Nigeria’s rapid adoption of technology continues to move her deeper into the digital age is both an opportunity that comes with its share of challenges.
Many start-ups and even wellestablished businesses are utilising digital tools to expand their operations and reach a wider target market.
But this digital revolution has also made Nigeria a prime target for cyber threats, making it necessary that cyber security measures match up to this technological transformation.
This article highlights ways Nigeria can guard its future in the digital age by addressing digital security challenges and stimulate innovation and growth.
The growth of Nigeria’s digital economy
The nation’s rapid digital economy expansion is being driven by Nigeria’s youthful population, strong internet penetration and rise of innovative tech solutions.
Whether it’s the FinTech company that is revolutionising financial transactions or the ecommerce platforms making shopping easier, technology is changing how the nation does business.
The trend to use online platforms, digital payments and remote work solutions is expected to increase in the year 2025.
The increased internet usage is expected to attract cybercriminals who aim to exploit Nigerians and their businesses.
Why Cyber security is important to this advancement
Cyber criminals’ attack systems with the purpose of accessing confidential data, interrupting business operations, or for monetary gains.
Such attacks can be very costly, leading to loss of revenue, tarnishing business image, and even attract legal repercussions.
The FinTech sector is particularly vulnerable to cyber threats as it processes enormous volumes of transactions in billions of naira daily, this sector and other sectors in Nigeria stands vulnerable to threats such as phishing, ransomware, malware, DDos attacks, supply chain attacks, and several other data breaches.
For business, cyber security is not a luxury but a necessity. It is crucial in keeping the confidence of stakeholders and customers.
Current challenges in cyber security
Below are the top 5 challenges facing Nigerians and Nigerian businesses.
i. Limited Awareness: Cyber security awareness remains low among Nigerians and Nigerian businesses.
Many business owners and employees underestimate the risks of cyber-attacks, leading to lax security practices such as using weak passwords, neglecting software updates or falling victim to phishing scams. Without adequate understanding of cyber risks, businesses remain highly vulnerable.
ii. Skills Gap: The increase of digital services has led to the shortage of cyber security professionals in the Nigeria economy. It is quite challenging for many businesses to recruit qualified and competent staff.
There are also limited resources to train and certify Nigerians into cyber security professionals.
iii. Inadequate Infrastructure: Most business organisations still use out-dated systems and software that do not possess the modern security features that make it difficult for attackers to penetrate.
Also, lack of investments in secured software such as routers, firewalls, encryption devices, backup systems, and intrusion detectors puts networks at risk.
iv. Regulatory Gaps: The introduction of Nigeria Data Protection Regulation (NDPR) is a laudable step towards improving cyber security.
Although penalties for failure to implement the provisions of the regulation are not well enforced, most businesses have low awareness of the regulation and their obligations under it.
Additionally, the NDPR lacks an effective methodology for tackling the current day threat agents including ransomware, malware and supply chain attacks leaving gaps in the legal regulation of the industry.
v. Cost Concerns: The cost of implementing robust cyber security is also a real barrier for many SME’s.
Advanced security tools can be expensive to invest in and skilled professionals to conduct regular audits are of limited number.
As a result, small businesses rely on out-dated and cheap security solutions which provide little protection from cyber-attacks.
Strategies to align cyber security with digital growth
To secure her digital future, Nigeria must prioritise cyber security alongside technological advancement. Here are some strategies to achieve this:
i. Increase Cyber Security Awareness
Education is the key to fight cyber threats effectively.
Businesses, government institutions, and individuals need to understand the risks they are facing and what could be done to prevent security breaches.
Regular training sessions, awareness programs on TV, radio and workshops can help to build a culture of cyber security.
ii. Build Cyber Security Talent
To effectively reduce the cyber security skill gap, it is important to focus in the areas of education and training.
Nigerian universities, tech hubs and private companies need to partner and offer courses and certification programmes that will provide Nigerians with the necessary skills to guard her cyber space.
iii. Strengthen Regulatory Frameworks
The Nigerian government should step up efforts to improve these existing policies to meet current risks.
When it comes to decision making regarding cyber security, clear rules and consistent practices, as well as the existence of valuable rewards for adhering to standards and policies that contribute to safe internet practices and stiffer penalties for violations leading to security breaches.
iv. Invest in Modern Security Tools
The Nigerian government and businesses should invest in the purchase and development of modern security solutions such as routers, firewalls, data encryption software, and backup solutions.
Businesses should also be encouraged to update and patch software regularly since attackers cannot take advantage of known vulnerabilities.
v. Promote Incident
Response Planning Cyber security is important and to mitigate the effects of cyber-attacks there is a need to make preparations beforehand.
Businesses must also come up with business continuity and disaster response strategies for determining how they will recognize, stop or mitigate an attack, and restore operations without major disruptions.
vi. Support SMEs
Since SMEs have limited resources, they must find cyber security solutions that are efficient, yet inexpensive.
The Nigerian government and technology companies can offer research grants to develop software, and capital to the SMEs to safeguard themselves.
In conclusion, as more people in Nigeria are getting connected to the internet, it is important for this population to create a culture of responsible use in cyberspace.
The digital revolution has the potential of leading Nigeria towards economic development, enhancing the quality of lives and placing Nigeria on the map as one of the greatest innovation hubs.
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