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Joshua Fagbemi
Guest
Nigeria’s National Security Adviser (NSA), Malam Nuhu Ribadu, has expressed concerns over the recent cyber attacks in the country. While speaking at a National Cybersecurity Coordination Center event, the NSA revealed that the numerous attacks on military networks, financial institutions, national databases, and other digital assets aim to cripple the country’s economy.
“We are now confronted with heightened threats of attacks on our telecommunications systems. Banking platforms, power and energy grids, military networks, transportation systems, national databases, elections, digital systems, and other critical assets,” he said
Nuhu Ribadu- Nigeria’s National Security Adviser (NSA)
Ribadu then called for the protection of vital national assets of the country, noting the significance of strengthening Nigeria’s information. “Therefore, the protection of these assets is a major priority and vital national exigency for all of us.
“As our adoption of technology is increasing across the country, so is the increase in cyber threats and risk to our critical national information infrastructure.”
A report by Business Day revealed that financial institutions ranging from commercial banks, fintech companies and network service providers accounted for losses totalling over ₦1.1 trillion between 2017 to 2023. This is due to various cyber threats such as hacking, ransomware, and malware attacks.
From a loss of ₦2.37 billion in 2017 to a loss of N300 billion in 2023, Nigerian financial institutions have experienced rising figures twice within these periods. Since 2017, there have been two consecutive rises in financial loss due to cyber attacks with ₦15 billion in 2018 and ₦230.8 billion in 2019.
The figure thus decreased by 33.5% in 2020 after a cyber attack loss of ₦153.4 billion.
The losses gained a 26.14% increase from 2020 to N193.5 billion in 2021. From 2021 to 2023, there has been a consecutive increase in losses to cyber attacks by financial institutions showing a record of ₦273 billion and ₦300 billion in 2022 and 2023 respectively.
According to the Nigerian Central Securities System, businesses in the country encounter an average of 2,560 cyber attacks weekly. It also highlights the incessant cybersecurity threats faced by companies in the rapid digital age.
In addition, the agency noted that cybercrime is projected to cost the global economy over $10.5 trillion in 2024.
While raising his concerns, the Managing Director/CEO of CSCS Plc, Haruna Jalo-Waziri, underscored the need for strong synergy between artificial intelligence (AI) and infrastructure. He pointed out that cybersecurity must be embedded at every stage of infrastructure development.
Haruna Jalo-Waziri, Managing Director/CEO of CSCS Plc
“In Nigeria, our businesses face an alarming average of 2,560 cyber attacks weekly. This means we must learn, decide, and act quickly and decisively. The emergence of new technologies reshapes how we operate, but it also brings new vulnerabilities, including sophisticated cyber threats“, he said.
According to the 2024 Cybersecurity Ventures Report, cybercrime is projected to cost the global economy over $10.5 trillion this year—a staggering increase from $3 trillion just a few years ago,” he said.
He then called for innovative means to combat the increasing ransomware attacks. “This underscores the urgent need for robust cybersecurity measures, especially as we witness a 45 per cent increase in ransomware attacks globally, as reported by Check Point Research.”
Meanwhile, the Director-General of the Securities and Exchange Commission, Dr. Emomotimi Agama, stated that cybersecurity and AI-referencing infrastructure are vital in the development of the world of fintech and innovation.
“At the SEC, we understand the vital importance of cybersecurity, particularly in the capital market and the financial sector. People’s hard-earned savings and investments depend on the integrity of our capital markets,” Agama said.
He also stressed the dangers of digital breaches on financial institutions, noting that it stands to affect the entire country’s system. “Cyber attacks targeting financial institutions often aim to gain access to sensitive and confidential information, which can have systemic implications not just for a single institution but for the broader economy.
Therefore, cybersecurity must be viewed as a critical component of financial stability and national security.”
As part of the strategy to improve and strengthen the country’s digital system, the National Security Adviser, Malam Nuhu Ribadu stated that proactive steps are being deployed.
He confirmed that the government has developed 85% of its AI programs with local vendor’s help. He also stressed the need to embrace the rapid advancement of AI and the growing need to secure Nigeria’s digital assets.
“As we embark on today’s discussion, let us embrace the opportunity that AI presents, which brings both challenges and opportunities. The challenge is that you never know when you are going to be hit or if you have already been hit.”
In addition, he emphasized the need for communication and unity in the fight against cyber threats. “It also provides opportunities to protect and defend ourselves, and to coordinate our efforts together because criminals communicate with each other, while we don’t.”
Also Read: Are cyberattacks about to increase?
