By Abiodun Abdullai
Gone are the days when cyber threats were only a headache for large corporations. Today, small and medium-sized enterprises (SMEs) in Nigeria are increasingly becoming prime targets for cybercriminals. From phishing scams and ransomware attacks to data breaches and supply chain compromises, these digital threats are growing in frequency and impact.
As our reliance on digital platforms continues to deepen — from online banking and payments to remote work and cloud storage — many Nigerian SMEs remain vulnerable. Most lack the internal expertise or strategic support needed to develop a strong cybersecurity posture.
Beazley, a leading global specialist insurer, is calling on Nigerian SMEs to act now and take practical steps to secure their businesses. With deep experience in managing cyber threats around the world, Beazley has outlined five key actions every SME should take — and one costly mistake to avoid.
Top Five Cybersecurity Tips for Nigerian SMEs
1. Train your team — and do it often.
Your people are your first line of defence — and also your biggest risk. Mistakes happen, especially when employees don't know what to look out for. Regularly train staff to identify and report phishing emails and suspicious activity using real-life simulations.
2. Don't skip updates — patch everything.
Cybercriminals love outdated software. Ensure all your systems, apps, and security tools are updated regularly. Schedule patching routines and review your systems to retire any outdated or unsupported software.
3. Activate multi-factor authentication (MFA).
Passwords alone aren't enough anymore. Secure your systems with MFA – an extra layer of protection that helps block unauthorised access, even if passwords are stolen.
4. Know your vulnerabilities.
Conduct regular security assessments, vulnerability scans, and system testing to identify weak points. Fix them before attackers find them.
One Mistake No SME Should Make: Thinking Your IT Guy Will Handle Everything
Outsourcing your IT needs doesn't mean you've outsourced your cyber risks. Always know your responsibilities. Review contracts with your cloud and service providers, and ensure their security practices meet your standards. Don't just assume they've got it all covered.
Sam Franks, Beazley's Country Manager for the UK & Ireland explains, I quote:
"Cyber risks are evolving rapidly, and SMEs are now squarely in the line of fire. Hackers are smarter, faster, and more organised than ever. As businesses adopt remote work, online transactions, and cloud platforms, their exposure increases dramatically."
"For Nigerian SMEs, the risks are especially critical — from email scams and malware to insider threats and supply chain vulnerabilities. Without the right defence, one attack could result in significant financial loss, business downtime, and damage to your hard-earned reputation."
The bottom line?
Cybersecurity isn't a luxury — it's a necessity. If you run an SME in Nigeria, the time to act is now. Build your defences, empower your team, and don't leave your business exposed to cyber threats that could undo years of hard work.
