Reported by Weng Patrick Atokor | Journalist at Weng Global
Many Nigerian companies are successfully passing cybersecurity compliance audits and obtaining internationally recognised certifications, yet they remain highly vulnerable to cyberattacks due to weak operational security, poor cyber hygiene, and evolving digital threats, cybersecurity experts have warned.
The experts say a growing number of organisations are focusing on meeting regulatory requirements rather than building resilient cybersecurity systems capable of detecting, preventing, and responding to sophisticated attacks. While compliance audits remain an important benchmark for governance and accountability, they argue that certifications alone do not guarantee protection against cybercriminals.
Their concerns come as Nigeria’s digital economy continues to expand rapidly, with businesses in banking, telecommunications, healthcare, education, manufacturing, and government increasingly relying on digital platforms and cloud technologies to deliver services.
According to cybersecurity professionals, cybercriminals are becoming more sophisticated, exploiting weaknesses that may not be identified during routine compliance assessments. They noted that attackers do not target organisations because they failed an audit but because they discover exploitable vulnerabilities within their systems.
“Compliance establishes minimum security standards, but cyber resilience requires continuous monitoring, testing, staff awareness, and rapid incident response,” industry analysts said.
Compliance is not the same as security
Experts explained that cybersecurity compliance frameworks such as ISO/IEC 27001, the Nigeria Data Protection Act (NDPA), and industry-specific regulations provide organisations with governance structures and best practices for managing information security.
However, compliance assessments are typically conducted periodically and cannot account for new vulnerabilities or attack techniques that emerge after an audit has been completed.
As a result, organisations may receive positive audit reports while unknowingly operating with outdated software, weak passwords, poorly configured cloud systems, or insufficient monitoring capabilities.
Security consultants warn that treating audits as the final measure of security creates a false sense of confidence, leaving businesses exposed to ransomware, phishing attacks, insider threats, and business email compromise.
Rising cyber threats
Nigeria has witnessed increased cyber threats as businesses embrace digital transformation and online services.
Cybercriminals commonly exploit:
- Phishing emails targeting employees.
- Weak or reused passwords.
- Unpatched software vulnerabilities.
- Misconfigured cloud infrastructure.
- Stolen login credentials.
- Third-party supplier weaknesses.
- Social engineering attacks.
According to global cybersecurity reports, ransomware remains one of the fastest-growing threats affecting organisations worldwide, while phishing continues to be the leading entry point for many successful cyberattacks.
Experts noted that Nigerian businesses are increasingly becoming targets because of the country’s growing digital economy and expanding fintech ecosystem.
Human error remains the weakest link
Cybersecurity specialists emphasised that technology alone cannot stop cyberattacks.
Employees continue to represent one of the biggest cybersecurity risks, particularly when organisations fail to provide regular awareness training.
Attackers often impersonate banks, government agencies, suppliers, or company executives to trick employees into revealing passwords, downloading malicious files, or authorising fraudulent payments.
Experts recommend continuous phishing simulation exercises, cybersecurity awareness programmes, and clear reporting channels to help staff recognise suspicious activities before they result in costly breaches.
Cloud security challenges
The rapid migration of businesses to cloud computing has introduced new cybersecurity challenges.
Although cloud platforms provide strong security infrastructure, organisations remain responsible for configuring their cloud environments correctly under the shared responsibility model.
Industry professionals warned that poorly configured cloud storage, excessive user permissions, and weak identity management continue to expose sensitive business information.
Many global data breaches in recent years have resulted from cloud misconfigurations rather than failures by cloud service providers themselves.
Cost of cyberattacks
Cyber incidents can have devastating financial and reputational consequences.
Beyond direct monetary losses, organisations may experience prolonged operational disruptions, legal liabilities, regulatory sanctions, customer distrust, and damage to their brand reputation.
For banks and fintech companies, a successful cyberattack can undermine consumer confidence and attract increased regulatory scrutiny.
Small and medium-sized enterprises (SMEs) are particularly vulnerable because they often lack dedicated cybersecurity teams and advanced security monitoring tools.
Executive leadership must take ownership
Experts urged company boards and senior executives to view cybersecurity as a strategic business risk rather than solely an information technology issue.
They encouraged leadership teams to invest in cybersecurity governance, allocate sufficient budgets, regularly review cyber risks, and conduct incident response exercises to prepare for potential attacks.
According to the experts, organisations with strong executive oversight generally recover more quickly from cyber incidents and maintain greater resilience against evolving threats.
Building cyber resilience
To strengthen cybersecurity, experts recommend that Nigerian organisations:
- Conduct regular vulnerability assessments and penetration testing.
- Implement multi-factor authentication.
- Keep software and operating systems updated.
- Monitor networks continuously for suspicious activity.
- Develop and test incident response plans.
- Train employees regularly on cybersecurity awareness.
- Secure cloud environments using best practices.
- Assess cybersecurity risks associated with third-party vendors.
They stressed that cybersecurity should be viewed as a continuous process rather than an annual compliance exercise.
Looking ahead
As digital adoption accelerates across Nigeria, cybersecurity will play an increasingly important role in protecting businesses, customer data, and national economic growth.
Industry experts believe organisations that move beyond compliance and invest in proactive cyber resilience will be better positioned to withstand the growing wave of cyber threats.
While certifications and regulatory compliance remain valuable foundations, they caution that true cybersecurity depends on continuous vigilance, skilled personnel, effective governance, and the ability to respond quickly when attacks occur.
Sources
- World Economic Forum – Global Cybersecurity Outlook: https://www.weforum.org/reports/global-cybersecurity-outlook/
- International Organization for Standardization (ISO) – ISO/IEC 27001 Information Security Management: https://www.iso.org/isoiec-27001-information-security.html
- Nigeria Data Protection Commission (NDPC): https://ndpc.gov.ng/
- IBM – Cost of a Data Breach Report: https://www.ibm.com/reports/data-breach
- Cisco – Cybersecurity Readiness Index: https://www.cisco.com/
- Microsoft Security – Security Insights: https://www.microsoft.com/security/business/security-insider
