Banks, others battled 586,130 cyber threats in H1 2024 – Report

Nigeria’s banks, financial institutions, telecoms and other sectors were rattled by at least 586,130 cyber attacks from various threat actors in the first half of 2024, a report released by Cybervergent, a foremost technology company providing automated cybersecurity solutions, has disclosed. Tagged “Breaking Down H1 Threats Like A Weight Loss Journey”, the report identified common […]

Nigeria’s banks, financial institutions, telecoms and other sectors were rattled by at least 586,130 cyber attacks from various threat actors in the first half of 2024, a report released by Cybervergent, a foremost technology company providing automated cybersecurity solutions, has disclosed.

Tagged “Breaking Down H1 Threats Like A Weight Loss Journey”, the report identified common cyber threats in the H1 as well as cybersecurity trends that organisations and institutions must tackle in the second quarter of the year.

Of the 586,130 cyber threats detected, 226,103 were resolved by Cybervergent through automation; 19,920 endpoints were protected by Cybervergent, while the firm’s Security Operations Centre (SOC) analysed 304,522 events.

The report also indicated that 42,200 potentially malicious events were analysed.

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The Chief Solutions Officer at Cybervergent, Gbolabo Awelewa, flanked by top members of the team, presented the 26-page report at a media briefing in Lagos.

Awelewa pointed out that Nigeria’s increasing exposure and groundbreaking technology innovations often breed porosity and attract more attacks in cyberspace.

According to him, some of the threat actors that targeted at Nigeria’s financial institutions, telecos, retail and manufacturing in the first half of the year, include: Gelsemium, Equation Group, Lyceum, Gamaredon, Circus Spider, Mirage, Common Raven, Bronze Highland and Earth Krahang.

Awelewa also identified what he called insider threat syndrome as a major challenge in the cyber space.

“As we move forward, our Cyber Operations Centre remains steadfast in its mission to anticipate, detect, and thwart evolving threats that seek to compromise the integrity of digital assets.

“With a deep understanding of the threat landscape and a relentless pursuit of innovative security solutions, we are poised to continue our unwavering defense of the financial sector and other industries’ digital landscape, safeguarding organisations’ trust and confidence in the face of ever-changing cybersecurity challenges,” the CSO said.

In the H2, Awelewa asked organisations to bulk up their cybersecurity defenses, and be wary of trends like Zero-Day Exploits, where hackers exploit unknown vulnerabilities before anyone can patch them; Cloud Security Focus, Cybercrime as-a-service, and Ransomware Surge.

“Ransomware isn’t going anywhere. Expect attackers to use even more sophisticated encryption and sneaky tactics to avoid detection and maximize the impact.

“Think of it as a high‐stakes hostage situation with your data preparing your defenses!,” he said.