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Cyberterrorism

Nigeria's Oil and Gas Industry Under Threat from Cyber Crime

Strategic Insights

— 2 min read

Nigeria's strategic oil and gas industry faces a looming threat from cyber attacks, which could have devastating consequences on the economy if left unchecked. According to the African Perspectives on Cyber Security Report 2024 by Check Point, Nigeria sees one of the highest frequencies of cyber attacks in Africa, with organizations being targeted an average of 3,759 times per week. The country's oil and gas industry, a cornerstone of the economy, is particularly vulnerable, with experts warning that successful attacks could lead to operational disruptions, financial losses, and data compromise.

Key Takeaways:

  • Nigeria's oil and gas industry is exposed to high-frequency cyber attacks, with an average of 3,759 attacks per week.
  • The country's oil and gas industry contributes about 5.5 percent to the country's GDP and accounts for around 90 percent of its foreign exchange earnings.
  • Check Point's African Perspectives on Cyber Security Report 2024 highlights the urgent need for robust cyber security measures to protect critical sectors, including oil and gas.
  • Kingsley Oseghale, Country Manager West Africa at Check Point Software Technologies, stresses the importance of prioritizing cyber security in the oil and gas industry.
  • The Dangote Refinery's pending completion in 2025 is expected to boost Nigeria's refining capacity by 650,000 barrels a day, potentially reducing reliance on fuel imports and bolstering local economic growth.
  • The global oil and natural gas industry is under threat from cyber attacks, with the US joint advisory warning industry players to enhance their operational technology (OT) and industrial control systems (ICS).
  • Cyber actors are targeting industrial systems in the oil and natural gas sectors, using "unsophisticated" intrusion techniques that can escalate threats and lead to significant consequences.
  • The oil and gas industry is a cornerstone of Nigeria's economy, and experts warn that cyber attacks could cause operational disruptions, financial losses, and data compromise.

Statistics:

  • Nigeria's oil and gas industry is targeted by an average of 3,759 cyber attacks per week (Check Point's African Perspectives on Cyber Security Report 2024).
  • The country's oil and gas industry contributes 5.5 percent to the country's GDP (CAJ News).
  • The Dangote Refinery's completion in 2025 is expected to boost Nigeria's refining capacity by 650,000 barrels a day.
  • The global oil and natural gas industry faces significant threats from cyber attacks, with an emphasis on operational technology (OT) and industrial control systems (ICS) (US joint advisory).

Sources:

  • Check Point's African Perspectives on Cyber Security Report 2024.
  • Kingsley Oseghale, Country Manager West Africa at Check Point Software Technologies.
  • CAJ News.
  • US joint advisory by the FBI, Cybersecurity and Infrastructure Security Agency, the Environmental Protection Agency, and the Department of Energy.

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