By Ginika Okoye
Vice- President Kashim Shettima says investing in Artificial Intelligence (AI) will help the country to build a cyber resilient state.
Shettima said this at the 2024 Cybersecurity conference organised by the Central Securities Clearing System Plc (CSCS) and the Office of the National Security Adviser (ONSA) in Abuja on Thursday.
Shettima who addressed the conference virtually, said the investment would help the country to also build a resilient future.
”I want to emphasise the critical role that robust cybersecurity plays in safeguarding our national economy.
”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.
”Cyber security is not just a technical issue. It is a fundamental pillar of our economic stability and growth.
”Together, we can build a resilient framework that protects our essential infrastructure and not just a thriving digital economy,” he said.
The Chief Executive Officer of CSCS Plc, Mr Haruna Jalo-Waziri, said the evolution from the information age to the digital age provided both remarkable advancements and formidable risks.
He said the emergence of new technologies had also brought new vulnerabilities, including sophisticated cyber warfare or cyber threats.
Jalo-Waziri said the country must harness the potential of AI while remaining vigilant against its threats.
According to him, our businesses face an alarming average of 2,560 cyber attacks each week.
”Imagine, each week, that is what we know; the reality reminds us of the insights.
”We must learn, decide, and act quickly and decisively.
”Our collective knowledge is our greatest asset. Let us leverage this platform to collaborate, innovate, and strengthen our cybersecurity posture,” he said.
Malam Nuhu Ribadu, the National Security Adviser (NSA), said the conference was to explore the intersection of two transformative forces, the rapid advancement of AI and the growing need to secure our national assets.
Ribadu, represented by Saad Abubakar, the National Cybersecurity Coordinator, Office of the NSA (ONSA), said that fortifying the country’s critical infrastructure was not just a priority, but a necessity.
The NSA stressed the need for collaboration and coordination among stakeholders to address cyber-attacks.
”As we embark on today’s discussion, let us embrace the opportunity of AI that present both challenges and opportunities.
”The challenge is that you will never know when you are going to be hit or you have been already hit.
”It also provides opportunities to protect and defend ourselves and coordinate ourselves together because the criminals do talk to each other while we don’t talk to each other.
”That is one of the loopholes the criminals look at. Together we can truly achieve more,” he said.
Dr Emomotimi Agama, the Director-General of the Securities and Exchange Commission (SEC), said that cybersecurity and AI referencing infrastructure was critical in developing the world of fintech and innovation.
Agama said: “we at the SEC, understand the vital importance of cybersecurity and particularly in the capital market and the financial sector.
”People’s hard earned savings and investments depend on the integrity of our capital markets.
”Cyber attacks targeting financial institutions are often aimed at gaining access to sensitive and confidential information, which can have systemic implications not just for a single institution but for the broader economy.
”Therefore, cybersecurity must be viewed as a critical component of financial stability and national security.
The Chairman, Board of Directors of CSCS Plc, Mr Temi Popoola, said that cybersecurity ventures projected that the global cost of cybercrime would surge to 10.5 trillion dollars annually by 2025.
Popoola, also the Group Managing Director of the Nigerian Exchange Group, said the cost comprised stolen intellectual property, personal data and disruptions to critical services which had impact millions of lives.
He said that AI was rapidly becoming a game changer in the fight against cyber threats.
”Here at CSCS, we are leveraging these cutting edge technologies to bolster our defenses and secure the integrity of all our systems.
However, technology was not enough. We need a holistic approach to cybersecurity, one that demands leadership from the very top.
”Boards and management teams must prioritise cybersecurity, embedding it within every aspect of organisational strategy.
”Equally important is collaboration. We recognise that we cannot win this battle alone.
”This is why we actively work alongside several regulatory bodies to strengthen our national cybersecurity frameworks,” he said.
The News Agency of Nigeria (NAN) reports that the theme of the conference is “Cybersecurity: Synergising AI and Infrastructure” .
The conference is organised by CSCS Plc in partnership with the Office of the National Security Adviser (ONSA).
CSCS is Nigeria’s Central Securities Depository (CSD) licenced to carry on the depository, clearing and settlement of all transactions in the country’s capital market.