The Chief Executive Officer,Central Securities Clearing System (CSCS) Plc, Haruna Jalo-Waziri has called for development of robust Cybersecurity measures to check the incidence of cybercrime in the financial system.
The Chief Executive Officer,Central Securities Clearing System (CSCS) Plc, Haruna Jalo-Waziri who spoke at a conference with a theme “Cybersecurity: Synergizing AI and Infrastructure,” said there is urgent need for robust cybersecurity measures in the system considering the significant costs that the global economy will bear due to cybercrime. Making reference to 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 per cent increase in ransomware attacks globally, as reported by Check Point Research.”
Expressing the need for the building of trusted networks and the creation of air gaps “that protect critical systems from emerging risks,” he cautioned on the effect of social media in amplifying misinformation.
The Chairman of the Board of Directors of CSCS Plc, Temi Popoola, highlighted the importance of aligning AI and infrastructure, stressing that “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 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.
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.
