies.
Also, ensure that the latest Operating Systems patches are applied when they become available, and update critical software as soon as is possible. Carry out penetration tests to determine where the weak points are, and fix them.
Adopt enhanced passwords and multi-factor authentication for staff at your organization. Train them to verify emails and other messages before engaging with them, and not to open websites unless they have a URL that begins with ‘HTTPS’ (Hypertext Transfer Protocol). The last ‘s’ is crucial; it indicates a secure site.
A Partner You Can Trust
Ransomware attacks have grown more sophisticated and precise over time. If you have sensitive data to protect, you will want to work with IT security experts to set up a strong defense for your organization.
Layer3 provides this expertise through its cybersecurity services. With our IT risk vulnerability and management, email authentication, and network access solutions, you can build a strong buffer against various kinds of cyber threats, including ransomware.
To find out more about our IT security offerings, or the other services we provide, you can contact us here.
E-Business
Elon Musk Seeks $134Bn from OpenAI, Microsoft for ‘Wrongful Gains’

Elon Musk, billionaire Tesla owner, has asked a United States (US) federal court to award him up to $134 billion in damages from OpenAI and Microsoft, stating that the companies earned “wrongful gains” from his early support of the artificial intelligence startup.

Elon Musk,
This is according to a court filing, reported by Reuters.
In filings ahead of a trial expected to start in April in Oakland, California, Musk stated that OpenAI benefited between $65.5 billion and $109.4 billion from his contributions when he helped co-found the organisation in 2015, and Microsoft gained between $13.3 billion and $25.1 billion through its involvement.
He has asked a United States (US) federal court to award him up to $134 billion in damages from OpenAI and Microsoft, stating that the companies earned “wrongful gains” from his early support of the artificial intelligence startup.
This is according to a court filing, reported by Reuters.
In filings ahead of a trial expected to start in April in Oakland, California, Musk stated that OpenAI benefited between $65.5 billion and $109.4 billion from his contributions when he helped co-found the organisation in 2015, and Microsoft gained between $13.3 billion and $25.1 billion through its involvement.
Musk’s legal team argues that his early financial and strategic contributions, including approximately $38 million in seed funding, the recruitment of key personnel, and assistance in connecting founders with contacts, laid the foundation for the later success of OpenAI and Microsoft’s commercial AI efforts.
“Without Elon Musk, there’d be no OpenAI. He provided the bulk of the seed funding, lent his reputation, and taught them all he knew about scaling a business. A pre-eminent expert quantified the value of that,” Musk’s lead trial lawyer Steven Molo told Reuters.
“Just as an early investor in a startup company may realise gains many orders of magnitude greater than the investor’s initial investment, the wrongful gains that OpenAI and Microsoft have earned—and which Mr Musk is now entitled to disgorge—are much larger than Mr Musk’s initial contributions,” the filing said.
Musk, who left OpenAI’s board in 2018 and now leads AI company xAI, alleges that OpenAI violated its founding non-profit mission when it restructured to include a for-profit arm tied to Microsoft’s investment and commercial strategy.
Meanwhile, OpenAI has labelled the lawsuit “baseless” and part of a “harassment campaign” by Musk, and Microsoft’s legal team has said there is no evidence the company “aided and abetted” OpenAI in any wrongdoing.
Both companies have asked the judge to limit what Musk’s expert witness may present at trial, arguing that the damages calculations are unreliable and could mislead a jury.
According to Reuters, Musk’s filing says he may pursue punitive damages and other penalties, including a possible injunction, if the jury finds the companies liable, though it did not specify what form any injunction would take.
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.
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