The Nigerian Minister of Communications and Digital Economy, Isa Pantami has restated government commitment to strengthen cyber security as it critical in developing a sustainable digital economy.
He added that stakeholders have a vital role in promoting cyber security.
The Minister stated this when he delivered the keynote address at the 2021 Cyber Security Conference by the American Business Council (ABC) which took place on Wednesday, 25th of August, 2021.
According to a statement signed by the Technical Assistant, IT, to the Minister of Communications and Digital Economy, Dr Femi Adeluyi, Dr. Pantami shared his experience on cybersecurity as he spoke on the topic “The Importance of Cybersecurity in Promoting the Growth of Nigeria’s Digital Economy”.
He noted the growing impact of cybercrime across the globe, especially with a large percentage of engagements that have been moved to online platforms as a result of the COVID-19 pandemic. For example, Cyber-attacks are growing at a rapid rate with more malware being launched than ever before.
According to the Chief Technologist – Security and Privacy for Personal Systems for HP, “A new piece of malware is released every day within 4.2 seconds. One of the problems that Chief Information Security Officers (CISOs) face is how to combat the sheer volume of malware bombarding us.”
Pantami stated that the resulting damages of cyber-attacks are not only increasing, but are unfortunately projected to cost the loss of approximately $5.2 trillion across the globe by 2023, according to Accenture.
This is over 35% of the GDP of China, 137% the GDP of Germany or over 173% to GDP of the entire African continent. In fact the loss is expected to reach $10.5 trillion in 2025 and will make such a “cyber losses” economy to be the third largest economy, after the United States and China.
Pantami also outlined the efforts of the Federal Government towards improving cyber security in Nigeria.
“Some of these include the implementation of relevant policies, including the National Digital Economy Policy and Strategy for a Digital Nigeria and the National Cybersecurity Policy and Strategy”.
He also emphasized the importance of capacity building and how the government has embarked on efforts to build the capacity of Nigerians in the area of cyber security.” This is in addition to the promotion of sectoral Computer Emergency Readiness & Response Teams (CERRTs) and the focus on Data and Privacy Protection”.
The Minister also presented the Awards to the top three winners that participated in a Cyber Security Hackaton that preceded the Conference.
The 5-day hackaton focused on identifying innovative Nigerians with solutions to our indigenous cyber security challenges.
It attracted about 150 applications and covered important areas like cryptography, steganography, reverse engineering, programming and exploitable, among others.
The Conference was graced by the Ambassador Mary Beth Leonard, the United States Ambassador to Nigeria.
Also in attendance were Mr Dipo Faulkner, the President of ABC and Chief Executive Officer of IBM West Africa, Margaret Olele, Chief Executive Officer/Executive Secretary of ABC, Merritt Baer of the Chief Information Security Office of Amazon Web Services, as well as other dignitaries.
The Minister thanked the organisers for organising the Conference and reiterated the Federal Government’s commitment to strengthening cybersecurity in the country through policy implementation, capacity building and forging relevant partnerships.
Dominica Nwabufo
