Haruna Jalo-Waziri, the CEO of Central Securities Clearing System (CSCS) Plc, has urged the creation of strong cybersecurity measures to reduce the prevalence of cybercrime in the financial system.
Speaking at a conference with the theme “Cybersecurity: Synergizing AI and Infrastructure,” Haruna Jalo-Waziri, the Chief Executive Officer of Central Securities Clearing System (CSCS) Plc, stated that the system urgently needs strong cybersecurity measures given the substantial costs that cybercrime will cause to the global economy. “Cybercrime will cost the global economy over $10.5 trillion this year, up from $3 trillion just a few years ago,” he said, citing the 2024 Cybersecurity Ventures Report.
“This underscores the need for enhanced cybersecurity, especially with the 45 percent increase in ransomware attacks globally, as reported by Check Point Research.”
He warned about the impact of social media in spreading false information and emphasized the necessity of establishing trustworthy networks and air gaps “that protect critical systems from emerging risks.”
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.”
In-depth talks on Nigeria’s cybersecurity environment, including current developments, lingering issues, and potential solutions, were part of the conference.
Participants looked at how AI may improve security, control hazards, and lessen vulnerabilities brought about by the growing number of connected devices.
A call to action for more cooperation between the public and commercial sectors was made at the end of the event, highlighting the necessity of building human capital with AI-driven tools and knowledge to handle an increasingly complex cyber environment.
For stocks, commercial papers, corporate bonds, sub-national bonds, some sovereign bonds (such as the FGN Sukuk and FGN Savings Bond), equity-traded funds, mutual funds, real estate investment trusts, and commodities, CSCS acts as the central depository.
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