Nigerian businesses face 2,560 cyber attacks weekly, says CSCS

–We must invest in AI, Vice President

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By Obas Esiedesa, Abuja

Nigerian Central Securities Clearing System, CSCS Plc, on Thursday disclosed that businesses in the country face an average of 2,560 cyber-attacks each week.

Managing Director/CEO, CSCS Plc, Haruna Jalo-Waziri who disclosed this at the 2024 Cybersecurity conference in Abuja, noted 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.

The conference has the theme: Cybersecurity: Synergizing Artificial Intelligence, AI and Infrastructure.

Mr. Jalo-Waziri stressed that the threat posed by the menace underscored the urgent need for robust cybersecurity measures, especially with a 45 percent increase in ransomware attacks globally.

“Here in Nigeria, the landscape remains particularly challenging. Our businesses face an alarming average of 2,560 cyberattacks each week. This reality reminds us of the insights from “The Kill Chain,” where we recognize that the most dangerous threats often hide in plain sight.

“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.

“As we increasingly rely on digital systems, protecting our critical infrastructure is paramount”, he added.

Speaking to participants via a pre-recorded video message, Vice President Kashim Shettima who observed that cyber security “is not just a technical issue, it is a fundamental ingredient of our economic stability and growth”, emphasized the critical role that robust cyber security plays in the nation’s economy and reshaping industries and infrastructure.

He pointed out that shielding the nation’s system from increasing sophisticated cyber threats has become more urgent.

Also speaking at the conference, the Director General of the Securities and Exchange Commission, Dr. Emomotimi Agama assured participants and investors 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 noted that in today’s interconnected world, cybersecurity is no longer an isolated concern, but has become foundational to the very fabric of Nigeria’s economic and social systems “as many activities, both personal and organizational, are now conducted digitally more than ever before”.

He explained that 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.

“At the SEC Nigeria, we are actively 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.

On his part, the National Security Adviser, Mallam Nuhu Ribadu stated that entities and organisations in Nigeria are now mandated by law to immediately report cases of cyber-attacks unlike what was obtainable in the past.

Ribadu, who was represented by the National Security Coordinator, Saad Abubakar, pointed out that “our reliance on interconnected systems has indeed made us more susceptible to cyber threats. But what’s even more alarming is that cyber-attacks are now supercharged by Artificial Intelligence. Adversaries no longer need deep technical expertise to launch devastating attacks”.

He assured that the government was working hard to protect Nigerian systems with the recent approval and gazetting of the Designation and Protection of Critical National Information Infrastructure (CNII) Executive Order 2024.

“This directive not only mandates the protection of essential systems but also fosters collaboration between the public and private sectors to build resilience against cyber risks”, he added. 

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