Financial Systems Under Siege: NDPC Issues Alert on Rising Cyberattacks

Nigeria’s data regulator, the Nigeria Data Protection Commission (NDPC), has raised an urgent alarm over coordinated cyber threats targeting the nation’s financial systems and critical digital infrastructure. In a Data Protection Advisory issued on Thursday, the commission revealed that “shadowy threat actors” are carrying out sophisticated operations against platforms that power the country’s economy.

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Coordinated Threats Against Critical Infrastructure NDPC Directives for Banks and MDAs The Shift to Zero-Trust Architecture CBN and Regulatory Coordination

Coordinated Threats Against Critical Infrastructure

The NDPC’s technical assessment has uncovered systemic activities aimed at banking services, payment platforms, and telecommunications. This alert comes just days after reports that over 30 organizations, including the Corporate Affairs Commission (CAC) and various federal agencies, have faced significant digital stress tests.
According to the NDPC, these coordinated operations pose a direct risk of data breaches and service disruptions for millions of Nigerians. The commission warns that the scale of these attacks demands a move beyond isolated institutional defense toward a unified national response.

NDPC Directives for Banks and MDAs

In a statement signed by Babatunde Bamigboye, Head of Legal, Enforcement, and Regulations, the NDPC urged all data controllers and processors, including Ministries, Departments, and Agencies (MDAs), to reinforce their security frameworks.
To stay in line with the Nigeria Data Protection Act (NDP Act) 2023, organizations must:

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Appoint Certified DPOs: Ensure trained Data Protection Officers are overseeing all internal processes.
Conduct Privacy Impact Assessments: Regularly evaluate how personal data is stored and managed.
Implement Patch Management: Continuously update systems to close vulnerabilities before they are exploited.

The Shift to Zero-Trust Architecture

The advisory emphasizes a shift in cybersecurity philosophy. The NDPC is now strongly recommending the adoption of a Zero-Trust Security Architecture. This model assumes that threats could be inside the network at any time, requiring constant verification of every user and device attempting to access financial data.
Additionally, the use of Multi-Factor Authentication (MFA) and Network Segmentation has been highlighted as non-negotiable for institutions handling sensitive public sector digital services.

CBN and Regulatory Coordination

This NDPC alert aligns with recent moves by the Central Bank of Nigeria (CBN), which recently imposed a three-week deadline for financial institutions to complete cybersecurity self-assessments. Together, these regulators are creating a “compliance wall” to protect the integrity of the Naira and the privacy of Nigerian citizens in the 2026 digital landscape.