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  • Updated: April 25, 2023

Internet Financial Threats: Leveraging Cybersecurity Tools Is Key

Internet Financial Threats: Leveraging Cybersecurity Tools I

Cyber Financial Threats mage

Internet or digital financial threats include phishing, malware, ransomware, identity theft, and general digital financial fraud. These threats can be used to steal personal information, financial data, and money. 

Additionally, they can be used to disrupt online services and networks, and can even be used to manipulate financial markets.

Kaspersky Security Network has recently disclosed how it blocked 161,272 financial threats in Nigeria in 2022. 

This is as 37 per cent of its users in Nigeria lost money from an incident involving digital payments, the firm stated. 

According to the firm, 97 per cent of its users in Nigeria lost up to $1,000 equivalent as a result of these incidents, while 3 per cent of the respondents reported a loss of more than $1,000 equivalent. 

The firm stated that the blocked attacks were aimed at stealing financial information such as credit card numbers and login credentials and usually relied on social engineering tactics to lure victims.

The Head of Technical Experts at Kaspersky, Emad Haffar, said, “Since the beginning of the pandemic, 64 per cent of users in Nigeria faced at least one incident when using digital payments. 

“That is why it is increasingly important to know how to interact securely with any emerging technologies, including online banking and mobile wallet services.

“And all stakeholders, like the government, digital payment providers, users, and even cybersecurity companies need to come together to create a sustainable and secure payment ecosystem.”

The company stated that a cyberattack on digital payments not only leads to a financial burden on customers but also affects them psychologically. 

It added, “For example, 60 per cent of respondents from Nigeria said that they were very anxious about getting their money back.

“43 per cent of users reported that they have less trust in digital payment providers.

“80 per cent also stated that they became more vigilant after experiencing a cyber incident, and 65 per cent installed security solutions like an antivirus on their infected devices.”

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Eben Duru
Eben Duru

 My name is Eben and I am from Lagos, Nigeria. I am currently a writer at AllNews Nigeria. I’m...

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