Nigeria Records Massive Increase in Data Breaches in Q1 of 2023

A report by cybersecurity company Surfshark revealed that Nigeria recorded a staggering 82,000 data breaches in the first quarter (Q1) of 2023.

This has seen Nigeria now rank 32nd globally for data breaches in Q1 of 2023, a decline from its previous ranking of 42nd in the fourth quarter (Q4) of 2023.

In the report, globally, 41.6 million accounts were leaked in the first quarter of 2023. The top 5 most breached countries accounted for around half (52.8%) of all accounts leaked in the first quarter of 2023.

Europe took the lead for the total number of leaked accounts in Q1 2023. The region recorded 17.5 million leaked accounts last quarter, the highest number of any other region, followed by Asia.

Russia, Taiwan, France, and Spain were among the most breached countries, marking an increased number of leaked accounts last quarter.

Speaking on the number of breaches recorded in the first quarter of 2023, Lead researcher at Surfshark Agneska Sablovskaja said,

“However, the fact that over 40 million accounts were breached in just a few months is still a cause for concern. Those whose data was compromised are at an increased risk of being targeted by cybercriminals as their personal information can be utilized for phishing attacks, identity theft, fraud, and other cybercrimes”.

Investors King understands that as Nigeria embraces digital transformation and a rapid increase in internet connectivity, data breaches have intensified. The rise in data breaches within the country calls for concerns, as it exposes a growing number of individuals’ personal information to potential hackers and identity thieves. Such breaches can pose serious consequences for individuals, businesses, and the overall economy.

The consequences of security breaches from data attacks have become something of great concern to Chief Information Officers (CIOs) of organizations, as they look to navigate an increasingly complex threat and regulatory landscape. Security remains a major focus for Nigerian organizations with around 61 percent of companies prioritizing endpoint security solutions as endpoints increasingly move beyond the enterprise core.

Meanwhile, cybersecurity experts in the country have disclosed that Nigerian organizations have trust and cultural problems when it comes to disclosing cyberattacks. They disclosed that disclosing attacks and having a solid response when other security experts identify exploits are important cybersecurity practices.