Nigerian Exchange Limited, NGX, has emphasised the crucial role of Artificial Intelligence (AI) and robust infrastructure in bolstering cybersecurity measures.
Temi Popoola, Chairman of Central Securities Clearing Systems Plc (CSCS), stated this at the Company’s cybersecurity conference held in collaboration with the Office of the National Security Adviser (ONSA).
In his opening address, Popoola highlighted the increasing risks posed by cyberattacks, which can disrupt the entire country.
He recalled recent incidents, including a breach of Microsoft’s Azure cloud platform that compromised sensitive U.S. government data and coordinated ransomware attacks targeting Nigerian financial institutions.
He noted that AI’s predictive and responsive capabilities are essential in combating these threats.
With global cybercrime projected to reach $10.5 trillion annually by 2025, according to Cybersecurity Ventures, Popoola underscored the necessity of a unified approach, stating, “The synergy between AI and infrastructure is not just an option; it is our lifeline.” He emphasized that organizations must elevate cybersecurity to a board-level priority, integrating it into all decision-making processes.
Echoing this sentiment, Haruna Jalo-Waziri, CEO of CSCS, stated that cybersecurity transcends being a mere technical issue; it is a strategic imperative that necessitates the collective efforts of all stakeholders within the financial ecosystem. He emphasized CSCS’s full commitment to leveraging AI-driven solutions to enhance defenses and maintain the integrity of its systems. He further remarked, “There is an urgent need for robust cybersecurity measures. We must improve our understanding of these threats, and we must learn, decide, and act quickly and decisively.”
Emomotimi Agama, Director-General of the Securities and Exchange Commission (SEC), also addressed the necessity of prioritizing cybersecurity in safeguarding Nigeria’s financial markets. “As we undergo digital transformation, cybersecurity must be foundational to our strategy. Protecting investor data and ensuring the integrity of financial transactions is critical. The SEC is dedicated to fostering a resilient market ecosystem through collaboration, regulation, and the adoption of advanced technologies like AI,” Agama remarked.
Adding to the discussion, Saad Abubakar, Head, International Cooperation, Directorate of Cybersecurity, ONSA emphasized the importance of a multi-stakeholder approach in addressing the evolving cybersecurity landscape. He stated that by working together, all sectors could create a more secure environment, thereby safeguarding national interests.”
The conference facilitated productive discussions on collaborative efforts among stakeholders in the public and private sectors to combat AI-driven cyber threats. Participants explored partnerships aimed at enhancing Nigeria’s cybersecurity policies and strategies.
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