The Central Securities Clearing System PLC (CSCS) has called for the rapid adoption of artificial intelligence (AI) in Nigeria’s cybersecurity framework to counter the growing threat of cybercrime. This call to action was made at the conclusion of the 2024 Cybersecurity Conference, held in collaboration with the Office of the National Security Adviser (ONSA), which brought together experts from various sectors, including military, technology, finance, and government.
In his keynote address, Nigeria’s Vice President, Kashim Shettima, stressed the importance of cybersecurity for economic stability, remarking, “It is not just a technical issue.” He reaffirmed the government’s commitment to strengthening cybersecurity initiatives and incorporating AI to protect national infrastructure. Shettima also praised the efforts of ONSA and CSCS in fostering a secure digital environment conducive to investment and innovation.
CSCS CEO, Haruna Jalo-Waziri, highlighted the growing economic impact of cybercrime, referencing the 2024 Cybersecurity Ventures Report, which projected global cybercrime costs to reach over $10.5 trillion this year, up from $3 trillion in recent years. He noted the sharp 45% rise in ransomware attacks globally, according to Check Point Research, emphasizing the urgent need for robust cybersecurity defenses. Jalo-Waziri also warned of the dangers posed by social media in spreading misinformation and stressed the importance of building trusted networks and air gaps to safeguard critical systems.
Securities and Exchange Commission (SEC) Director General, Emomotimi Agama, highlighted AI’s crucial role in capital markets, explaining how AI-driven systems enhance surveillance, detect fraud, and manage risks. However, he emphasized that the success of these technologies depends on the strength of the underlying infrastructure.
National Cybersecurity Coordinator Ahmad Saad Abubakar acknowledged the benefits of AI but cautioned that increased reliance on interconnected systems makes them more vulnerable to cyber threats. “Our susceptibility to cyber threats is amplified by AI,” he warned, urging proactive measures to address these risks.
Temi Popoola, Chairman of the CSCS Board and CEO of NGX Group, underscored the importance of data security in maintaining public trust. He noted that “a single cyberattack today can disrupt entire nations,” and outlined CSCS’s investments in advanced technologies like blockchain and quantum-resistant cryptography to safeguard sensitive information.
The conference concluded with a collective call for greater collaboration between public and private sectors to cultivate a workforce skilled in AI-driven cybersecurity tools, essential for navigating the increasingly complex digital landscape.
