The Nigerian Central Securities Clearing System, or CSCS Plc, said on Thursday that there are 2,560 cyberattacks on average every week against firms in the nation.

At the 2024 Cybersecurity conference in Abuja, Haruna Jalo-Waziri, Managing Director/CEO of CSCS Plc, said that cybercrime is expected to cost the world economy over $10.5 trillion this year, a startling increase from $3 trillion just a few years ago.

The focus of the conference is “Cybersecurity: Integrating AI, AI, and Infrastructure.”

Mr. Jalo-Waziri emphasised that, given the 45 percent rise in ransomware assaults worldwide, the threat presented by the threat highlighted the urgent need for strong cybersecurity measures.

Here in Nigeria, the terrain is still really difficult. Every week, an astounding 2,560 cyberattacks target our businesses. This fact brings to mind the lessons from “The Kill Chain,” where we learn that the most deadly dangers frequently go undetected.

As we accept our place in the world, especially in Africa, we have to do more to comprehend these concerns. We have to be fast to learn, quick to make decisions, and quick to act. Today, cybersecurity is a national responsibility that impacts public trust and our capacity to maintain economic stability. It is no longer merely an IT problem.

He continued, “It is imperative that we safeguard our vital infrastructure as we become more and more dependent on digital systems.”

Vice President Kashim Shettima addressed the gathering through a pre-recorded video message, noting that cyber security “is not just a technical issue, it is a fundamental ingredient of our economic stability and growth.” Shettima also stressed the importance of strong cyber security for the country’s economy and for reshaping infrastructure and industries.

He made the point that it is now more important than ever to protect the country’s system from more sophisticated cyber assaults.

Dr. Emomotimi Agama, the Director General of the Securities and Exchange Commission, also spoke at the conference and gave investors and attendees the reassurance that the Commission is committed to doing its share to build a safe and resilient digital environment that will uphold investor confidence, promote economic expansion, and preserve the integrity of the country’s financial markets.

Given that more and more actions, both personal and organisational, are now carried out digitally than ever before, Dr. Agama pointed out that cybersecurity is becoming a fundamental issue in today’s linked society, not just a niche one.

He clarified that the capacity of AI-driven intelligence systems to monitor enormous datasets in real-time, identify abnormalities, and forecast possible dangers with amazing speed and precision has made AI a valuable weapon in the battle against cyber threats.

According to the SEC Boss, artificial intelligence (AI) has the potential to secure the digital economy and improve efficiency in Nigeria, where digitalisation is rapidly advancing across industries like finance, healthcare, and telecommunications. AI-driven systems in the capital markets can also improve risk management, fraud detection, and surveillance.

“We are currently investigating methods to use AI technology at the SEC Nigeria to protect investor interests and uphold market integrity. Apart from artificial intelligence, automated reaction systems have the potential to drastically shorten the duration between the identification of a danger and the execution of countermeasures. To handle the increasing number of risks that human teams are unable to handle on their own, automation is essential in areas like patch management, access control, and incident response.

In contrast to what was previously possible, businesses and organisations in Nigeria are now required by law to promptly disclose occurrences of cyber-attacks, according to Mallam Nuhu Ribadu, the National Security Adviser.

Speaking through National Security Coordinator Saad Abubakar, Ribadu noted that “we are in fact more vulnerable to cyber threats due to our reliance on interconnected systems.” The fact that cyberattacks are now enhanced by artificial intelligence, however, is much more concerning. Adversaries can now unleash deadly strikes without requiring advanced technological knowledge.

With the recent approval and gaztting of the Executive Order 2024, which designates and protects the Critical National Information Infrastructure (CNII), he gave his word that the government was making every effort to safeguard Nigerian networks.

In order to increase resilience against cyber threats, this directive not only requires the security of critical systems but also encourages cooperation between the public and commercial sectors,” he continued.