By Aaior K. Comfort

The Nigerian Central Securities Clearing System (CSCS) Plc has revealed that businesses in Nigeria encounter an alarming average of 2,560 cyber attacks each week. This disclosure was made by the Managing Director/CEO, Haruna Jalo-Waziri, during the 2024 Cybersecurity Conference held in Abuja.

The conference, themed “Cybersecurity: Synergizing Artificial Intelligence (AI) and Infrastructure,” highlighted the pressing need for robust cybersecurity measures, particularly given the projected global cost of cybercrime, which is expected to exceed $10.5 trillion this year—up from $3 trillion a few years ago.

Jalo-Waziri emphasized the urgency of addressing these threats, citing a 45% increase in global ransomware attacks. He noted, “As we acknowledge our position, particularly in Africa, we must work to improve our understanding of these threats. Cybersecurity is no longer just an IT issue; it is a national priority that affects our economic stability and public trust.”

Vice President Kashim Shettima, speaking via a pre-recorded video message, reinforced the significance of cybersecurity in safeguarding Nigeria’s economic stability and growth. He highlighted the necessity of protecting the nation’s systems against increasingly sophisticated cyber threats.

The Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, assured participants of the Commission’s commitment to creating a secure digital environment. He noted that AI is a powerful tool in combating cyber threats, offering capabilities to monitor large datasets, detect anomalies, and predict potential threats rapidly.

Dr. Agama stated, “In Nigeria, where digitalization is advancing across sectors like finance, healthcare, and telecommunications, AI holds the promise of enhancing efficiencies while securing the digital economy.”

Additionally, National Security Adviser Mallam Nuhu Ribadu mentioned that Nigerian entities are now legally required to report cyber-attack incidents immediately. He highlighted the dangers posed by adversaries using AI to launch cyber attacks, which can now be executed without extensive technical expertise.

To bolster protection, Ribadu noted the government’s recent approval of the Designation and Protection of Critical National Information Infrastructure (CNII) Executive Order 2024. This directive mandates the safeguarding of essential systems and promotes collaboration between the public and private sectors to enhance resilience against cyber risks.