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.
Wakanow Group, one of Africa’s leading travel technology companies, has acquired Nairabox, a fast-growing Nigerian platform for digital ticketing, events, and lifestyle experiences.
In a statement on Monday, the company said the move marks a strategic step as it expands beyond travel services into entertainment and lifestyle sectors increasingly shaped by digital integration and consumer experience.
Founded as a digital hub for concerts, cinema tickets, and live events, Nairabox has built a reputation for connecting users to leisure activities through its app and online platform.
They say its integration into the Wakanow ecosystem will allow the group to offer a more seamless experience across travel, leisure, and culture.
Wakanow also named Tobi Andero as the new Head of Business for Nairabox.
Andero, who joins from the experiential marketing sector, is expected to lead the brand’s growth and strengthen its market positioning under Wakanow’s ownership.
Commenting on the acquisition, Bayo Adedeji, Wakanow’s Group CEO, said it aligns with the company’s mission to deepen consumer engagement across lifestyle touchpoints.
He said, “We see tremendous opportunity in the intersection of travel and entertainment. This acquisition allows us to offer deeper, richer experiences to our customers, not just where they travel but also how they live, enjoy, and engage with culture. We are excited about what the future holds as we combine Wakanow’s strength and reach with the lifestyle energy of Nairabox.”
He added that Wakanow’s expansion strategy extends beyond geographical reach to include new sectors that complement its travel business.
Ugochukwu Jay Chikezie, CEO of Nairabox, described the partnership as “an exciting new chapter” for the entertainment-tech space in Nigeria.
“Joining forces with Wakanow marks an exciting new chapter for Nairabox and for entertainment in Nigeria. Over the years, we’ve built a platform that connects people to the experiences they love: concerts, movies, and live events.
‘‘This acquiition allows us to further scale that vision by integrating travel and entertainment into one seamless ecosystem. Together with Wakanow, we’re creating a future where access to unforgettable experiences, whether across cities or continents, becomes simpler, smarter, and more connected than ever,’’ he said.
The acquisition underscores a growing convergence between travel and entertainment within Africa’s digital economy, as tech-driven brands seek to deliver more holistic consumer experiences.
Wakanow Group’s portfolio now includes platforms such as Wakanow.com, Kalabash54.com, Roomde.com, Onburd.com, Pointview Travels, Trip Merchant, and the newly acquired Nairabox.com.
By Kehinde Ogundare, Country Head, Zoho Nigeria
Nigeria’s e-commerce landscape is evolving rapidly. From fashion and electronics to groceries and beauty products, more Nigerians are shopping online than ever before. According to DataReportal, the country had 103 million internet users as of January 2024, and online retail sales continue to grow as more people gain access to affordable smartphones and digital payment systems.
However, while opportunity is expanding, so is competition. Thousands of small businesses now sell across Instagram, WhatsApp, and local marketplaces. For many, the challenge is no longer getting online, it’s standing out and building sustainable growth.
Below are six strategies that can help e-commerce entrepreneurs in Nigeria compete more effectively, connect with customers, and scale sustainably.
1. Focus on a niche, not the crowd
The internet offers endless reach, but success often lies in narrowing your focus. Instead of trying to appeal to everyone, identify a specific audience whose needs you understand deeply—whether that’s fitness enthusiasts, new parents, or tech-savvy students.
Niche targeting allows you to tailor your message, pricing, and product experience. It also helps small businesses build loyalty and word-of-mouth credibility in markets where advertising budgets are limited.
2. Build relationships beyond social media
Social platforms are powerful but unpredictable. Algorithms change, engagement fluctuates, and visibility can vanish overnight. That’s why it’s essential to diversify how you stay connected with customers.
Email newsletters, community groups, or loyalty programs provide more direct and reliable touchpoints. Use these channels to share updates, answer questions, and offer genuine value—not just promotions. Consistent, thoughtful communication builds trust that outlasts social trends.
3. Use data to understand customer behaviour
Every click, search, and abandoned cart tells a story. Tracking customer behaviour—through analytics dashboards, feedback forms, or even simple observation—can reveal why shoppers drop off and what keeps them coming back.
For example, you might discover that most users exit your site during checkout due to limited payment options. Adding mobile money or bank transfer features could increase conversions immediately. Data-driven decisions help eliminate guesswork and improve user experience.
4. Create content that answers real questions
Many Nigerian shoppers research extensively before buying online, especially from lesser-known brands. Publishing clear, helpful content—such as FAQs, size guides, or product comparisons—can bridge the trust gap.
A small skincare brand, for example, could post educational pieces on ingredients and routines, while a gadget store could share short explainers on choosing the right devices. When people find answers through your content, they are more likely to view your business as credible and dependable.
5. Explore automation and AI for efficiency
Artificial Intelligence is reshaping how small businesses operate globally—and Nigeria is no exception. From customer support chatbots to inventory management and personalized recommendations, automation can simplify repetitive work and improve decision-making.
Even basic AI tools can help analyse trends, spot buying patterns, and free up time for strategic tasks. The goal isn’t to replace human connection but to enhance it by focusing your energy where it matters most—understanding and serving your customers.
6. Build credibility through customer voices
Nigerians value peer opinions. Reviews, testimonials, and user-generated content often carry more weight than brand messaging. Encourage satisfied customers to share feedback or showcase how they use your products.
Displaying honest reviews on your website or social pages signals transparency and confidence. People are far more likely to trust a brand that others vouch for, especially in a marketplace crowded with new entrants.
Building for the long term
Sustainable e-commerce growth in Nigeria isn’t about chasing every new platform or pouring money into ads—it’s about clarity, consistency, and connection. By focusing on real customer needs, learning from data, and building trust at every step, businesses can create lasting impact in one of Africa’s most dynamic digital markets.
National Health Insurance Authority of Nigeria (NHIA) has signed a Memorandum of Understanding (MoU) with the National Identity Management Commission (NIMC) to make the National Identification Number (NIN) an integral part of healthcare access in the country.
The MoU was signed recently between the CEOs of both government agencies and the principal idea to have the digital ID fully integrated with the healthcare system, a step which both parties see as critical in advancing Nigeria’s universal health coverage (UHC) scheme.
Nigeria launched a UHC initiative in 2005 but its implementation has faced several challenges along the way.
The government retouched the plan in 2022 under the NHIA Act and the new target is to ensure every citizen is covered by the UHC scheme by 2030.
Kelechi Ohiri, director general and CEO, NHIA, said in a thread on his X account that the integration of the NIMC’s identity infrastructure with the national healthcare system will boost the UHC scheme by enhancing inclusivity, improving the efficiency of service delivery processes, and strengthening data integrity to support better planning.
“This collaboration demonstrates our commitment to building a resilient healthcare ecosystem through strong inter-agency partnerships,” the CEO added.
Through the collaboration, a unified system will be put in place which will link the identity of NHIA members to their patient records, not only for easy identification but also to streamline access to care.
The move is also aimed at reducing fraud and enhancing transparency in the patient management process especially in the area of processing claims.
Talking about transparency, Nigeria’s NIMC-NHIA collaboration is in the steps of moves in a country like Kenya where biometrics is used to tackle insurance fraud which has seen the government lose millions of dollars in the last few years.
The MoU comes as the MINC has continued to strengthen NIN coverage with almost 124 million issued as of September, according to The Guardian.
Meanwhile, the ID authority announced in July that it looks forward to launching the General Multipurpose Identity Card (GMPC) this month.
The ID, which the NIMC announced last year, is framed as a tool with a triple purpose to enhance digital and financial inclusion.
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