In a landmark event organized by the Central Securities Clearing System PLC (CSCS) in collaboration with the Office of the National Security Adviser (ONSA), the need for enhanced cybersecurity measures to be put in place by the Nigerian Government has the focus of conversations by experts as well as Stakeholders in a Cybersecurity Conference which held in Abuja Last week.
The conference which brought together experts from the military, technology, finance, and government sectors centered on the integration of artificial intelligence (AI) in protecting Nigeria’s critical infrastructure against escalating cyber threats.
With the theme “Cybersecurity: Synergizing AI and Infrastructure,” the conference highlighted the necessity for resilient infrastructure and AI-driven solutions to shield Nigeria’s financial system and vital assets from sophisticated cyberattacks.
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.
The Vice President of the Federal Republic of Nigeria, Sen. Kashim Shettima delivered a keynote address. He underscored the significance of cybersecurity as a cornerstone of economic stability and growth and “not just a technical issue.
He also reiterated the government’s commitment to bolstering cybersecurity initiatives and integrating AI solutions to protect national infrastructure, commending the National Security Adviser, Mallam Nuhu Ribadu and his team for fostering a secure digital environment that encourages investment and innovation”.
He equally recognized the efforts of the leadership of CSCS particularly its CEO, Mr. Haruna Jalo-Waziri, for his “unwavering commitment to advancing the Nigerian capital market.”
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 (SEC), the regulator of the Nigerian Capital Market, Dr. Emomotimi Agama emphasized AI’s role in capital markets:
“AI-driven systems enhance surveillance, detect fraud, and manage risks. At SEC Nigeria, we are actively exploring how AI technologies can safeguard investor interests and maintain market integrity. However, AI must be complemented by resilient infrastructure to remain effective.”
The Chairman of the Board of Directors of CSCS Plc, Temi Popoola, highlighted the importance of aligning AI and infrastructure: “A single cyberattack today can disrupt entire nations. For financial institutions like CSCS, safeguarding data means preserving trust in the financial system. We are investing in technologies such as blockchain and quantum-resistant cryptography while collaborating with AI research institutions to stay ahead of emerging threats.”
The CEO of CSCS Plc, Haruna Jalo-Waziri, stressed the urgency of robust cybersecurity measures considering the significant costs that the global economy will bear due to cybercrime. Referencing the 2024 Cybersecurity Ventures Report, he stated that “cybercrime will cost the global economy over $10.5 trillion this year, up from $3 trillion just a few years ago. This underscores the need for enhanced cybersecurity, especially with the 45% increase in ransomware attacks globally, as reported by Check Point Research.”
He further cautioned on the effect of social media in amplifying misinformation. He therefore called for the building of trusted networks and the creation of air gaps “that protect critical systems from emerging risks.”
The conference featured in-depth discussions on Nigeria’s cybersecurity landscape, including recent progress, ongoing challenges, and future strategies. Participants examined AI’s potential to enhance security, manage risks, and mitigate vulnerabilities introduced by the proliferation of connected devices.
The event concluded with a call to action for greater collaboration between public and private sectors, emphasizing the need to develop human capital equipped with AI-driven tools and expertise to navigate an increasingly complex cyber environment.
About CSCS
The Central Securities Clearing System (CSCS) is a Public Limited Company with a diversified shareholder base, including the Nigerian Stock Exchange, some of the largest banks in Nigeria, private equity firms, investment banks and other corporate and individual shareholders. With over two decades of operation, serving as the Central Securities Depository for the Nigerian Capital Market, CSCS has been pivotal to the growth and transformation of the capital market, including its audacious full dematerialization of share certificates and shortening of the settlement cycle in the capital market.
CSCS serves as the Central Depository for Equities, Commercial Papers, Corporate Bonds, Sub-National Bonds, certain Sovereign Bonds (such as the FGN Sukuk and the FGN Savings Bond), Equity-traded Funds, Real estate Investment Trusts, Mutual funds and Commodities. CSCS is licensed and regulated by the Securities and Exchange Commission (SEC). The activities of CSCS are governed by the Investment and Securities Act 2007, the Companies and Allied Matters Act 2004, and the SEC Rules.
Leveraging digital technologies, CSCS serves its participants, institutional investors, and retail investors through varying channels, including its web portal, www.cscs.ng; online and mobile applications; web chatbot; Data Exchange platforms; and customer service call center, 070 CALL CSCS—070022552727 or 01 448 0500, amongst others.
