Stakeholders Canvass For Urgency Of Robust Cybersecurity Measures Amid Rising Threats

Stakeholders from the military, technology, finance, and government sectors called for urgent upscale of cyber-security measures put in safeguarding critical infrastructure against increasingly sophisticated cyber threats.

They stated this at the 2024 Cybersecurity Conference, organised by the Central Securities Clearing System (CSCS) Plc and the Office of the National Security Adviser (ONSA) held in Abuja with the theme ‘Cybersecurity: Synergising AI and Infrastructure’.

The conference addressed the evolving cyber threat landscape, emphasising the integration of AI-powered solutions with resilient infrastructure to protect Nigeria’s financial system and critical assets.
Speaking, the Vice President, Sen. Kashim Shettima underscored the significance of cybersecurity as a cornerstone of economic stability and growth and ‘not just a technical issue’.

He reiterated the government’s commitment to bolstering cybersecurity initiatives and integrating AI solutions to protect national infrastructure.

The national cybersecurity coordinator at the ONSA, Ahmad Abubakar, highlighted the dual-edged nature of AI in cybersecurity to both enhance our capacities but also increase our vulnerabilities.

He called for proactive steps to neutralise the threats before they arrive, saying “our reliance on interconnected systems has increased our vulnerability to cyber threats, now amplified by AI. Adversaries no longer require deep technical expertise to launch devastating attacks. While AI empowers malicious actors, it also equips us with unparalleled capabilities to predict, detect, and neutralise threats before they manifest.”

The director-general of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama emphasised AI’s role in capital markets, saying “AI-driven systems enhance surveillance, detect fraud, and manage risks. At SEC Nigeria, we are actively exploring how AI technologies can safeguard investor interests and maintain market integrity. However, AI must be complemented by resilient infrastructure to remain effective.

”The chairman of CSCS, Temi Popoola, highlighted the importance of aligning AI and infrastructure, explaining that “a single cyberattack today can disrupt entire nations.

For financial institutions like CSCS, safeguarding data means preserving trust in the financial system. We are investing in technologies such as blockchain and quantum-resistant cryptography while collaborating with AI research institutions to stay ahead of emerging threats.

”The CEO of CSCS, Haruna Jalo-Waziri, stressed the urgency of robust cybersecurity measures considering the significant costs that the global economy will bear due to cybercrime.

Referencing the 2024 Cybersecurity Ventures Report, he stated that “cybercrime will cost the global economy over $10.5 trillion this year, up from $3 trillion just a few years ago.

This underscores the need for enhanced cybersecurity, especially with the 45 per cent increase in ransomware attacks globally, as reported by Check Point Research.

”The conference featured in-depth discussions on Nigeria’s cybersecurity landscape, including recent progress, ongoing challenges, and future strategies.

Participants examined AI’s potential to enhance security, manage risks, and mitigate vulnerabilities introduced by the proliferation of connected devices.

The event concluded with a call to action for greater collaboration between public and private sectors, emphasising the need to develop human capital equipped with AI-driven tools and expertise to navigate an increasingly complex cyber environment.