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In a strategic move to combat the escalating threat of cyberattacks, the Central Securities Clearing System (CSCS) Plc and the Office of the National Security Adviser (ONSA) on Thursday convened the 2024 Cybersecurity Conference in Abuja.
This high-profile event brought together leading experts from the military, technology, finance, and government sectors to explore the critical role of artificial intelligence (AI) in safeguarding Nigeria’s critical infrastructure.
The event brought together experts from the military, technology, finance, and government sectors to explore how artificial intelligence (AI) can safeguard critical infrastructure against increasingly sophisticated cyber threats.
With the theme “Cybersecurity: Synergizing AI and Infrastructure,” the conference 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 speech, Vice President Kashim Shettima emphasised the critical role that robust cyber security plays in the nation’s economy and reshaping industries and infrastructure, saying that shielding the nation’s system from increasing sophisticated cyber threats has not been more
He said, “Cyber security is not just a technical issue it is a fundamental ingredient of our economic stability and growth.
“I commend the National Security Adviser, Mallam Nuhu Ribadu and his team for their efforts in fostering a digital environment that encourages investments and innovation.
“Together, we can build a resilient framework that infrastructure and a thriving digital economy”.
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 – “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.”
The Director General of the Securities and Exchange Commission, Dr. Emomotimi Agama said that the Commission is dedicated to playing its part in creating a secure, resilient digital environment that will protect investor confidence, foster economic growth, and safeguard the integrity of the nation’s financial markets.
Dr. Agama further in his Goodwill message, said in today’s interconnected world, cybersecurity is no longer an isolated concern, it is foundational to the very fabric of our economic and social systems as many activities, both personal and organizational, are now conducted digitally more than ever before.
This shift, he said, has brought immense efficiencies but has also introduced a new set of risks—cyber risks—that stakeholders must not only recognize but also actively guard against.
According to him, “This became more apparent during the recent COVID-19 pandemic, which accelerated our reliance on technology, remote work, and digital platforms. The pandemic underscored the need to enhance cybersecurity measures to protect individuals, organizations, and sectors from threats lurking in cyberspace.
“At the SEC Nigeria, we understand the vital importance of cybersecurity, particularly in the financial sector. People’s hard-earned savings and investments depend on the integrity of our capital markets, which deserve robust strategies to mitigate cyber risks. Cyber-attacks targeting financial institutions are often aimed at gaining 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”.
Agama said AI has emerged as a powerful tool in the fight against cyber threats as AI-driven intelligence systems now offer the capability to monitor vast datasets in real-time, detect anomalies, and predict potential threats with remarkable speed and accuracy.
The SEC Boss said for Nigeria, where digitalisation is steadily advancing across sectors such as finance, healthcare, and telecommunications, AI holds the promise of not only improving efficiencies but also securing the digital economy adding that in the capital markets, AI-driven systems can enhance surveillance, detect fraud, and manage risk.
In his remarks, CSCS Managing Director Mr. Haruna Jalo-Waziri said as the nation navigates deeper into the 21st century, the evolution from the information age to the digital age presents both remarkable advancements and formidable risks.
“The emergence of new technologies reshapes how we operate, but it also brings new vulnerabilities, including sophisticated cyber threats. collaboration is key to addressing these multifaceted challenges. By bringing together diverse expertise and perspectives, we can foster a more resilient cybersecurity framework. The ONSA’s role as Nigeria’s custodian of cybersecurity laws is crucial in guiding our collective efforts.
“As we explore these themes, let us not forget the intrinsic value of human intelligence. The more I delve into artificial intelligence, the more I appreciate our own capacity for judgment, creativity, and empathy. As we acknowledge our position, particularly in Africa, we must work to improve our understanding of these threats. We must learn, decide and act quickly and decisively. Cybersecurity is no longer just an IT issue; it is a national priority that affects our economic stability and public trust” he stated.
