• A Nigerian small business can reportedly lose money to cybercriminals in under a minute
• From POS scams to fake alerts, here are 5 street-smart moves every hustler with a phone and a business needs to make this week
• This article breaks down the "60-second cybercrime" scare and whether it's real life or just fear-mongering

Imagine waking up to discover your business account has been emptied, your customer database is gone, or hackers are demanding money before they'll unlock your files. It sounds like something that only happens to giant companies, until it happens to you.

That's why CyFrica 2026, Nigeria's leading cybersecurity summit, is putting digital safety in the spotlight.

According to the organisers, every 60 seconds, a Nigerian business becomes a cybercrime statistic. The summit, scheduled for 8 October 2026 at the Eko Convention Center, Lagos, marks its third edition, and will bring together more than 350 CISOs, risk and compliance leaders, cyber-law specialists and other experts alongside 20+ cybersecurity solution providers.

Nigeria loses an estimated $500 million (approximately N250 to N300 billion) annually to cybercrime, ranking 5th globally for such incidents.

And small businesses are the softest target because most people think "who has the time to hack my small shop?”

The event will feature keynote sessions, panel discussions, one-on-one meetings, a CISO Lounge, live technology demonstrations and an awards gala.

Meanwhile, you don't have to wait for a cybersecurity conference to start protecting your hustle.

Whether you run a fashion brand on Instagram, a POS business, an online store, or a growing SME, these five simple habits could save you from becoming the next victim.

6 steps to protect your business from cybercrime

1. Stop using one password for everything

If your Instagram, your bank app, and your email all get the same password, you are prone to cyber attack.

Hackers don't need to break into your bank directly. They just need one weak account and from there, they go straight to your money.

Use different passwords for money-related apps. A proper mixed combo, and if you fit use a password manager, even better.

2. Stop trusting every "verify your account” message

That message that comes like they're from your bank, asking you to click a link and "confirm your BVN"? That's not customer care. That's an ambush. Nearly 60% of Nigerian cybercrime cases have been linked to phishing/SMS scams.

Real banks and real platforms will never ask you to input your PIN, OTP, or full card details through a link somebody just sent you out of nowhere.

If you see it, call your bank directly using the number on the back of your card, not the one in the message.

3. Secure your POS and payment gadgets

Most business owners protect their shop door with padlock and gate man, but leave their POS machine, laptop, and payment apps completely open.

Lock every device with a PIN or fingerprint with no exceptions, turn on two-factor authentication for your banking and business apps, and log out of shared or public devices immediately after use.

4. Learn to spot the fake alert

Fake alert messages come looking very real these days with the correct bank logo, correct colour, even correct-looking sender ID. But there are cracks if you look well:

The link doesn't match your bank's actual website.

It creates panic, "Your account will be blocked in 24 hours" energy.

It asks you to act now with no time to think.

Scammers depend on fear and speed. Once you slow down and check well, most of them fall apart.

5. Back up your business files

If cybercriminals lock you out or wipe your data, having a backup is the difference between "small setback" and "business don close."

Save your customer list, sales records, and important documents somewhere other than just your phone like cloud storage, email drafts, even a second device.

This one step alone has saved businesses from total collapse when the worst happens.

6. Keep your apps and devices updated

Those annoying update notifications are often fixing security holes that criminals already know about.

Delaying updates for weeks gives attackers more opportunities to exploit your devices.

Turn on automatic updates whenever possible so your software stays protected without extra effort.

How to protect yourself from online banking fraud in Nigeria

Meanwhile, TheRadar earlier compiled a detailed practical guide on how to protect yourself from online banking fraud in Nigeria.

With the growth of digital banking, scammers are using phishing messages, fake apps and social engineering to steal money and sensitive information from unsuspecting users.

Never share PINs, OTPs or passwords, and avoid clicking on suspicious links, as fraudsters often impersonate banks to trick users into revealing confidential information.