Deloitte has warned that Nigeria faces rising risks from ransomware and phishing attacks as the country’s digital economy expands and more business and government services move online.
In its Nigeria Cybersecurity Outlook 2026 report, the firm said cybercriminals are deploying increasingly sophisticated techniques to exploit vulnerabilities across companies and public institutions, raising the potential for disruption and financial loss.
Nigeria ranked third in Africa for phishing incidents in 2024, with close to 3,500 cases recorded, according to the report. Attackers are now using artificial intelligence to design highly convincing phishing campaigns that impersonate banks, regulators or colleagues, allowing them to evade traditional security filters. The growing availability of hacking tools has widened the attack surface, leaving small and medium-sized enterprises, hospitals and public agencies particularly exposed due to weaker cybersecurity capabilities.
Deloitte said phishing attacks are often followed by ransomware incidents, in which criminals gain access to systems, encrypt or steal sensitive data and demand payments, frequently under the threat of public disclosure.
The economic cost of cybercrime in Nigeria has been substantial. Deloitte estimates losses of more than $3 billion between 2019 and 2025, with annual losses running at about $500 million. The continued shift of payments, data and critical services online is expected to intensify cyber risks in 2026.
The report said building cyber resilience does not necessarily require complex or high-cost solutions. Deloitte recommended stronger human and artificial intelligence collaboration for threat detection, adoption of a Zero Trust security model that verifies every access request, and basic cybersecurity practices such as staff training, stronger account protections and well-defined recovery plans.
Deloitte said Nigerian businesses and public institutions need to move quickly to strengthen their cybersecurity defences as digital threats become more sophisticated and financially damaging.
