SME Cybersecurity: Nigerian Businesses Vulnerable to Attacks

Nigerian small and medium-sized enterprises remain vulnerable to cyberattacks because cybersecurity is often perceived as a concern for large corporations, government agencies, and banks, according to a report by Cybersecurity Consultant and Founder of UltEnterprise, Bolaji Edu.

In the report titled “Why Nigerian SMEs Keep Getting Hacked and What the Owners Will Not Admit,” Edu said many SME owners are diligent and hardworking but often underestimate their exposure to cyber threats.

He argued against limiting cybersecurity services to large organisations, stressing that businesses of all sizes face risks. “The question is not whether your business is big enough to be targeted. The question is whether your data is valuable enough to steal. For most businesses, it is,” he said.

Edu noted that discussions with small business owners frequently reveal gaps in cybersecurity preparedness.

“There is a conversation I have had many times with small business owners, and it follows a predictable pattern.

“I ask about their cybersecurity. They tell me they have antivirus software. I ask about their staff. They tell me their people are sensible. I ask about their backups. There is a pause. Then they change the subject,” he stated.

According to him, SMEs form the backbone of the Nigerian economy, employ the majority of the workforce, and contribute significantly to gross domestic product, yet remain among the least secure organisations on the continent.

He explained that cybercriminals typically use automated tools to scan large numbers of businesses for vulnerabilities rather than targeting specific companies.

“They run automated tools that scan thousands of businesses simultaneously, looking for weaknesses. When a weakness is found, they exploit it. The size of the company is…