Security group warns businesses over rising wave of cyber threats

The Information Security Society of African-Nigeria has warned the business community that corporate survival and profitability are now tied to how aggressively organisations defend their digital frontiers against sophisticated cyber threats.

The security advocacy group emphasised that the days of treating digital defence as a background IT issue were over, urging a massive shift toward predictive and automated security strategies during its meeting in Lagos on Tuesday.

“Business sustainability and profitability are increasingly dependent on organisations’ ability to protect information assets, maintain operational resilience, and address vulnerabilities before they can be exploited”, the association said in a statement on Wednesday.

It underscored that proactive risk management had transitioned from a compliance luxury to a core pillar of corporate longevity.

The warning was central to discussions at ISSAN’s latest monthly meeting, organised in collaboration with tech firm, MAXUT Consulting.

The session focused on the rapid mutation of mobile threats that bypass traditional defences.

Delivering the keynote analysis, the President of ISSAN and Executive Director of Risk Management at Nova Bank, David Isiavwe, made it clear that the battle lines had moved beyond simple perimeter defences.

He said, “The increasing frequency and sophistication of cyberattacks mean cybersecurity can no longer be viewed solely as an IT issue but as a critical business and national security priority.

“Cybercriminals are deploying increasingly sophisticated attack methods targeting individuals, businesses, critical national infrastructure, and strategic assets.”

According to the society, corporate networks are facing a multifaceted blitz. The group specifically flagged a rise in identity theft, Business Email Compromise, phishing, ransomware, WhatsApp account hijacking, Distributed Denial-of-Service attacks, payment card fraud, and cryptocurrency-related exploits.

To counter these threats, ISSAN urged corporate boards to rapidly integrate next-generation defensive tech into their operations.

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The society noted that humans could no longer match the speed of modern automated attacks, making advanced computational defence mandatory.

“Organisations must adopt proactive risk management practices, implement continuous monitoring systems, promptly address vulnerabilities, and invest in regular cybersecurity awareness programmes for employees and customers,” the society recommended.

It also highlighted the critical role of leveraging emerging technologies such as Artificial Intelligence, Machine Learning, and automation to enhance threat detection and response capabilities.

However, Isiavwe stressed that technology alone would not suffice, adding that defensive isolation was a recipe for corporate vulnerability. He called for a unified front across Nigeria’s commercial and regulatory sectors.

“No organisation can successfully confront today’s cyber threats in isolation.

“Information sharing, collaboration, and collective vigilance remain essential to protecting our digital ecosystem and safeguarding public trust,” Isiavwe added.

ISSAN concluded the session by reaffirming its long-term commitment to raising the benchmark for Nigeria’s overall cyber resilience, promising to scale up its capacity-building initiatives to protect the country’s expanding digital economy.

Globally, there has been a massive surge in AI-assisted phishing attacks. Cybercriminals are no longer just sending poorly written emails; they are using large language models to draft flawless, highly targeted BEC messages.

To help combat these vulnerabilities domestically, the Federal Government recently adjusted the national cybersecurity levy down to 0.005 per cent on electronic transactions to fund the National Cybersecurity Fund, managed by the Office of the National Security Adviser.