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The Growing Social Engineering Trend in Nigeria’s Economy

Benedict Joseph Oluwaseu, a versatile Information Security and Digital Forensic Expert guides readers through the current nature of the aforementioned topic to help them avoid imminent dangers that lie ahead.
Social engineering attacks are becoming more common in Nigeria’s economy, posing serious risks to corporations, government organizations, and individuals alike. These attacks, which rely on manipulating human psychology rather than exposing technological vulnerabilities, pose a severe challenge to the country’s cybersecurity.
Recognizing Social Engineering:
Social engineering is a type of cyber attack in which humans are manipulated into disclosing confidential information, granting unauthorized access, or doing acts that jeopardize security. These attacks frequently take the form of impersonation, deceit, and psychological manipulation to take advantage of human trust and gullibility.
The Nigerian Landscape:
 
In Nigeria, social engineering attacks have gained prominence due to several factors:
Low Cybersecurity Awareness: Many individuals and organizations in Nigeria have limited awareness of cybersecurity best practices, making them susceptible to manipulation and deception.
High Internet Usage: Nigeria has one of the highest rates of internet and social media usage in Africa. Cybercriminals leverage these platforms to target a wide audience for their social engineering schemes.
Financial Motivation: Financial fraud is a common goal of social engineering attacks in Nigeria, where criminals aim to steal money from individuals and organizations.
Cultural Trust: Nigerian society values trust and community. Cybercriminals exploit this cultural trait to create a false sense of trust in their targets.
Common Social Engineering Attacks in Nigeria:
 
Phishing: Phishing emails and messages impersonate trusted entities, such as banks or government agencies, to trick individuals into disclosing personal and financial information.
Advance Fee Fraud (419 Scams): Nigeria is infamous for 419 scams, where individuals are promised a large sum of money in exchange for a small upfront fee. Victims end up losing money with no promised returns.
Impersonation: Criminals impersonate government officials, business executives, or family members, using emotional manipulation to extract money or information from victims.
Business Email Compromise (BEC): BEC attacks target businesses by impersonating executives or suppliers, and instructing employees to make fraudulent payments.
Protecting Against Social Engineering:
 
Education and Awareness: Increasing cybersecurity awareness through education and training is crucial. Individuals and organizations should learn to recognize social engineering tactics.
Verification: Always verify the identity of individuals or entities requesting sensitive information or financial transactions. Use trusted contact details, not those provided in unsolicited messages.
Cyber Hygiene: Maintain good cybersecurity hygiene by using strong, unique passwords, enabling multi-factor authentication, and keeping software up to date.
Suspicion: Be skeptical of unsolicited requests for money, information, or actions. Verify requests independently before taking any action.
Reporting: Report suspected social engineering attempts to relevant authorities or organizations. Timely reporting can help prevent further victimization.
Legal Measures: Governments and law enforcement agencies in Nigeria must enforce strict penalties for cybercriminals engaging in social engineering.
Business Practices: Organizations should implement robust security policies, conduct regular security awareness training, and employ email filtering and monitoring solutions to detect social engineering attempts.
To summarize, the growing tendency of social engineering attacks in the Nigerian economy poses a clear and present danger to individuals and organizations.
Combating these cyber risks necessitates a multifaceted approach that combines cybersecurity education, awareness, and legal safeguards to protect both persons and the country’s economic interests. Nigeria can better protect against social engineering assaults by
remaining watchful and aware.

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