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Mohammed Shosanya
The Director General of the Securities and Exchange Commission, Dr. Emomotimi Agama,says the Commission is dedicated to playing its part in creating a secure, resilient digital environment that will protect investor confidence, foster economic growth, and safeguard the integrity of the nation’s financial markets.
He stated this in a goodwill message delivered at the Central Securities Clearing System Cybersecurity conference with the theme: Cybersecurity: Synergizing Artificial Intelligence, AI and Infrastructure held in Abuja Thursday.
He said in today’s interconnected world, cybersecurity is no longer an isolated concern, it is foundational to the very fabric of our economic and social systems as many activities, both personal and organizational, are now conducted digitally more than ever before.
He said,this shift,has brought immense efficiencies but has also introduced a new set of risks—cyber risks—that stakeholders must not only recognize but also actively guard against.
He added:“This became more apparent during the recent COVID-19 pandemic, which accelerated our reliance on technology, remote work, and digital platforms. The pandemic underscored the need to enhance cybersecurity measures to protect individuals, organizations, and sectors from threats lurking in cyberspace.
“At the SEC Nigeria,we understand the vital importance of cybersecurity, particularly in the financial sector. People’s hard-earned savings and investments depend on the integrity of our capital markets, which deserve robust strategies to mitigate cyber risks. Cyber-attacks targeting financial institutions are often aimed at gaining 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”.
Agama said AI has emerged as a powerful tool in the fight against cyber threats as AI-driven intelligence systems now offer the capability to monitor vast datasets in real-time, detect anomalies, and predict potential threats with remarkable speed and accuracy.
He said for Nigeria,where digitalisation is steadily advancing across sectors such as finance, healthcare, and telecommunications, AI holds the promise of not only improving efficiencies but also securing the digital economy adding that in the capital markets, AI-driven systems can enhance surveillance, detect fraud, and manage risk.
“At the SEC Nigeria, we are actively exploring ways to leverage AI technologies to safeguard investor interests and maintain market integrity.
“In addition to AI, automated response mechanisms can significantly reduce the time between the detection of a threat and the implementation of countermeasures. Automation in areas such as patch management, access control, and incident response is crucial to addressing the growing volume of threats that human teams alone cannot manage.
“As the apex aegulator of the capital market in Nigeria, we are committed to ensuring that the capital markets are protected by robust cybersecurity frameworks that balance innovation with accountability.
“While AI offers great promise, it must be complemented by resilient infrastructure. Without a secure and adaptable digital infrastructure, even the most sophisticated AI systems can become vulnerable to cyber threats” , he stated.
Dr. Agama disclosed that in Nigeria, where digital infrastructure is still developing, security must be integrated at every layer—from communication networks to data centres adding that the SEC is committed to working with government bodies and industry players to strengthen the cybersecurity infrastructure of the capital markets, ensuring they are equipped to withstand emerging threats.
“As we deliberate today on the intersection of AI and infrastructure security, I urge us all to recognise that cybersecurity is not merely a technological issue—it is a strategic imperative. It requires collaboration, innovation, and continuous improvement in our defences” he added.
Speaking,CSCS Managing Director Mr. Haruna Jalo-Waziri said as the nation navigates deeper into the 21st century, the evolution from the information age to the digital age presents both remarkable advancements and formidable risks.
“The emergence of new technologies reshapes how we operate, but it also brings new vulnerabilities, including sophisticated cyber threats. collaboration is key to addressing these multifaceted challenges. By bringing together diverse expertise and perspectives, we can foster a more resilient cybersecurity framework. The ONSA’s role as Nigeria’s custodian of cybersecurity laws is crucial in guiding our collective efforts.
“As we explore these themes, let us not forget the intrinsic value of human intelligence. The more I delve into artificial intelligence, the more I appreciate our own capacity for judgment, creativity, and empathy. As we acknowledge our position, particularly in Africa, we must work to improve our understanding of these threats. We must learn, decide and act quickly and decisively. Cybersecurity is no longer just an IT issue; it is a national priority that affects our economic stability and public trust” he stated.
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