The digital world is evolving at breakneck speed, presenting incredible opportunities but also unprecedented challenges in cybersecurity. At the Cybersecurity 2024 conference focusing on the integration of Artificial Intelligence and Infrastructure, important revelations were made regarding the growing vulnerability of businesses to cyberattacks.
The Director General of Fatshimetrie, in his speech, highlighted the fact that Nigerian businesses suffer an average of 2,560 cyberattacks every week, thus highlighting the urgency of strengthening digital security measures. With the costs of cybercrime increasing dramatically, estimated at over $10.5 trillion this year, the need to protect critical infrastructure is becoming a national priority.
In the face of this major challenge, Vice President Kashim Shettima stressed that digital security is essential to the economic stability and growth of the country. He highlighted the critical role that cyber security plays in protecting the national economy and transforming industries and infrastructure.
The Director General of the Securities and Exchange Commission, Dr. Emomotimi Agama, for his part, affirmed the Commission’s commitment to creating a secure and resilient digital environment that fosters investor confidence, economic growth and the integrity of the country’s financial markets. He stressed that cyber security has become a fundamental part of Nigeria’s economy and social systems.
The use of Artificial Intelligence in combating cyber threats was also highlighted, with AI systems capable of monitoring large data sets in real time, detecting anomalies and predicting potential threats with great accuracy and speed. In a country like Nigeria, where digitalization is rapidly advancing in key sectors such as finance, healthcare and telecommunications, AI has enormous potential to enhance efficiency and secure the digital economy.
Finally, the National Security Adviser, Mallam Nuhu Ribadu, highlighted the legal obligation of Nigerian entities to immediately report cyber attacks, in line with the recent Critical National Infrastructure Protection Decree. The directive is aimed at protecting critical systems and facilitating public-private collaboration to build resilience against cyber risks.
In conclusion, the Cybersecurity 2024 conference highlighted the pressing cyber security challenges facing Nigeria and the world. Artificial Intelligence and a strong infrastructure are key elements in protecting businesses, financial markets and the national economy from growing digital threats. Close collaboration between public and private actors is essential to address these challenges and ensure a secure and prosperous digital future.