Popoola: AI’s Predictive, Responsive Capabilities Essential in Combating Cyber Threats

Kayode Tokede

The Chairman of Central Securities Clearing Systems Plc (CSCS), Mr. Temi Popoola has noted that Artificial Intelligence’s (AI) predictive and responsive capabilities are essential in combating cybersecurity threats.

He emphasized the crucial role of AI and robust infrastructure in bolstering cybersecurity measures during the 5th CSCS Cybersecurity Conference held in Abuja.

The event, held in collaboration with the Office of the National Security Adviser (ONSA), brought together thought leaders to explore emerging threats and opportunities within the dynamic cybersecurity landscape.

In his opening address, Popoola highlighted the increasing risks posed by cyberattacks, which can disrupt entire nations.

He referenced recent incidents, including a breach of Microsoft’s Azure cloud platform that compromised sensitive U.S. government data and coordinated ransomware attacks targeting Nigerian financial institutions.

With global cybercrime projected to reach $10.5 trillion annually by 2025, according to Cybersecurity Ventures, Popoola underscored the necessity of a unified approach, stating, “The synergy between AI and infrastructure is not just an option; it is our lifeline.”

He emphasized that organizations must elevate cybersecurity to a board-level priority, integrating it into all decision-making processes.

Echoing this sentiment, CEO of CSCS, Haruna Jalo-Waziri stated that cybersecurity transcends being a mere technical issue; it is a strategic imperative that necessitates the collective efforts of all stakeholders within the financial ecosystem. He emphasized CSCS’s full commitment to leveraging AI-driven solutions to enhance defenses and maintain the integrity of its systems. He further remarked, “There is an urgent need for robust cybersecurity measures. We must improve our understanding of these threats, and we must learn, decide, and act quickly and decisively.”

Director-General of the Securities and Exchange Commission (SEC), Emomotimi Agama also addressed the necessity of prioritizing cybersecurity in safeguarding Nigeria’s financial markets. “As we undergo digital transformation, cybersecurity must be foundational to our strategy. 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.

Adding to the discussion, Head, International Cooperation, Directorate of Cybersecurity, ONSA, , Saad Abubakar, emphasized the importance of a multi-stakeholder approach in addressing the evolving cybersecurity landscape. He stated that by working together, all sectors could create a more secure environment, thereby safeguarding national interests.”

The conference facilitated productive discussions on collaborative efforts among stakeholders in the public and private sectors to combat AI-driven cyber threats. Participants explored partnerships aimed at enhancing Nigeria’s cybersecurity policies and strategies.