In 2024, several high-profile incidents exposed vulnerabilities in third-party networks, resulting in data breaches, financial losses, and operational disruption. The growing complexity of business ecosystems, where sensitive information is often shared among multiple partners, further amplifies these risks.
As Nigeria’s digital economy continues to expand, third-party risks are becoming increasingly concerning. Cybercriminals frequently target the weakest links in the supply chain, exploiting gaps in third parties’ security practices.
This challenge is exacerbated by the widespread adoption of cloud-based solutions, including financial applications, HR platforms, and document-signing tools, which are now commonplace across Nigeria. Additionally, the proliferation of APIs, which are critical for integrating applications and enabling seamless operations across entities, introduces new vulnerabilities. Poorly secured APIs can serve as entry points for attackers, allowing unauthorized access to systems and data. The interconnected nature of APIs means a single compromised integration can have a ripple effect across multiple systems, escalating the impact of an attack.
To address these risks, organisations must move beyond one-time checks and adopt continuous monitoring activities for third-party networks. This involves having complete API visibility, conducting thorough risk assessments, enforcing stringent contractual obligations, deploying automated real-time monitoring tools and ensuring protection from API to entire application and network infrastructure. Regular audits and closer oversight of third-party relationships will also play a vital role in building a resilient cybersecurity strategy, helping businesses mitigate third-party risks and navigate an increasingly interconnected digital landscape.