The 2024 Cybersecurity Conference, organized by Nigeria’s Central Securities Clearing System Plc and the Office of the National Security Adviser (ONSA), ended on Thursday in Abuja with experts from across the military, technology, finance, and government sectors exploring how Artificial Intelligence (AI) can safeguard critical infrastructure against increasingly sophisticated cyber threats from across the globe.
With the theme “Cybersecurity: Synergizing AI and Infrastructure,” the conference, according to a statement by the organisers, addressed the evolving cyber threat landscape, emphasizing the integration of AI-powered solutions with resilient infrastructure to protect Nigeria’s financial system and critical assets.
In his keynote at the event, Nigeria’s Vice President, Sen. Kashim Shettima, underscored the significance of cybersecurity as a cornerstone of economic stability and growth and “not just a technical issue.”
He reiterated the government’s commitment to bolstering cybersecurity initiatives and integrating AI solutions to protect national infrastructure, commending the National Security Adviser, Mallam Nuhu Ribadu and his team for fostering a secure digital environment that encourages investment and innovation.
He equally recognized the efforts of the leadership of CSCS, particularly its Chief Executive, Haruna Jalo-Waziri, for his “unwavering commitment to advancing the Nigerian capital market.”
In his opening remarks, the National Cybersecurity Coordinator at the ONSA, Ahmad Saad Abubakar, highlighted the dual-edged nature of AI in cybersecurity to both enhance our capacities buy also increase our vulnerabilities.
He called for proactive steps to neutralize the threats before they arrive, following which he noted that “our reliance on interconnected systems has increased our vulnerability to cyber threats, now amplified by AI. Adversaries no longer require deep technical expertise to launch devastating attacks.
“While AI empowers malicious actors, it also equips us with unparalleled capabilities to predict, detect, and neutralize threats before they manifest,” he stressed.
Also speaking at the event, Director-General of the Securities and Exchange Commission (SEC), regulator of the Nigerian Capital Market, Dr. Emomotimi Agama emphasized AI’s role in capital markets.
For him, “AI-driven systems enhance surveillance, detect fraud, and manage risks. At SEC Nigeria, we are actively exploring how AI technologies can safeguard investor interests and maintain market integrity. However, AI must be complemented by resilient infrastructure to remain effective.”
On his part, Chairman of CSCS Plc, Temi Popoola, highlighted the importance of aligning AI and infrastructure, because “a single cyberattack today can disrupt entire nations. For financial institutions like CSCS, safeguarding data means preserving trust in the financial system. We are investing in technologies such as blockchain and quantum-resistant cryptography while collaborating with AI research institutions to stay ahead of emerging threats.”
The CEO of CSCS Plc, Haruna Jalo-Waziri, stressed the urgency of robust cybersecurity measures, considering the significant costs that the global economy will bear due to cybercrime. Referencing the 2024 Cybersecurity Ventures Report, he noted that “cybercrime will cost the global economy over $10.5tr this year, up from $3tr just a few years ago.”
This, he believes, “underscores the need for enhanced cybersecurity, especially with the 45% increase in ransomware attacks globally, as reported by Check Point Research.”
He further cautioned on the effect of social media in amplifying misinformation. He therefore called for the building of trusted networks and the creation of air gaps “that protect critical systems from emerging risks.”
The conference featured in-depth discussions on Nigeria’s cybersecurity landscape, including recent progress, ongoing challenges, and future strategies. Participants examined AI’s potential to enhance security, manage risks, and mitigate vulnerabilities introduced by the proliferation of connected devices.
The event concluded with a call to action for greater collaboration between public and private sectors, emphasizing the need to develop human capital equipped with AI-driven tools and expertise to navigate an increasingly complex cyber environment.
