Banks, insurance companies and government institutions in Nigeria spent an estimated sum of N270.22 million to prevent cyber attacks in 2018.
This was disclosed in the latest African cyber security study by Demadiur Systems Limited.
The study revealed that some of the funds were used in the procurement of hardware and software such as Antivirus, load balancer, network access controls, among others.
It also stated that indirect expenses were used by the companies to conduct penetration testing, audit, forensic investigations, risk assessment, compliance review and post-implementation, awareness and training of personnel.
A breakdown of the expenses showed that banks spent $140.23 million to secure their systems while government institutions expended $130 million in 2018.