Threat Intelligence Nigeria faces rising cybercrime losses despite falling fraud incidents July 16, 2026 Share By SC Staff (Adobe Stock) Nigeria is experiencing a complex cybersecurity landscape where reported fraud incidents have decreased by nearly 46% over the past four years, yet financial losses from cybercrime are on the rise, according to Check Point Software. This trend is attributed to sophisticated schemes developed by cybercriminals who are increasingly targeting the nation's rapidly digitizing economy, with further coverage provided by Dark Reading. Nigeria's digital transformation has made it a prime target for cybercriminals. In June 2026, organizations in the country faced an average of 4,361 attempted attacks weekly, ranking it second in Africa for cyber threats. While the volume of detected threats fluctuates, it consistently remains elevated, often double the global average. The Nigerian government is developing a new cybersecurity framework, expected later this year, which will mandate incident reporting, set minimum cybersecurity investment levels, and foster public-private collaboration. Despite a decrease in the number of reported fraud incidents, financial losses have escalated, with digital payment fraud reaching ₦25.85 billion (US$18.7 million) in 2025. Insider threats, including SIM swap fraud and account compromise, are significant contributors to these losses. Many organizations, particularly smaller businesses, lack adequate training and resources, making them more vulnerable. The country's cybersecurity maturity is ranked at a moderate level, and effective enforcement of existing regulations, such as the Data Protection Act, will be crucial to combatting the growing financial impact of cyberattacks. Source: Dark Reading SC Staff Related Threat Intelligence New TuxBot v3 Evolution IoT botnet framework shows signs of AI development SC Staff July 16, 2026 Palo Alto Networks Unit 42 reported that while the LLM generated botnet code, it included an unremoved safety disclaimer. Threat Intelligence Spanish police dismantle €140 million investment fraud and BEC cybercrime ring SC Staff July 15, 2026 The cybercrime network operated on an industrial scale, utilizing at least 800 bank accounts and 120 business accounts, with 67 external accomplices acting as money mules. Threat Intelligence Iran reportedly used telecom vulnerabilities to track U.S. military personnel SC Staff July 15, 2026 Iran allegedly abused Signaling System 7 (SS7), a set of protocols fundamental to 2G and 3G networks, to route calls and texts globally. Related Events Cybercast Better Threat Intelligence Between Public and Private Sectors On-Demand Event Virtual Conference Nationwide Cybersecurity Summit 2025: Safeguarding America’s Digital Future On-Demand Event Get daily email updates SC Media's daily must-read of the most current and pressing daily news Business Email By clicking the Subscribe button below, you agree to SC Media Terms of Use and Privacy Policy . Subscribe Related Terms Brute Force Deauthentication Attack Defacement Dictionary Attack Disruption Distributed Scans Domain Hijacking Google Hacking Password Cracking Reconnaissance You can skip this ad in 5 seconds