The Central Securities Clearing System (CSCS), the Office of the National Security Adviser, the Securities and Exchange Commission, and the Nigerian Army have outlined strategies to address cyber attacks against Nigerian businesses and institutions.
They shared their expert views during the CSCS 2024 Cybersecurity Conference, titled “Cybersecurity: Synergizing AI and Infrastructure,” on Thursday, which was attended by a Nairametrics analyst.
Haruna Jalo-Waziri, Chief Executive Officer at CSCS, stated that in Nigeria, the landscape of cybercrime remains particularly challenging, with “businesses facing an alarming average of 2,560 cyber attacks each week.”
The conference gathered cybersecurity industry professionals, government officials, financial institutions, telecommunications companies, and industry regulators to brainstorm ways to protect the business environment by leveraging cybersecurity techniques.
Strategies Against Cyber Attacks
Jalo-Waziri cited a 2024 Cybersecurity Ventures Report, which stated that cybercrime is projected to cost the global economy over $10.5 trillion this year a staggering rise from $3 trillion just a few years ago.
According to him, the report underscores the urgent need for robust cybersecurity measures, especially as stakeholders have reportedly witnessed a 45% increase in ransomware attacks globally.
First, he advised that relevant stakeholders and internet users must work to improve their understanding of cyber threats and artificial intelligence, as cybersecurity is no longer just an IT issue but a national priority that affects Nigeria’s economic stability and public trust.
“We must learn, decide, and act—quickly and decisively.”
“As we increasingly rely on digital systems, protecting our critical infrastructure is paramount.”
“The Cybersecurity and Infrastructure Security Agency (CISA) has indicated that practical AI implementations can predict and prevent cyber threats before they materialize, potentially saving organizations millions,” he said.
He also emphasized the need for stakeholders to recognize the intrusive impact of social media, which can amplify threats and misinformation, complicating decision-making processes.
He recommended reliance on trusted networks as well as collaboration among stakeholders in both the private and public sectors.
“To automate decision-making effectively, we must rely on trusted networks and create air gaps that shield our critical systems from emerging threats.”
“Collaboration is key to addressing these multifaceted challenges,” he said, adding that the Office of the National Security Adviser’s role as Nigeria’s custodian of cybersecurity laws is crucial in guiding collective efforts against cyber attacks.
Speaking at the CSCS Fireside Chat titled “The State of Cybersecurity in Nigeria: Challenges, Successes, Future State, Protection of Critical Infrastructures,” Major Gen. A. A. Ayannuga, Commander, Nigerian Army Cyber Warfare Command, represented by Major Yemi Kudaisi, noted that a particular challenge facing the armed forces is the issue of skill gaps in the fight against cyber attacks.
He mentioned that while several military personnel attend cybersecurity training, they have not yet mastered the requisite understanding and skills regarding network systems and cyber administration.
“So, there is this skill gap,” he said, advising for constant training for security agencies.
He explained that the military is primarily concerned about national security, not profit, urging foreign vendors to be diplomatic enough to build the capacity of their Nigerian counterparts so they can have full autonomy over their cyberspace.
“I look forward to a situation where foreign vendors can engage us in capacity building with the aim of transferring these technologies to Nigeria, allowing us some form of autonomy in using these systems,” he said.
He emphasized that achieving cybersecurity requires cooperation, highlighting that channels of communication should be established across the board.
SEC’s Director General, Emomotimi J. Agama stated that in Nigeria, where digital infrastructure is still developing, security must be integrated at every layer—from communication networks to data centers.
He assured that the SEC is committed to working with government bodies and industry players to strengthen the cybersecurity infrastructure of the capital markets, ensuring they are equipped to withstand emerging threats.
He mentioned that in the capital markets, AI-driven systems can enhance surveillance, detect fraud, and manage risk, and the commission is exploring ways to leverage AI technologies to safeguard investor interests and maintain market integrity.
“In addition to AI, automated response mechanisms can significantly reduce the time between the detection of a threat and the implementation of countermeasures. Automation in areas such as patch management, access control, and incident response is crucial to addressing the growing volume of threats that human teams alone cannot manage. At SEC Nigeria, we are committed to ensuring that the capital markets are protected by robust cybersecurity frameworks that balance innovation with accountability.”
Ahmad Saad Abubakar, National Cybersecurity Coordinator, NSA, advised that while reliance on interconnected systems has made Nigerians more susceptible to cyber threats, these threats can be contained through collaboration and resilient coordination among stakeholders.
What You Should Know
- The conversation is part of a broader campaign to develop a protection plan for Nigeria’s critical information infrastructure assets.
- Telecommunications infrastructure company IHS Towers, the Association of Licensed Telecom Operators of Nigeria (ALTON), and the Nigerian Communications Commission (NCC) have earlier proposed strategies to safeguard Nigeria’s telecommunications infrastructure from cyber threats, theft, and vandalism, which are crucial for the country’s economic growth.
- The Critical National Information Infrastructure Protection Plan (CNIIPP) is to be formalized and finalized under the purview of the NSA.