Connect with us

E-Business

Securing Your Organization Against Ransomware Attacks

Published

on

Kindly share this post

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.


Kindly share this post

Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

Continue Reading
Advertisement
Comments

E-Business

CPN Begins Crackdown on Quack IT Professionals, Vows Tougher Action against Cybercrime

Published

on

Kindly share this post

Computer Professionals (Registration Council of Nigeria), also known as CPN has begun a nationwide crackdown on quackery and unlicensed practices in a bid to strengthen professional standards in the country’s information technology sector.

CPN Begins Crackdown on Quack IT Professionals, Vows Tougher Action against Cybercrime

CPN has also  vowed tougher action against cybercrime in the country.

These were the major decisions taken at its 2026 Information Technology Professionals’ Assembly and Annual General Meeting (AGM) on Friday

Essien Eyo, president and chairman of Council of CPN, speaking at a virtual press conference, said the council would continue to enforce strict compliance with professional regulations to safeguard the integrity of Nigeria’s computing ecosystem.

He warned that the council would not tolerate unlicensed practice in the sector, stressing that regulatory enforcement would be strengthened in line with its statutory mandate.

“The Act makes it mandatory for all persons and organisations seeking to engage in computing and professional services to be registered and licensed by the council.

“It is illegal to engage in computing and professional practice without satisfying the requirement of registration and possession of a valid licence,” Eyo said.

He added that the council was determined to rid the sector of quackery and ensure that only qualified professionals are allowed to operate.

“CPN is committed to ensuring high professional ethics and standards, and we will continue to intensify efforts to eliminate quackery, arbitrary practice and lack of standards in the IT sector,” he stated.

Eyo disclosed that the 2026 IT Professionals’ Assembly, scheduled for May 13 and 14 at the NAF Conference Centre, Kado, Abuja, would serve as a key platform to advance regulatory compliance, professional development and industry collaboration.

The event, now in its 20th edition, has the theme, “Digital Resilience and Inclusion for Smart Economy,” and aligns with Nigeria’s broader digital economy and Renewed Hope Agenda.

He explained that the theme reflects the urgent need to build a secure, inclusive and resilient digital ecosystem capable of withstanding modern technological disruptions.

“In an era defined by rapid technological change, cybersecurity threats, economic disruptions and evolving digital demands, resilience ensures that digital infrastructure and institutions can withstand shocks and sustain growth,” Eyo said.

“At the same time, inclusion guarantees that no segment of society is left behind in accessing digital opportunities.”

He said the assembly would also focus on emerging digital risks, ethical technology deployment, inclusive policy frameworks and strengthening collaboration among government, industry, academia and civil society.

Eyo further noted that the event would feature the induction of new members into the computing profession and would be delivered in a hybrid format to ensure wider participation.

“The 2026 IT Professionals’ Assembly is not just an event but a strategic platform for shaping Nigeria’s digital destiny,” he said.

He confirmed that the keynote address would be delivered by Bosun Tijani, minister of Communications, Innovation and Digital Economy.

Also speaking,  Aliu Abdullahi, vice president of Council, said the establishment of CPN was a Federal Government response to the need for proper regulation of Nigeria’s growing IT sector.

He said the council’s mandate includes setting professional standards, accrediting academic programmes, conducting examinations, regulating practice, enforcing ethics and maintaining the national register of computing professionals.

Abdullahi reiterated that all individuals and organisations engaged in IT training, computing services and related activities must be duly registered and licensed by the council.

He urged media organisations to support public awareness of the council’s activities, especially the forthcoming assembly, which he described as critical to strengthening Nigeria’s digital governance and professional integrity.


Kindly share this post
Continue Reading

E-Business

Nigeria Hit by 24.1m Data Breaches – Surfshark

Published

on

Kindly share this post

Surfshark, a Netherlands-based cybersecurity firm, has reported that Nigeria recorded about 24.1 million compromised user accounts since 2004, making it the third most affected country in Sub-Saharan Africa.

Nigeria Hit by 24.1m Data Breaches - Surfshark

The report, which analysed global data breach trends for the first quarter of 2026, showed that Nigeria recorded 281,500 leaked accounts between January and March 2026, ranking the country as the 34th most breached nation globally during the period.

Globally, the report revealed that 210.3 million accounts were breached in the first quarter of 2026, representing a sharp increase compared to previous periods.

The United States accounted for 29 per cent of all reported breaches worldwide, followed by France, India, Brazil and the United Kingdom.

According to the report, cyber threats targeting Nigerian users have continued to intensify over the years, exposing millions of individuals to risks such as identity theft, account hijacking, extortion and financial fraud.

Surfshark disclosed that about 7.5 million unique email addresses linked to Nigerian users have been exposed since 2004, while approximately 13 million passwords were leaked alongside compromised accounts.

The report noted that more than half of breached Nigerian users remain vulnerable to cyber-related crimes.

“Statistically, 10 out of 100 Nigerian people have been affected by data breaches,” the report stated.

Further analysis showed that leaked data linked to Nigerian users included highly sensitive information such as Social Security-related records, payment card details, residential addresses, and personal contact information.

According to the report, about 3,900 Social Security-related records and 1,600 payment card details were exposed, alongside 1.9 million phone numbers and more than 925,000 residential addresses.

The cybersecurity firm warned that the growing scale of data exposure reflects increasing vulnerabilities in the global digital ecosystem as businesses accelerate the adoption of artificial intelligence technologies.

