Nigerian businesses face 2,560 cyber attacks weekly — CSCS

The Nigerian Central Securities Clearing System has revealed that businesses operating in Nigeria encounter an alarming average of 2,560 cyber attacks each week, highlighting the significant cybersecurity challenges companies face in an increasingly digital landscape.

It also noted that cybercrime is projected to cost the global economy over $10.5 trillion in 2024.

The Managing Director/Chief Executive Officer of CSCS Plc, Haruna Jalo-Waziri, disclosed this at the fifth edition of the CSCS Cybersecurity Conference themed “Cybersecurity: Synergising AI and Infrastructure” on Thursday in Abuja.

The event, held in partnership with the Office of the National Security Adviser, underscored the need for strong synergy between artificial intelligence (AI) and infrastructure, as AI is becoming a lifeline for modern development activities with its predictive capabilities and rapid response times.

In his welcome address, Jalo-Waziri stated that the dire situation is escalating and must be urgently addressed, noting that attacks have increased by 45 per cent globally. He urged government officials to ensure that “cybersecurity must be embedded at every stage of infrastructure development.”

He said, “In Nigeria, our businesses face an alarming average of 2,560 cyber attacks each week. This means we must learn, decide, and act quickly and decisively. The emergence of new technologies reshapes how we operate, but it also brings new vulnerabilities, including sophisticated cyber threats.

“According to the 2024 Cybersecurity Ventures Report, cybercrime is projected to cost the global economy over $10.5 trillion this year—a staggering increase from $3 trillion just a few years ago.”

“This underscores the urgent need for robust cybersecurity measures, especially as we witness a 45 per cent increase in ransomware attacks globally, as reported by Check Point Research.”

“Cybersecurity is no longer just an IT issue; it is a national priority that affects our economic stability and public trust.”

In providing solutions to curb this menace, Vice President Kashim Shettima said that investing in artificial intelligence remains a viable solution to help the country build a cyber-resilient state.

He stated that the relentless onslaught of cyber attacks not only threatens sensitive data and operations but also underscores the urgent need for robust security measures to protect against such frequent and varied threats.

Shettima, who was represented by the Special Assistant to the President on ICT Systems and Digital Skills, Bashir Shuaibu, also called on experts and key stakeholders in the cybersecurity space to rise to the challenge posed by artificial intelligence and protect Nigeria’s digital infrastructure and assets against malicious cyber attacks.

He emphasised that strategic investment would help the country build a resilient future.

“I want to stress 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.

“Cybersecurity 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.
While acknowledging the challenges posed by AI, he also noted that AI has numerous benefits, as it is rapidly becoming a game-changer in the fight against cyber threats.

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Also speaking at the conference, the National Security Adviser, Malam Nuhu Ribadu, said the conference aimed to explore the intersection of two transformative forces: the rapid advancement of AI and the growing need to secure our national assets.

He stated that the government has taken proactive steps to secure security assets by developing 85 per cent of its AI programme using local vendors.

Ribadu, represented by the National Cybersecurity Coordinator, Office of the NSA, Saad Abubakar, noted 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 that AI presents, which brings both challenges and opportunities.

“The challenge is that you never know when you are going to be hit or if you have already been hit.

“However, it also provides opportunities to protect and defend ourselves, and to coordinate our efforts together because criminals communicate with each other, while we don’t.

“That is one of the loopholes the criminals exploit. Together we can achieve more,” he said.

Meanwhile, the Director-General of the Securities and Exchange Commission, Dr Emomotimi Agama, stated that cybersecurity and AI-referencing infrastructure are critical in the development of the world of fintech and innovation.

Agama said, “At the SEC, we understand the vital importance of cybersecurity, 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 often aim to gain 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.”