The year 2016 took cyberattacks to an unprecedented level; there
were reports of it being used to influence and sway votes in
democratic elections. In Nigeria, several organizations suffered
cyberattacks, some had to pay ransom for their data to be
released.
The federal government also estimated the annual cost of
cybercrime in Nigeria to be about 0.08% of the country's Gross
Domestic Products (GDP), which represents about N127 billion. Also,
as predicted in our annual cyber security forecast, 2016 saw a rise
in the number of sophisticated phishing attacks; these occurred on
multiple Nigerian financial institutions and utility companies.
We also noticed an increased interest in cyber security hacking
competitions and also efforts by the regulatory bodies in setting
up committees responsible for implementing and monitoring the
cybercrime act.