The post Nigeria experiences 2,560 cyber attacks weekly, NSA Nuhu Ribadu promises help first appeared on Technext.
“We are now confronted with heightened threats of attacks on our telecommunications systems. Banking platforms, power and energy grids, military networks, transportation systems, national databases, elections, digital systems, and other critical assets,” he said
Nuhu Ribadu- Nigeria’s National Security Adviser (NSA)
Ribadu then called for the protection of vital national assets of the country, noting the significance of strengthening Nigeria’s information. “Therefore, the protection of these assets is a major priority and vital national exigency for all of us.
“As our adoption of technology is increasing across the country, so is the increase in cyber threats and risk to our critical national information infrastructure.”
Cyber attacks on Financial Institutions
A report by Business Day revealed that financial institutions ranging from commercial banks, fintech companies and network service providers accounted for losses totalling over ₦1.1 trillion between 2017 to 2023. This is due to various cyber threats such as hacking, ransomware, and malware attacks.
From a loss of ₦2.37 billion in 2017 to a loss of N300 billion in 2023, Nigerian financial institutions have experienced rising figures twice within these periods. Since 2017, there have been two consecutive rises in financial loss due to cyber attacks with ₦15 billion in 2018 and ₦230.8 billion in 2019.
The figure thus decreased by 33.5% in 2020 after a cyber attack loss of ₦153.4 billion.
The losses gained a 26.14% increase from 2020 to N193.5 billion in 2021. From 2021 to 2023, there has been a consecutive increase in losses to cyber attacks by financial institutions showing a record of ₦273 billion and ₦300 billion in 2022 and 2023 respectively.
Increasing cases of cyber attacks
According to the Nigerian Central Securities System, businesses in the country encounter an average of 2,560 cyber attacks weekly. It also highlights the incessant cybersecurity threats faced by companies in the rapid digital age.
In addition, the agency noted that cybercrime is projected to cost the global economy over $10.5 trillion in 2024.
While raising his concerns, the Managing Director/CEO of CSCS Plc, Haruna Jalo-Waziri, underscored the need for strong synergy between artificial intelligence (AI) and infrastructure. He pointed out that cybersecurity must be embedded at every stage of infrastructure development.
Haruna Jalo-Waziri, Managing Director/CEO of CSCS Plc
“In Nigeria, our businesses face an alarming average of 2,560 cyber attacks weekly. This means we must learn, decide, and act quickly and decisively. The emergence of new technologies reshapes how we operate, but it also brings new vulnerabilities, including sophisticated cyber threats“, he said.
According to the 2024 Cybersecurity Ventures Report, cybercrime is projected to cost the global economy over $10.5 trillion this year—a staggering increase from $3 trillion just a few years ago,” he said.
He then called for innovative means to combat the increasing ransomware attacks. “This underscores the urgent need for robust cybersecurity measures, especially as we witness a 45 per cent increase in ransomware attacks globally, as reported by Check Point Research.”
Cybersecurity as a resource
Meanwhile, the Director-General of the Securities and Exchange Commission, Dr. Emomotimi Agama, stated that cybersecurity and AI-referencing infrastructure are vital in the development of the world of fintech and innovation.
“At the SEC, we understand the vital importance of cybersecurity, particularly in the capital market and the financial sector. People’s hard-earned savings and investments depend on the integrity of our capital markets,” Agama said.
He also stressed the dangers of digital breaches on financial institutions, noting that it stands to affect the entire country’s system. “Cyber attacks targeting financial institutions often aim to gain access to sensitive and confidential information, which can have systemic implications not just for a single institution but for the broader economy.
Therefore, cybersecurity must be viewed as a critical component of financial stability and national security.”
Intervention and the way forward
As part of the strategy to improve and strengthen the country’s digital system, the National Security Adviser, Malam Nuhu Ribadu stated that proactive steps are being deployed.
He confirmed that the government has developed 85% of its AI programs with local vendor’s help. He also stressed the need to embrace the rapid advancement of AI and the growing need to secure Nigeria’s digital assets.
“As we embark on today’s discussion, let us embrace the opportunity that AI presents, which brings both challenges and opportunities. The challenge is that you never know when you are going to be hit or if you have already been hit.”
In addition, he emphasized the need for communication and unity in the fight against cyber threats. “It also provides opportunities to protect and defend ourselves, and to coordinate our efforts together because criminals communicate with each other, while we don’t.”
Also Read: Are cyberattacks about to increase?
The post Nigeria experiences 2,560 cyber attacks weekly, NSA Nuhu Ribadu promises help first appeared on Technext.