Nigerian Central Securities Clearing System, CSCS, has Nigerian businesses face over 2,560 cyber-attacks every week, underscoring the urgent need for robust cybersecurity measures in the digital age.
The Managing Director/CEO of CSCS Plc, Haruna Jalo-Waziri disclosed this alarming figure during the fifth CSCS Cybersecurity Conference in Abuja.
Jalo-Waziri emphasized that the rise of sophisticated cyber threats must be countered through decisive actions and infrastructure development.
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He emphasized that the rise of sophisticated cyber threats must be countered through decisive actions and infrastructure development.
“In Nigeria, our businesses face an alarming average of 2,560 cyber-attacks each week,” said Jalo-Waziri. “We must learn, decide, and act quickly. New technologies reshape how we operate, but they also bring new vulnerabilities.”
He further highlighted that cybercrime could cost the global economy over $10.5 trillion in 2024, a drastic rise from $3 trillion a few years ago.
“This underscores the urgent need for robust cybersecurity measures,” he added.
Vice President Kashim Shettima, represented by Bashir Shuaibu, called for investment in artificial intelligence (AI) to build a cyber-resilient nation.
“Cybersecurity is not just a technical issue; it is a fundamental pillar of our economic stability and growth,” he said.
National Security Adviser Malam Nuhu Ribadu, represented by Saad Abubakar, stressed the importance of AI and securing national assets.
“Together, we can achieve more,” Ribadu urged, noting the government’s commitment to using local vendors for 85% of its AI programme.
The Director-General of the Securities and Exchange Commission, Dr. Emomotimi Agama, added that cybersecurity is critical for protecting financial markets.
“Cyber-attacks targeting financial institutions can have systemic implications for the broader economy,” Agama noted.