The founder and CEO of Digital Encode, Prof. Adewale Obadare, has warned that Nigeria’s digital economy could be in danger due to a lack of cybersecurity experts. Obadare made this statement at the 12th edition of the Nigeria ICT Impact CEO Forum (NIICF). The theme of the event was “Strengthening Data Protection, Cloud Infrastructure & Cyber Security.”
Obadare explained that as emerging technologies like artificial intelligence (AI), blockchain, and the Internet of Things (IoT) become more common, Nigerian businesses and individuals are increasingly at risk of cyberattacks. Unfortunately, many are unaware of these risks.
“We have a dearth of skills in Nigeria,” Obadare said. “Without enough resources in cybersecurity, we may face significant challenges.”
Growing Cybersecurity Threats
Obadare presented on “Cybersecurity and Compliance in Financial Services,” focusing on the threats businesses are facing. He pointed out that financial institutions are particularly vulnerable to attacks in the IoT space. Additionally, AI-powered cyberattacks are on the rise.
AI can design attacks automatically, without human involvement. These attacks can target cloud infrastructures and lead to serious financial damage, including ransomware.
Data Localization and Cybersecurity Challenges
Ike Nnamani, CEO of Digital Reality, also discussed the importance of cybersecurity in relation to data localization. He emphasized that while local data hosting is important, it must be paired with strong cybersecurity measures. Without these safeguards, sensitive data could be at risk.
“Before pushing for local hosting, we must ensure that data is protected,” Nnamani said. He called on the government to lead efforts to create a secure digital ecosystem.
Government Role in Cybersecurity
In his opening remarks, NIICF Publisher/Coordinator, Tayo Adewusi, emphasized the need for robust data governance. He also highlighted the importance of complying with regulations like GDPR and CCPA. Securing cloud infrastructure is key to protecting sensitive information. Adewusi stressed that partnerships with trusted cloud providers and adopting a shared responsibility model are vital to cybersecurity.
