Nigerian businesses and institutions face an alarming rise in cyber threats, with experts from the Central Securities Clearing System (CSCS), the Nigerian Army, and other key regulatory bodies unveiling coordinated strategies to address these growing challenges.
At the CSCS 2024 Cybersecurity Conference, themed “Cybersecurity: Synergizing AI and Infrastructure,” leaders from various sectors emphasized the importance of collaboration, advanced technologies, and robust legal frameworks to protect Nigeria’s critical digital infrastructure.
Haruna Jalo-Waziri, CEO of CSCS, highlighted the urgency of the situation, revealing that Nigerian businesses endure an average of 2,560 cyberattacks each week.
Citing the 2024 Cybersecurity Ventures Report, he warned that cybercrime is projected to cost the global economy over $10.5 trillion this year, up sharply from $3 trillion just a few years ago.
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This, he noted, underscores the necessity for advanced cybersecurity defenses, particularly as ransomware attacks have surged by 45% worldwide.
Jalo-Waziri stressed that cybersecurity is no longer merely an IT issue, but a national priority essential for Nigeria’s economic stability. “We must learn, decide, and act—quickly and decisively. Protecting our critical infrastructure is paramount,” he said.
He pointed to the Cybersecurity and Infrastructure Security Agency’s (CISA) findings, which suggest that practical applications of artificial intelligence (AI) can preemptively detect and thwart cyber threats, potentially saving organizations millions.
Recognizing the growing role of social media in amplifying cyber threats and misinformation, Jalo-Waziri recommended that businesses and institutions rely on trusted networks and automate their decision-making processes to strengthen defenses.
He also underscored the need for collaboration between the private sector, government bodies, and international partners, emphasizing the pivotal role of Nigeria’s National Security Adviser (NSA) in coordinating cybersecurity efforts.
During a fireside chat at the conference, Major General A. A. Ayannuga, Commander of the Nigerian Army Cyber Warfare Command, represented by Major Yemi Kudaisi, addressed the skill gaps within Nigeria’s defense forces.
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He noted that while military personnel receive cybersecurity training, many have not yet acquired the comprehensive expertise needed to effectively manage network systems and cyber operations.
“We need ongoing, advanced training for our security agencies to bridge this gap,” Kudaisi urged. He also called for greater capacity building by foreign vendors, advocating for the transfer of cybersecurity technologies to Nigerian counterparts to ensure autonomy over the nation’s cyberspace.
The Securities and Exchange Commission’s (SEC) Director General, Emomotimi J. Agama, spoke about the challenges of securing Nigeria’s developing digital infrastructure.
He stressed that security must be integrated at every layer of the system, from communication networks to data centers. Agama emphasized that AI-driven systems could play a crucial role in enhancing surveillance, fraud detection, and risk management in Nigeria’s capital markets.
The SEC, he noted, is committed to strengthening cybersecurity frameworks to protect investors and maintain market integrity.
“In addition to AI, automated response mechanisms can reduce the time between detecting a threat and deploying countermeasures. Automation in areas like patch management and access control is critical to managing the growing volume of threats,” Agama said, reiterating SEC Nigeria’s focus on balancing innovation with accountability.
Ahmad Saad Abubakar, National Cybersecurity Coordinator at the NSA, added that while interconnected systems have increased Nigeria’s vulnerability to cyber threats, the country can mitigate these risks through greater collaboration and resilient coordination among stakeholders.
His remarks are part of a broader effort to finalize the Critical National Information Infrastructure Protection Plan (CNIIPP), aimed at safeguarding Nigeria’s vital information assets.
The telecommunications sector has also been active in addressing cybersecurity concerns. IHS Towers, the Association of Licensed Telecom Operators of Nigeria (ALTON), and the Nigerian Communications Commission (NCC) have proposed strategies to protect Nigeria’s telecommunications infrastructure from cyber threats, theft, and vandalism, which are crucial for the nation’s economic growth.
As cyber threats continue to rise, Nigerian institutions and businesses are taking significant steps to bolster their defenses.
With strategic coordination across sectors, leveraging AI technologies, and a focus on skill development, Nigeria aims to fortify its cybersecurity landscape and ensure a more secure digital future.