The Nigerian Exchange Limited (NGX) underscored the vital importance of Artificial Intelligence (AI) and robust infrastructure in strengthening cybersecurity measures during a recent conference organized in collaboration with the Office of the National Security Adviser (ONSA).
Temi Popoola, Chairman of Central Securities Clearing Systems Plc (CSCS), opened the event by addressing the escalating risks posed by cyberattacks, which threaten to disrupt national operations. He cited recent high-profile incidents, including a breach of Microsoft’s Azure cloud platform that exposed sensitive U.S. government data and coordinated ransomware attacks targeting Nigerian financial institutions.
Popoola emphasized that AI’s predictive and responsive capabilities are essential tools in combating these cyber threats. With global cybercrime projected to reach $10.5 trillion annually by 2025, he stated, “The synergy between AI and infrastructure is not just an option; it is our lifeline.” He urged organizations to prioritize cybersecurity at the board level, integrating it into their core decision-making processes.
Haruna Jalo-Waziri, CEO of CSCS, echoed this sentiment, stressing that cybersecurity is not merely a technical issue but a strategic imperative requiring collective action from all stakeholders in the financial ecosystem. He reaffirmed CSCS’s commitment to utilizing AI-driven solutions to bolster defenses and ensure system integrity. “There is an urgent need for robust cybersecurity measures. We must improve our understanding of these threats and learn to act quickly and decisively,” he stated.
Emomotimi Agama, Director-General of the Securities and Exchange Commission (SEC), highlighted the necessity of embedding cybersecurity into Nigeria’s financial markets amidst ongoing digital transformation. “Protecting investor data and ensuring the integrity of financial transactions is critical. The SEC is dedicated to fostering a resilient market ecosystem through collaboration, regulation, and the adoption of advanced technologies like AI,” Agama remarked.
Saad Abubakar, Head of International Cooperation at the Directorate of Cybersecurity, ONSA, concluded the discussions by emphasizing the importance of a multi-stakeholder approach in tackling the evolving cybersecurity landscape. He stated that collaborative efforts are essential for effectively addressing these challenges.