The 2024 Cybersecurity Conference: Safeguarding Nigeria’s Future with AI
The 2024 Cybersecurity Conference, organized by the Central Securities Clearing System Plc (CSCS) in collaboration with the Office of the National Security Adviser (ONSA), recently concluded in Abuja, marking a significant milestone in Nigeria’s ongoing battle against cyber threats. This year’s theme, “Cybersecurity: Synergizing AI and Infrastructure,” underscored the urgent need to integrate artificial intelligence (AI) with resilient infrastructure to protect the nation’s critical assets and financial systems from increasingly sophisticated cyberattacks.
A Gathering of Experts
The conference brought together a diverse group of stakeholders, including military experts, technology innovators, finance professionals, and government officials. This multidisciplinary approach allowed for a comprehensive examination of the evolving cyber threat landscape, emphasizing the importance of collaboration across sectors. Participants engaged in in-depth discussions about Nigeria’s cybersecurity landscape, highlighting recent progress, ongoing challenges, and future strategies.
Keynote Address by Vice President Kashim Shettima
Vice President Kashim Shettima delivered a compelling keynote address, emphasizing that cybersecurity is not merely a technical issue but a cornerstone of economic stability and growth. He reiterated the government’s commitment to enhancing cybersecurity initiatives and integrating AI solutions to safeguard national infrastructure. Shettima commended the National Security Adviser, Nuhu Ribadu, and his team for their efforts in fostering a secure digital environment that encourages investment and innovation. He also recognized the leadership of CSCS, particularly CEO Haruna Jalo-Waziri, for his unwavering commitment to advancing the Nigerian capital market.
The Dual-Edged Nature of AI
In his opening remarks, Ahmad Saad Abubakar, the National Cybersecurity Coordinator at ONSA, highlighted the dual-edged nature of AI in cybersecurity. While AI enhances capabilities to predict, detect, and neutralize threats, it also increases vulnerabilities. Abubakar stressed the importance of proactive measures to counteract potential threats, noting that adversaries no longer need deep technical expertise to launch devastating attacks. This reality necessitates a robust response from all sectors involved in cybersecurity.
AI’s Role in Capital Markets
Emomotimi Agama, Director General of the Securities and Exchange Commission (SEC), emphasized the critical role of AI in capital markets. He explained that AI-driven systems enhance surveillance, detect fraud, and manage risks, thereby safeguarding investor interests and maintaining market integrity. However, Agama cautioned that AI must be complemented by resilient infrastructure to remain effective, highlighting the need for a holistic approach to cybersecurity.
The Importance of Infrastructure
Temi Popoola, chairman of the Board of Directors of CSCS Plc, stressed the importance of aligning AI with infrastructure. He warned that a single cyberattack could disrupt entire nations, and for financial institutions like CSCS, safeguarding data is essential to preserving trust in the financial system. Popoola mentioned that CSCS is investing in technologies such as blockchain and quantum-resistant cryptography while collaborating with AI research institutions to stay ahead of emerging threats.
The Economic Impact of Cybercrime
Haruna Jalo-Waziri, CEO of CSCS Plc, addressed the urgent need for robust cybersecurity measures, referencing the staggering costs of cybercrime to the global economy. According to the 2024 Cybersecurity Ventures Report, cybercrime is projected to cost over $10.5 trillion this year, a significant increase from $3 trillion just a few years ago. Jalo-Waziri highlighted the alarming 45% rise in ransomware attacks globally, as reported by Check Point Research, and called for the establishment of trusted networks and air gaps to protect critical systems from emerging risks.
A Call to Action
The conference concluded with a resounding call to action for greater collaboration between public and private sectors. Participants emphasized the need to develop human capital equipped with AI-driven tools and expertise to navigate the increasingly complex cyber environment. The discussions underscored the importance of fostering a culture of cybersecurity awareness and preparedness, ensuring that Nigeria remains resilient against evolving cyber threats.
Conclusion
The 2024 Cybersecurity Conference served as a vital platform for discussing the integration of AI and infrastructure in safeguarding Nigeria’s critical assets. As the nation faces an ever-evolving cyber threat landscape, the insights and collaborations fostered during this event will play a crucial role in shaping Nigeria’s cybersecurity strategy for years to come. With the commitment of government officials, industry leaders, and cybersecurity experts, Nigeria is poised to enhance its defenses and secure a safer digital future.
About the Author
Iheanyi Nwachukwu is a creative content writer with over 18 years of journalism experience, specializing in banking, finance, and capital markets. An award-winning journalist, he serves as the Assistant Editor at BusinessDay. Iheanyi holds a BSc in Economics from Imo State University and an MSc in Management from the University of Lagos. He has participated in several advanced training programs, enhancing his expertise in journalism and capital markets.