Nigerian Businesses Face 2,560 Cyberattacks Weekly – Central Securities

At least 2,560 Nigerian businesses are faced with cyberattacks each week, according to the managing director of Central Securities Clearing Systems Plc (CSCS), Haruna Jalo-Waziri. He said the situation is more challenging owing to the rise in cyberattacks across sectors of the economy.

Cybercrime is projected to cost the global economy over $10.5 trillion this year alone — a staggering rise from $3 trillion just a few years ago. This, Jalo-Waziri said, underscores the urgent need for robust cybersecurity measures, especially as the world witnesses a 45% increase in ransomware attacks, as reported by Check Point Research.

“Here in Nigeria, the landscape remains particularly challenging. Our businesses face an alarming average of 2,560 cyberattacks each week,” he said yesterday at the CSCS cybersecurity conference in collaboration with the Office of the National Security Adviser. “This reality reminds us of the insights from “The Kill Chain,” where we recognise that the most dangerous threats often hide in plain sight.”

Jalo-Waziri said in acknowledgement of the challenge at hand, all hands must be on deck to improve public understanding of cyber threats. “We must LEARN, DECIDE, AND ACT—quickly and decisively.” He said cybersecurity is no longer just an IT issue; it is a national priority that affects Nigeria’s economic stability and public trust.

Vice President Kashim Shettima said that to build a cyber-resilient Nigeria, “we need to invest in AI, not just for productivity and utility but for all phases of defence. AI can help us predict, detect, and neutralise threats faster than ever.”

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Represented by his special adviser on ICT, Bashir Mohammed Shuaibu, the Vice President said AI has become the backbone of modern infrastructure, “its security must be paramount.” Shettima stated that cybersecurity must be embedded at every stage of AI-driven infrastructure development. “AI, like a bread knife, can be a tool of convenience or destruction. On one hand, it enhances our capacity to detect and mitigate cyber threats, allowing us to predict and prevent attacks with unparalleled accuracy.”

Talking about the topic “Cybersecurity: Synergizing AI and Infrastructure,” chairman of the board of directors of CSCS, Temi Popoola, said where there is a challenge, there is also opportunity. He urged the audience at the conference in Transcorp Hilton, Abuja, to seize the opportunity of artificial intelligence (AI) to detect anomalies and potential risks faster than any human analyst could. He said AI is rapidly becoming a game-changer in the fight against cyber threats.

He stated that Nigeria must leverage cutting-edge technologies to bolster Nigeria’s defences and secure the integrity of its systems. “But technology alone is not enough. A holistic approach to cybersecurity is required, one that demands leadership from the very top,” Popoola stated.

Senator Shettima said that as the world moves towards a future where AI will power cities, industries, and national infrastructure, technology experts should ensure the progress is secure, sustainable, and inclusive. “We’ll embrace the synergy between AI and infrastructure while remaining ever vigilant to the cybersecurity challenges it presents.”