Rising Cyber Threats Could Undermine Business Sustainability, Profitability, ISSAN Warns

The Information Security Society of Africa – Nigeria (ISSAN) has raised concerns over the growing sophistication of cyber threats, including identity theft, mobile fraud, ransomware and social engineering attacks.

The society warned that business sustainability and profitability are increasingly dependent on organisations’ ability to protect information assets, maintain operational resilience, and address vulnerabilities before they can be exploited.

The call was made during ISSAN’s monthly meeting held in collaboration with MAXUT Consulting. 

The event featured a technical presentation titled, ‘Confronting the New Mobile Threat Landscape: Beyond User Authentication,’ which explored emerging risks in mobile environments and the need for advanced security strategies.

Speaking at the meeting, ISSAN President and Executive Director, Risk Management of Nova Bank, Dr. David Isiavwe, said the increasing frequency and sophistication of cyber attacks mean cybersecurity can no longer be viewed solely as an IT issue but as a critical business and national security priority.

He noted that cybercriminals are deploying increasingly sophisticated attack methods targeting individuals, businesses, critical national infrastructure and strategic assets.

Among the threats highlighted were identity theft, Business Email Compromise (BEC), phishing, ransomware, WhatsApp account hijacking, Distributed Denial-of-Service (DDoS) attacks, payment card fraud, cryptocurrency-related attacks, and other forms of social engineering.

To address these challenges, ISSAN urged organisations to adopt proactive risk management practices, implement continuous monitoring systems, promptly address vulnerabilities, and invest in regular cybersecurity awareness programmes for employees and customers.

The society also emphasized the importance of leveraging emerging technologies such as Artificial Intelligence (AI), Machine Learning (ML), and automation to enhance threat detection and response capabilities.

Dr. Isiavwe further called for stronger collaboration among industry players, regulators, law enforcement agencies, and cybersecurity professionals.

“No organisation can successfully confront today’s cyber threats in isolation. Information sharing, collaboration and collective vigilance remain essential to protecting our digital ecosystem and safeguarding public trust,” he stated.

ISSAN reaffirmed its commitment to promoting cybersecurity awareness, capacity building, information sharing and industry collaboration to strengthen Nigeria’s cyber resilience and support a secure digital economy.

ISSAN is a not-for-profit organisation dedicated to protecting Nigeria’s cyberspace through cybersecurity awareness, advocacy, capacity building, information sharing, and the promotion of industry best practices. 

Its membership spans both the public and private sectors, including banks, telecommunications operators, government agencies, technology companies, cybersecurity consultancies, legal practitioners and regulators.