Abuja, Oct. 17, 2024 (TheGavel) – Vice President Kashim Shettima has emphasized the importance of investing in Artificial Intelligence (AI) to strengthen Nigeria’s cybersecurity and build a more resilient state. Speaking at the 2024 Cybersecurity Conference, organized by the Central Securities Clearing System (CSCS) Plc in collaboration with the Office of the National Security Adviser (ONSA), Shettima highlighted AI’s critical role in safeguarding the nation’s digital infrastructure.
Addressing the conference virtually, Shettima stressed the urgency of bolstering the country’s cybersecurity framework in light of increasing digital transformation across industries.
“I want to emphasize the critical role that robust cybersecurity plays in safeguarding our national economy,” he said. “In an era where digital transformation is reshaping industries and infrastructure, the necessity of protecting our systems from increasingly sophisticated cyber threats has never been more urgent.”
Shettima noted that cybersecurity is a pillar of economic stability and growth, adding that, with the right investments in AI and other emerging technologies, Nigeria can protect its essential infrastructure and ensure a thriving digital economy.
Building a Resilient Framework
The Vice President’s address set the tone for the conference, which explored the intersection of AI and cybersecurity. The theme of the event, “Cybersecurity: Synergising AI and Infrastructure,” underscored the growing importance of AI in mitigating cyber threats.
Haruna Jalo-Waziri, Chief Executive Officer of CSCS Plc, elaborated on the evolving challenges posed by new technologies, noting the alarming frequency of cyber attacks.
“Our businesses face an average of 2,560 cyber attacks every week,” Jalo-Waziri revealed. “We must harness the potential of AI while remaining vigilant against its threats. Our collective knowledge is our greatest asset. Let us collaborate, innovate, and strengthen our cybersecurity posture.”
Jalo-Waziri highlighted that the transition from the information age to the digital age brought both advancements and vulnerabilities, including sophisticated cyber warfare.
Collaboration and Strategic Leadership
National Security Adviser (NSA), Malam Nuhu Ribadu, represented by Saad Abubakar, National Cybersecurity Coordinator at ONSA, echoed the importance of collaboration among stakeholders to fortify the country’s critical infrastructure.
“As we embark on today’s discussion, let us embrace the opportunities that AI presents, alongside the challenges,” Ribadu said. “The challenge is that you never know when you’re going to be hit by a cyber attack—or if you’ve already been hit. We must coordinate efforts because while criminals communicate and collaborate, we often don’t. That’s a loophole they exploit.”
Ribadu emphasized that securing Nigeria’s digital assets and infrastructure is not only a priority but a necessity, urging greater cooperation between government agencies, private institutions, and international partners.
The Role of AI in Fintech and National Security
The Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, pointed to the crucial role cybersecurity plays in the capital markets and the broader financial sector. He highlighted that cyber attacks targeting financial institutions often aim to access sensitive information, which could have systemic implications for the economy.
“Cybersecurity must be viewed as a critical component of financial stability and national security,” Agama said. “People’s hard-earned savings and investments depend on the integrity of our capital markets. Therefore, the protection of these assets is paramount.”
Agama stressed that the integration of AI within financial services, particularly in fintech, is critical to securing the future of Nigeria’s economy.
Global Cost of Cybercrime and AI’s Role in Defense
Temi Popoola, Chairman of the Board of Directors of CSCS Plc and Group Managing Director of the Nigerian Exchange Group, pointed out that the global cost of cybercrime is projected to reach $10.5 trillion annually by 2025. This cost includes stolen intellectual property, personal data, and disruptions to critical services, impacting millions worldwide.
“AI is rapidly becoming a game-changer in the fight against cyber threats,” Popoola said. “Here at CSCS, we are leveraging cutting-edge technologies to bolster our defenses and secure the integrity of our systems.”
Popoola emphasized the need for a holistic approach to cybersecurity that involves leadership from the top, with boards and management teams embedding cybersecurity into every aspect of organizational strategy.
Conclusion
As Nigeria embraces digital transformation, stakeholders at the conference agreed on the critical need to invest in AI and cybersecurity. Collaboration between government agencies, the private sector, and international partners was underscored as essential to strengthening the country’s cybersecurity framework and protecting its infrastructure.
The conference, organized by CSCS Plc in partnership with ONSA, attracted experts in AI, cybersecurity, and digital infrastructure. CSCS Plc serves as Nigeria’s Central Securities Depository, handling the clearing and settlement of transactions in the capital market.(NAN)
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