CSCS Calls for Integration of AI into Nigeria’s Cybersecurity Framework

On Oct 21, 2024

The Central Securities Clearing System PLC (CSCS) has called for the urgent integration of artificial intelligence (AI) into Nigeria’s cybersecurity framework to address the rising threat of cybercrime.

This call was made at the close of the 2024 Cybersecurity Conference, held in partnership with the Office of the National Security Adviser (ONSA). The conference brought together experts from the military, technology, finance, and government sectors.

In his keynote address, Nigeria’s Vice President, Kashim Shettima, highlighted the importance of cybersecurity in safeguarding economic stability, stating that it is “not just a technical issue.”

At the 2024 Cybersecurity Conference, organized by CSCS and the Office of the National Security Adviser, experts stressed the importance of a holistic approach to maximize digital technology.

The event focused on “Cybersecurity: Synergizing AI & Infrastructure.” Countries were… pic.twitter.com/rbwk5xFBrf

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He reaffirmed the government’s commitment to enhancing cybersecurity measures and incorporating AI solutions to protect critical national infrastructure. Shettima praised the efforts of ONSA and CSCS in fostering a secure digital environment that encourages investment and innovation.

Haruna Jalo-Waziri, CEO of CSCS, warned of the severe economic impact of cybercrime, referencing the 2024 Cybersecurity Ventures Report, which projected cybercrime costs to exceed $10.5 trillion globally this year, up from $3 trillion in recent years. He emphasised the urgent need for stronger cybersecurity measures, citing a 45% rise in global ransomware attacks, as reported by Check Point Research. He also cautioned against the role of social media in spreading misinformation, calling for the creation of trusted networks and air gaps to protect critical systems from emerging threats

Also Read: Nigeria Hosts 3rd ECOWAS Regional Cybersecurity Hackathon

Emomotimi Agama, Director General of the Securities and Exchange Commission (SEC), discussed AI’s vital role in capital markets, noting that “AI-driven systems enhance surveillance, detect fraud, and manage risks.” He stressed that the effectiveness of AI technologies depends on the robustness of the supporting infrastructure.

While acknowledging the benefits of AI, National Cybersecurity Coordinator Ahmad Saad Abubakar warned that increased reliance on interconnected systems increases vulnerability. “Our susceptibility to cyber threats is amplified by AI,” he said, urging proactive measures to mitigate potential risks.

Temi Popoola, Chairman of the CSCS Board and CEO of NGX Group emphasised the importance of data security in maintaining public trust, noting that “a single cyberattack today can disrupt entire nations.” He outlined CSCS’s investments in cutting-edge technologies, including blockchain and quantum-resistant cryptography.

Stakeholders collectively called for stronger collaboration between the public and private sectors to develop human capital equipped with AI-driven tools, essential for navigating the increasingly complex cyber landscape.

2024 Cybersecurity Conference Artificial Intelligence (AI)Central Securities Clearing System PLC (CSCS)Nigeria’s cybersecurity framework Office of the National Security Adviser (ONSA)