Commenting on the trend, Tomas Stamulis, chief security officer, Surfshark, said the rapid integration of AI systems by companies has significantly expanded the volume of user data being collected and stored.

According to him, businesses are increasingly relying on AI-driven tools for automation, analytics and operational efficiency, leading to the accumulation of larger datasets that could become attractive targets for cybercriminals.

The report cited industry statistics indicating that 20.2 per cent of companies used AI technologies in 2025, up from 8.7 per cent in 2023.

“These AI-driven systems collect and log more detailed user information for automation, analytics, and model improvement,” Stamulis said.

He added that while artificial intelligence improves productivity and operational efficiency, it also increases the number of systems organisations must secure, thereby creating additional opportunities for cyberattacks and data leaks.

Stamulis further warned that compromised personal information often retains value for cybercriminals long after passwords or email credentials have been changed.

According to him, hackers frequently combine old and newly leaked information into so-called “combo lists,” which are repeatedly traded or deployed for fraudulent activities and identity theft schemes.

He advised internet users to minimise the amount of sensitive personal information shared online, use alternative email identities or masking services where possible, and provide confidential information only when necessary.

The report also showed that global breached accounts in the first quarter of 2026 tripled compared to the corresponding period of 2025 and rose by 22 per cent relative to the fourth quarter of 2025, underscoring the growing sophistication and frequency of cyberattacks worldwide.


Kindly share this post
Continue Reading

E-Business

NITDA Warns of  AI-Powered DeepLoad Malware Targeting Banks, Govt Agencies

Published

on

Kindly share this post

National Information Technology Development Agency (NITDA), has raised alarm over a new artificial intelligence-powered malware known as “DeepLoad,” warning that the cyber threat is actively targeting Nigerian government agencies, financial institutions, businesses and individuals.

NITDA Warns of  AI-Powered DeepLoad Malware Targeting Banks, Govt Agencies

The agency disclosed this in a critical advisory issued through its Computer Emergency Readiness and Response Team (CERRT.NG) and shared via its official X account.

The warning comes amid a growing wave of cyber-attacks targeting Nigerian organisations, including private institutions such as banks and government agencies like the Corporate Affairs Commission (CAC).

According to NITDA, DeepLoad is an AI-enhanced malware strain designed to infiltrate systems, steal sensitive information and evade conventional antivirus detection systems.

“The malware is distributed through a social engineering technique involving fake website error,” the advisory stated.

NITDA explained that the malware spreads through deceptive website prompts that trick users into executing malicious commands on their computers.

“Once executed, DeepLoad silently installs itself, harvests stored credentials and sensitive data from major browsers, and leverages artificial intelligence to evade antivirus detection,” the agency said.

The agency further warned that one of the most dangerous features of the malware is its ability to remain active even after attempted removal.

“Critically, the malware incorporates a hidden WMI-based persistence mechanism capable of reactivating the infection up to three days after apparent removal,” it stated.

NITDA stressed that the severity of the threat requires immediate action from both organisations and individuals across the country.

“Given its severity and confirmed active targeting of Nigerian entities, all organizations and individuals must implement the protective measures outlined in this advisory immediately,” the agency added.

The agency warned that individuals, government institutions, businesses, large organisations and small enterprises are all vulnerable to the rapidly evolving cyber threat posed by DeepLoad.

According to NITDA, a successful DeepLoad infection could grant cybercriminals unauthorised access to bank accounts, mobile money services and payment cards, while also enabling the theft of passwords, documents and sensitive personal information stored on web browsers.

The agency warned that the stolen information could be exploited for identity fraud, allowing criminals to impersonate victims for financial gain.

For organisations, NITDA said infections could trigger operational disruptions requiring complete system isolation and remediation procedures. It added that attacks on government systems could compromise classified networks and pose broader national security risks.

To prevent infections, NITDA advised Nigerians never to paste commands from websites into their computers, noting that legitimate software providers do not request such actions.

The agency also cautioned users against opening suspicious files such as “Chrome Setup” or “Firefox Installer” from USB drives and advised that all external storage devices be scanned with antivirus software before use.

NITDA further recommended enabling two-factor authentication on important accounts and avoiding the storage of banking passwords directly on web browsers.

For organisations, the agency urged companies to immediately sensitise staff about the DeepLoad threat, enable PowerShell Script Block Logging across Windows systems and review browser extensions for unauthorised installations.

The advisory also recommended blocking malicious domains, including holiday-updateservice[.]com, forest-entity[.]cc and hell1-kitty[.]cc, at firewall and DNS levels.

Additionally, organisations were advised to check for hidden WMI Event Subscriptions that could allow the malware to survive standard cleanup procedures.

NITDA said institutions that suspect infections should immediately disconnect affected systems from the internet, change all passwords from clean devices, isolate compromised systems, activate incident response teams and report incidents to the agency within 72 hours as required by law.

The latest warning has added to growing concerns over cyber attacks targeting Nigeria’s financial and digital infrastructure in recent months.

In April, the Nigeria Data Protection Commission (NDPC) warned about coordinated cyber threats targeting Nigeria’s financial systems and critical digital infrastructure, urging organisations to strengthen their data protection architecture.

The warning also followed the commission’s announcement of an investigation into an alleged data breach involving Remita Payment Services, Sterling Bank and other entities.

Similarly, the Corporate Affairs Commission (CAC) temporarily shut down its website between April 17 and April 20, 2026, following reports that about 25 million documents may have been exfiltrated during a suspected cyber attack.

 


Kindly share this post
Continue Reading

Trending