Global Cyber Attacks Rise 115%: See What Nigerian Banks Did

By LOVETH-AZODO CHIJIOKE, Lagos

Nigerian banks have activated heightened security measures and intensified monitoring of their digital infrastructure following a coordinated global cyber campaign that has targeted financial institutions and critical organisations across several countries, while assuring customers that their deposits and banking services remain secure.

The latest wave of attacks, described by cybersecurity analysts as one of the most coordinated in recent years, has affected organisations beyond the financial sector, including telecommunications, healthcare, government, energy, technology and corporate registries across Europe, Asia, Africa and the Americas.

Industry data from Check Point, an international cybersecurity firm, showed that cyber attacks against the global financial sector surged by 115 per cent last year, with financial institutions facing thousands of attempted intrusions every week. The current campaign has reportedly been linked to threat actors that have targeted more than 35 organisations across multiple countries and sectors.

In response, Nigerian banks immediately activated their incident response protocols and strengthened collaboration with regulators, law enforcement agencies and international cybersecurity partners to investigate the threats and reinforce their cyber defences.

Industry sources maintained that despite the global cyber offensive, banking operations across Nigeria remain fully functional, with digital channels operating normally and customer deposits fully protected.

They noted that Nigerian banks have, over the years, made significant investments in cybersecurity infrastructure to safeguard customer information, digital platforms and financial assets against evolving cyber threats.

According to the sources, resilience in today’s digital environment is measured not by the absence of attacks but by the speed and effectiveness of an institution’s response, stressing that the industry has acted swiftly and in line with regulatory requirements.

While reassuring customers that the financial system remains stable, the banks warned that cybercriminals often exploit public anxiety during such incidents by posing as bank officials through fake phone calls, text messages and emails.

Customers were therefore advised never to disclose sensitive banking information, including Personal Identification Numbers (PINs), One-Time Passwords (OTPs), Bank Verification Numbers (BVNs), passwords or card details to anyone, stressing that banks do not request such information through telephone calls or unsolicited messages.

They also urged customers to avoid clicking suspicious links, opening emails from unknown sources or downloading unfamiliar attachments that could compromise their personal information.

The banks advised customers who notice unusual account activity or suspect fraudulent transactions to immediately contact their financial institutions through verified customer care channels, official websites, mobile banking applications or designated bank branches.

As governments and organisations worldwide continue to strengthen their cyber resilience against increasingly sophisticated attacks, the Nigerian banking industry said it remains vigilant and prepared, assuring customers that the country’s financial system is secure and capable of responding effectively to emerging cyber threats.