By Boluwatife Oshadiya, April 29, 2026
Key Points
- Cyberattacks now occur every 39 seconds globally, according to NDPC
- Global cybercrime losses estimated at $10.5 trillion annually
- Nigeria records over 4,000 cyberattacks weekly, among highest in Africa
- Financial losses from cybercrime in Nigeria exceeded ₦12 billion in 2024
- Data breaches, ransomware, and phishing remain dominant threats
Main Story
Nigeria’s data protection regulator has raised fresh concerns over the rising scale of cyber threats, warning that the rapid expansion of the digital economy is being matched by increasingly sophisticated cybercrime activities.
The National Commissioner and Chief Executive Officer of the Nigeria Data Protection Commission (NDPC), Dr Vincent Olatunji, disclosed that cyberattacks now occur globally every 39 seconds, highlighting the persistent vulnerability of digital systems across governments, corporations, and individuals.
Speaking at the IoT West Africa Conference and Data Centre Cloud Expo held at the Landmark Event Centre in Lagos, Olatunji described cybercrime as one of the most critical risks confronting global digital transformation.
He revealed that global cybercrime losses are currently estimated at approximately $10.5 trillion annually, positioning cyber threats among the most costly risks to the global economy. The average cost of a single data breach has also surged to $14.88 million, representing a 26 per cent year-on-year increase.
Further data shared by the NDPC boss shows that over one million cybercrime complaints are recorded globally, reflecting the growing exposure of digital ecosystems.
Nigeria, he noted, remains one of Africa’s most targeted environments, accounting for about 45 per cent of cyber incidents on the continent, with over 4,000 attacks recorded weekly. Financial losses linked to cybercrime in the country exceeded ₦12 billion in 2024, largely driven by phishing scams, ransomware attacks, and business email compromise schemes.
Olatunji identified phishing and social engineering as the most prevalent attack vectors, often used to gain unauthorised access to sensitive systems. Ransomware alone accounts for about 35 per cent of global cyber-related economic losses, while Distributed Denial of Service (DDoS) attacks occur approximately 44,000 times daily, disrupting critical infrastructure such as banking systems, telecommunications networks, and government platforms.
He added that identity theft and data breaches contribute about 25 per cent of total digital economy losses, with 85 per cent of breaches involving personally identifiable information (PII), including biometric data.
What’s Being Said
Olatunji warned that the surge in cyber threats has far-reaching implications for national security, data sovereignty, and economic stability.
“Cybercrime is no longer a peripheral risk; it is central to the sustainability of the digital economy,” he said.
He stressed the need for stronger cybersecurity frameworks, increased investment in digital infrastructure, and improved data governance systems to safeguard national and corporate digital assets.
What’s Next
With Nigeria’s digital economy currently valued at $18.3 billion and projected to double within five years, experts expect intensified policy action around cybersecurity, data protection enforcement, and digital infrastructure investment.
The NDPC is also expected to deepen regulatory oversight and collaboration with both public and private sector stakeholders to strengthen Nigeria’s resilience against cyber threats.
