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The Federal Government has emphasized the need for robust cybersecurity infrastructure to support Nigeria’s growing digital economy, following a disclosure by the Central Securities Clearing System (CSCS) that businesses in the country are targeted by an average of 2,560 cyberattacks each week. This alarming statistic was shared by the Managing Director/CEO of CSCS Plc, Haruna Jalo-Waziri, during the 2024 Cybersecurity Conference held in Abuja.
Jalo-Waziri also noted that global cybercrime is projected to cost the economy over $10.5 trillion this year, a dramatic increase from $3 trillion just a few years ago. Speaking on the theme Cybersecurity: Synergizing Artificial Intelligence (AI) and Infrastructure, he highlighted the increasing frequency of cyberattacks and ransomware, with global incidents rising by 45% in recent times.
“In Nigeria, our businesses face an unprecedented average of 2,560 cyberattacks weekly. This reality highlights the urgent need to enhance our understanding of these threats and act quickly and decisively. Cybersecurity is no longer just an IT issue; it is now a national priority with direct implications for economic stability and public trust,” Jalo-Waziri stated. He stressed the importance of safeguarding critical infrastructure as the nation increasingly depends on digital systems.
Vice President Kashim Shettima, in a pre-recorded video message, reinforced the necessity of shielding Nigeria’s systems from sophisticated cyber threats, noting that cybersecurity is fundamental to both economic stability and growth. He emphasized that beyond being a technical issue, cybersecurity plays a pivotal role in reshaping industries and national infrastructure.
The Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, also addressed the conference, reaffirming the SEC’s commitment to fostering a secure and resilient digital environment. Agama emphasized that in today’s interconnected world, cybersecurity is essential to economic and social systems, as most personal and organizational activities are now conducted digitally. He added that the rapid shift toward digital platforms has introduced new risks that demand vigilant management.
“Cyber-attacks on financial institutions often target sensitive data, potentially causing systemic damage beyond individual organizations to the broader economy. As such, cybersecurity must be recognized as a critical element of financial stability and national security,” Agama noted. He also highlighted the growing role of AI in combating cyber threats, explaining that AI-driven systems can monitor vast datasets in real time, detect anomalies, and predict potential threats with remarkable speed and accuracy.
Temi Popoola, Chairman of CSCS, echoed these sentiments, emphasizing that AI and robust infrastructure are crucial in strengthening cybersecurity defenses. He referenced recent cyber incidents, including a breach of Microsoft’s Azure cloud platform that compromised U.S. government data and ransomware attacks on Nigerian financial institutions, stressing that AI’s predictive capabilities are vital in mitigating such threats.
Popoola further warned that global cybercrime is expected to reach $10.5 trillion annually by 2025, as projected by Cybersecurity Ventures. He called for a unified approach to addressing these challenges, stating, “The synergy between AI and infrastructure is not merely an option but a lifeline for maintaining cybersecurity.”
The conference concluded with calls for increased collaboration between government agencies, financial institutions, and cybersecurity experts to protect Nigeria’s digital economy from ever-evolving cyber threats.
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