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The Nigerian government is working with industry experts to step up efforts against cybercrime as online attacks become more sophisticated and frequent.
This was the focus of the 2022 Cybersecurity Conference held in Abuja to celebrate the 25th anniversary of the Central Securities Clearing System (CSCS). The theme of the event was “Future of Cybersecurity: Emerging Issues and Solutions.”
In a keynote speech, National Security Adviser (NSA) Major General (Rtd) Babagana Monguno, represented by Major General Samad Akesode, explained how the COVID-19 pandemic increased global reliance on digital platforms, exposing businesses to cyber threats. He noted that cybercrime cost the global economy $6 trillion in 2021 and continues to rise.
In Nigeria, cybercrime drains about $500 million from the economy annually, according to the Nigerian Communications Commission (NCC). Monguno highlighted the growing sophistication of cybercriminals, some of whom may be backed by state actors.
He said financial institutions and the capital market are particularly vulnerable due to their reliance on technology and digital platforms. To address these challenges, the government is working on amending the Cybercrime Act of 2015 to better tackle online fraud, misuse of virtual currencies, and other emerging threats.
Ponzi schemes and unregistered fund managers were also flagged as growing problems, with many Nigerians losing their savings to such scams. Additionally, the rise of fake news and illegal transactions using cryptocurrency on the dark web has created further concerns.
CSCS Chairman Oscar Onyema called cybercrime a global issue, warning that its cost could rise to $10.5 trillion by 2025. He stressed the importance of protecting systems, saying that one security breach could disrupt entire networks.
“This is a serious threat to national security and economic stability,” Onyema said. “We need to work together to secure our systems and fight against these attacks.”
CSCS Managing Director Haruna Jalo-Waziri added that the organisation prioritises cybersecurity as part of its strategy to ensure stability in the capital market. He emphasised the need for collaboration, knowledge-sharing, and awareness to combat cyber threats effectively.
The conference ended with calls for a united effort to build a stronger defense against cybercrime and protect Nigeria’s digital infrastructure.
