FG calls for robust cyber security infrastructure, thriving digital economy
The Central Securities Clearing System (CSCS) yesterday disclosed that businesses in the country face an average of 2,560 cyber-attacks each week. Managing Director/CEO, CSCS Plc, Haruna Jalo-Waziri who made this known at the 2024 Cybersecurity conference in Abuja, noted that cybercrime is projected to cost the global economy over $10.5 trillion this year, which is a staggering rise from $3 trillion just a few years ago.
Speaking on the theme: Cybersecurity: Synergizing Artificial Intelligence, AI and Infrastructure, Jalo-Waziri stressed that the threat posed by the menace underscored the urgent need for robust cybersecurity measures, especially with a 45 per cent increase in ransomware attacks globally.
“Here in Nigeria, the landscape remains particularly challenging. Our businesses face an alarming average of 2,560 cyberattacks each week. This reality reminds us of the insights from “The Kill Chain,” where we recognise that the most dangerous threats often hide in plain sight.
“As we acknowledge our position, particularly in Africa, we must work to improve our understanding of these threats. We must learn, decide, and act—quickly and decisively. Cybersecurity is no longer just an IT issue; it is a national priority that affects our economic stability and public trust. As we increasingly rely on digital systems, protecting our critical infrastructure is paramount”, he added.
This is as the Vice President, Kashim Shettima, noted that there is a need to shield the nation’s system from increasingly sophisticated cyber threats and minimise risks.
Speaking to participants via a pre-recorded video message, Shettima, who observed that cyber security “is not just a technical issue, it is a fundamental ingredient of our economic stability and growth”, emphasized the critical role that robust cyber security plays in the nation’s economy and reshaping industries and infrastructure.
Also speaking, the Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama assured that the commission is dedicated to playing its part in creating a secure, resilient and digital environment that will protect investor confidence, foster economic growth, and safeguard the integrity of the nation’s financial markets.
Agama in a goodwill message delivered noted that in today’s interconnected world, cybersecurity is no longer an isolated concern, but foundational to the economic and social systems as many activities, both personal and organizational, are now conducted digitally more than before.
According to him, this shift has brought immense efficiencies on one hand and a new set of risks that stakeholders must actively guard against.
“Cyber-attacks targeting financial institutions are often aimed at gaining access to sensitive and confidential information, which can have systemic implications not just for a single institution but for the broader economy. Therefore, cybersecurity must be viewed as a critical component of financial stability and national security”.
Agama said AI has emerged as a powerful tool in the fight against cyber threats as AI-driven intelligence systems now offer the capability to monitor vast datasets in real time, detect anomalies, and predict potential threats with remarkable speed and accuracy.
Chairman of CSCS, Temi Popoola said AI and robust infrastructure play a crucial role in bolstering cybersecurity. Popoola noted that there are increasing risks posed by cyber-attacks, which can disrupt the entire financial space.
He cited a breach of Microsoft’s Azure cloud platform that compromised sensitive U.S. government data and coordinated ransomware attacks targeting Nigerian financial institutions. He stated that AI’s predictive and responsive capabilities are essential in combating these threats.
With global cybercrime projected to reach $10.5 trillion annually by 2025, according to Cybersecurity Ventures, Popoola underscored the need for a unified approach, stating that the synergy between AI and infrastructure is not just an option but a lifeline.
