The founder and CEO of Digital Encode, Prof. Adewale Obadare, has warned that Nigeria’s growing digital economy may be hampered by the shortage of skilled cybersecurity experts in the country.
Obadare stated this during the 12th edition of the Nigeria ICT Impact CEO Forum (NIICF) held over the weekend with the theme “Strengthening Data Protection, Cloud Infrastructure & Cyber Security.”
According to him, with the increasing embrace of emerging technologies such as artificial intelligence (AI) and blockchain, and Internet of Things (IoT), more Nigerian individuals and businesses are facing increasing cyber risks without knowing.
“When it comes to compliance and cybersecurity, we discover that we have a dearth of skills in Nigeria. We don’t have enough resources in that space which means if we don’t invest in our assets, our people, we may face some challenges,” he said.
The threats
Presenting a paper on the topic, Cybersecurity and Compliance in Financial Services, Adewale, who was represented by the Group Head of Information Security at Digital Encode, Kayode Olatunji, highlighted the various cyber threats facing businesses globally.
According to him, businesses, especially, financial institutions are now facing a lot of attacks in the IoT space.
“Again, there are also threats that are powered by AI. What it means is that within your cloud space, within your financial space, there are AI automated programs that will design software programs that they can launch on their own into your environment.
“Another thing is cloud security infiltration. What it means is that if they infiltrate your cloud, whatever thing you have in the cloud space can be wiped out, and it can actually ransomware your pockets in the cloud space,” he said.
Data localization and cybersecurity
Also speaking the Chief Executive Officer of Digital Reality, Ike Nnamani, stressed the importance of cybersecurity in the context of data localisation.
- He observed that while Nigeria is exploring ways to strengthen local hosting, cybersecurity is paramount, adding that without robust security measures, mandating data localization risks compromising sensitive information.
- Nnamani emphasized that it is crucial for Nigeria to have open discussions about the necessary infrastructure and policies to ensure the secure management of critical sovereign data.
- He added that there is also the need for a government-led approach to creating a secure digital ecosystem.
“We can’t ignore the importance of cybersecurity when discussing data localization. Before promoting local hosting, we must prioritize the protection of sensitive data.
“The recent events highlight the government’s commitment to securing critical sovereign data. While I support this initiative, we must ensure that we have the right safeguards in place,” he said.
He called for government support in developing comprehensive cybersecurity frameworks, providing incentives for businesses to invest in security measures, and allocating resources for research and development in cybersecurity.
- In his opening remarks, the Publisher/Coordinator of NIICF, Mr. Tayo Adewusi, highlighted the importance of data protection, cloud infrastructure, and cybersecurity in today’s digital age.
- He emphasized the need for robust data governance policies to ensure responsible handling of sensitive information.
- He noted the significance of compliance with regulations like GDPR and CCPA to safeguard individual privacy and enforce best practices noting the importance of securing cloud infrastructure through partnerships with reputable cloud service providers and adopting a shared responsibility model.