NIGERIA is enhancing its cybersecurity efforts due to increasing cybercrime profits, reporting a 46% decrease in fraud incidents but rising losses. The country is creating a new cybersecurity framework mandating incident reporting and investments, while also facing a substantial number of cyberattacks weekly. Despite a decrease in reported incidents, the overall damage from cybercrime is increasing, with insider threats contributing significantly.
The government emphasizes the need for better training and resources for organizations, particularly smaller businesses, to combat rising cyber threats effectively. Regulatory enforcement remains a challenge, with gaps in compliance and reporting.