In 2025, cybersecurity is no longer just a line item for the IT department — it’s a central business issue that demands attention at the highest levels of leadership. As digital transformation accelerates, and with AI rapidly changing the threat landscape, cybersecurity has become one of the most pressing strategic risks facing modern organizations.
Yet, in boardrooms across Nigeria and beyond, cybersecurity remains underrepresented. In fact, fewer than 20% of global corporate boards have a cybersecurity expert, according to a 2023 report by Gartner. Many board members still view cyber threats as technical issues — the domain of firewalls, antivirus software, and IT personnel — rather than what they truly are: existential threats to business continuity, brand trust, and shareholder value.
The Nigerian Cybercrime Crisis
The scale of financial losses due to cyberattacks in Nigeria is alarming. According to the Financial Institutions Training Centre (FITC), Nigerian banks lost a staggering ₦53.4 billion to cybercriminal activities in just the first nine months of 2024 — a 468% increase from ₦9.4 billion during the same period in 2023.
Even more shocking, Q2 of 2024 alone accounted for ₦42.8 billion in losses, a meteoric rise from ₦468.4 million recorded in Q1. These figures underscore the growing sophistication and success of cybercriminal operations targeting financial institutions.
And the impact goes beyond banking.
According to Nigeria’s Federal Government, the country loses an estimated $250 billion annually to cybercrime — affecting sectors ranging from oil & gas and telecoms to healthcare, logistics, and retail. This is not just a tech issue. This is an economic crisis.
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The Problem You Know: Data Breaches and Compliance Chaos
Executives are already familiar with the usual suspects:
- Data breaches that compromise customer trust.
- Compliance pressures from local and global regulations like NDPA, and GDPR.
- Ransomware attacks that cripple operations and demand millions in cryptocurrency.
- Third-party risks from vendors with poor security practices.
What may not be as obvious is just how much these risks have evolved — and how unprepared many companies still are.
The Problems You Might Not Know (Yet)
- AI-Powered Threats Are Redefining Risk
Artificial intelligence is a double-edged sword. While organizations embrace AI for efficiency, cybercriminals are using the same tools to launch hyper-personalized phishing attacks, deepfake social engineering, and automated vulnerability scanning. The attack surface has expanded exponentially: cloud environments, APIs, third-party vendors, IoT devices, and remote teams all present new vulnerabilities.
- In 2023, over 60% of successful phishing attacks involved AI-generated content, making them nearly indistinguishable from genuine communications.
- Deepfake voice scams cost one UK company $243,000 when an executive was tricked into wiring funds to a fraudster impersonating the CEO.
- Cyberattacks Are Increasing in Frequency and Cost
According to IBM’s 2023 Cost of a Data Breach Report:
- The average cost of a data breach globally has risen to $4.45 million, a 15% increase over three years.
- In Nigeria and other developing markets, while average losses per incident are lower, the recovery time and reputational damage are often worse due to resource gaps.
- Cyber Insurance Is No Longer a Safety Net
The surge in cyber incidents has made insurers more selective, with stricter conditions and higher premiums. Policies now require demonstrable cyber hygiene — meaning without proper governance, your claim could be denied.
- Board Accountability Is Increasing
Regulators are no longer tolerating ignorance. In the U.S., the SEC has introduced rules mandating cyber risk disclosures. Locally, Nigerian regulators like the CBN, SEC, and NCC have issued industry-specific cybersecurity frameworks, and enforcement is intensifying.
Boards and C-suites can no longer claim plausible deniability.
Read More: Are You Losing Millions to Software You Don’t Even Own? Here’s What to Do Instead
Why You Must Lead the Charge — Not Delegate It
Cybersecurity is now a strategic risk. It requires governance, investment, and visibility at the top level. And most importantly, it requires proactiveness, not reactivity.
Waiting for a breach to happen before taking cybersecurity seriously is like insuring a burning building.
As a top executive, your role includes:
- Championing a cyber-aware culture from the top down.
- Mandating regular cyber risk assessments and scenario planning.
- Integrating cybersecurity into enterprise risk management (ERM) frameworks.
- Ensuring cybersecurity metrics and KPIs are part of board reporting.
- Investing in zero-trust architecture, AI threat detection, and third-party risk oversight.
The Way Forward: From Awareness to Agility
To stay ahead, boards and executive teams must:
Elevate cybersecurity to board-level oversight
Establish a board subcommittee or appoint a cybersecurity liaison to ensure visibility.
Adopt a cybersecurity maturity model
Use internationally recognized frameworks like NIST, CIS Controls, or ISO 27001 to assess gaps and improve posture.
Invest in people and capabilities
Cyber resilience is not just about tech — it’s about people. Train employees, hire CISOs, and build incident response plans that are tested regularly.
Anticipate tomorrow’s threats
With generative AI and quantum computing on the horizon, boards must work with their tech leaders to anticipate and prepare for next-generation risks.
Partner with trusted advisors
Engage with professional services firms like Stransact, with global capabilities and local insight, to assess, design, and implement enterprise-wide cyber strategies.
Cybersecurity is Everyone’s Business — But It Starts with You
The cyber risk landscape is expanding faster than many boards can keep up with. From AI-driven scams to geopolitical cyber warfare, the threats are diverse, sophisticated, and ever-evolving.
You wouldn’t leave financial controls to chance. You wouldn’t ignore operational risk. So why treat cybersecurity as anything less than a core strategic concern?
Proactive leadership from the top is the only way to build cyber resilience, maintain stakeholder trust, and secure the future of your enterprise.
Cybersecurity is no longer an IT issue. It’s a boardroom issue. And it’s your move
Let's Talk Strategy
If you’re ready to assess your current cybersecurity maturity or elevate your board's awareness, Stransact can help. Reach out to us at [email protected] to schedule a board-level cyber risk consultation.
