Nigerian banks lost N40b to cyber crooks

Nigeria’s banking industry supervised by the Regulatory Authority, the Central Bank of Nigeria, is experiencing an escalating wave of cyber threats leading to a substantial financial drain. Estimated losses reached N40 billion in the previous year, due to offenses committed by cyber criminals.

Taiwo Longe, the Chief Information Security Officer for the CBN, revealed that the financial impact of such cybercrimes is rising at an alarming rate, surpassing the income generated from the illegal drugs trade.

Longe also mentioned that the global financial cost of cybercrime is around $288 billion, a report that overshadows the financial impact of illegal drug trafficking activities.

These concerns were highlighted at the 2014 National Cyber Security Forum (NCSF) in Lagos, led by the Office of the National Security Adviser (ONSA). This event aimed to discuss cyber security-related issues under the theme ‘Towards Multi-Stakeholders Partnership for National Cyber Security Engagement’.

Longe further explained that cybercriminals use tactics such as phishing attacks, breaching network security, and sending malicious emails. He urged organizations to give priority to developing security infrastructures and efficiently managing information security, to mitigate vulnerability and risk.

Longe emphasized the pressing need for a comprehensive policy framework to combat cybercrimes in the face of increasing threats. He emphasized the role of public awareness, stating that understanding potential risks provides individuals with the necessary knowledge to take preventive measures.

The Chief Information Security Officer urged financial institutions to persist in their efforts to strengthen security measures. He warned that cybercriminals are relentless, constantly innovating new methods to bypass existing security systems.

Light edits were made in 2025 to improve clarity and relevance.