The finding was contained in the Eye of Horus H1 2026 Threat Landscape Report published by cybersecurity firm esentry. According to the report, investigations into three major incidents involving Nigeria’s fintech, payment and core banking sectors found that the fraudulent activities were completed without triggering security alerts.

The incidents were reportedly discovered only after the transactions had taken place, following routine audits, customer complaints and settlement warnings.

The report said the cases highlighted a growing challenge for financial institutions: cybercriminals can exploit legitimate user accounts, compromised login sessions and existing access privileges to bypass security systems without necessarily exploiting advanced software vulnerabilities.

It also warned that the absence of effective security logging could make it difficult for organisations to identify suspicious activity, even when they have automated tools designed to detect cyber threats.

Nigeria faces thousands of weekly cyberattacks

Esentry reported that Nigerian organisations experienced an average of more than 4,700 cyberattacks per week during the first half of 2026. The company also reported that approximately 281,500 Nigerian accounts were newly breached in the first quarter of the year.

Despite the threat levels, the firm said its security teams processed more than 3.5 million alerts during the first six months of 2026, with a median detection-to-escalation time of 11 minutes for confirmed threats.

However, the report cautioned that responding quickly to detected threats does not guarantee comprehensive protection if some malicious activity remains invisible to monitoring systems.

Gbolabo Awelewa, esentry’s Chief Business Officer, said attackers were increasingly exploiting trusted systems and legitimate access rather than relying solely on technical vulnerabilities.

The report identified compromised credentials, software supply-chain attacks, misuse of trusted platforms and the growing application of artificial intelligence by cybercriminals as emerging concerns.

Awelewa said organisations needed continuous security visibility, proactive threat hunting and stronger capabilities to identify suspicious behaviour before it resulted in financial or operational damage.

Security tests expose weaknesses in access controls

The report also drew on 175 offensive security engagements conducted by esentry during the review period. These included penetration testing, social engineering exercises and cloud security assessments.

According to the company, all 175 engagements achieved unauthorised access, with none requiring a previously unknown software vulnerability, commonly called a zero-day exploit.

Esentry attributed the findings to recurring weaknesses in access controls and authorisation systems, suggesting that organisations could be exposed even when their software did not contain newly discovered vulnerabilities.

The company recommended that organisations make outbound network traffic logging and the retention of authentication source IP addresses standard security requirements. Such records can help security teams trace suspicious connections and investigate how unauthorised access occurred.

Ghana also records significant cyber incidents

The report highlighted cybersecurity challenges in Ghana, citing more than 3,500 confirmed incidents recorded by the country’s national Computer Emergency Response Team during the first quarter of 2026.

Esentry also referenced 352 investment scams reported between January and June, which it said cost victims a combined GH₵3.4 million.

The company’s threat intelligence team further described an individual operating under the alias ByteToBreach, whom it said had been traced to Thessaloniki, Greece. According to esentry, the individual had claimed responsibility for breaches involving more than 35 organisations across over 26 countries since June 2025.

The claims reportedly included an alleged database linked to a major Nigerian bank. However, esentry said the alleged bank breach had not been independently confirmed, meaning the claim should not be treated as an established incident.

Separate report points to rising cyber threats in Nigeria

The findings come amid other reports of increasing cyber activity targeting Nigerian organisations.

Check Point Research reported that Nigerian organisations faced an average of 4,906 cyberattacks per organisation each week in August 2026, representing a 45 per cent increase compared with the same month in 2025.

The figure was more than twice the global average of 2,422 weekly attacks per organisation. Among the four African countries included in the comparison, only Angola recorded a higher average, at 5,416 attacks per organisation per week.

Although the Check Point figures cover August and esentry’s figures cover the first half of the year, both reports point to sustained cybersecurity pressures on businesses and institutions.

The findings underscore the importance of stronger access controls, effective security monitoring and reliable logging systems as financial services and other sectors expand their use of digital platforms.

Reporting by TalkNaijaMedia