Vice President Kashim Shettima says there is a need for Nigeria to consider investment in some infrastructures that would enhance Artificial Intelligence to function properly to tackle cyber threats facing some businesses in the country.

This is just as the Nigerian Central Securities Clearing System (CSCS) revealed that businesses in the country face an average of 2,560 cyber-attacks each week.

Shettima spoke in Abuja on Thursday via a pre-recorded video message during the 2024 Cybersecurity conference with the theme:

“Cybersecurity: Synergizing Artificial Intelligence and Infrastructure”.

He emphasised the critical role that robust cyber security plays in the nation’s economy and reshaping industries and infrastructure, pointing out that shielding the nation’s system from increasing sophisticated cyber threats has become more urgent.

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“Cyber security is not just a technical issue, it is a fundamental ingredient of our economic stability and growth”, the vice president said.

Earlier, the Managing Director of CSCS, Haruna Jalo-Waziri, noted that cybercrime is projected to cost the global economy over $10.5 trillion this year-a staggering rise from $3 trillion just a few years ago.

Jalo-Waziri stressed that the threat posed by the menace underscored the urgent need for robust cybersecurity measures, especially with a 45 percent increase in ransomware attacks globally.

“Here in Nigeria, the landscape remains particularly challenging. Our businesses face an alarming average of 2,560 cyberattacks each week. This reality reminds us of the insights from “The Kill Chain,” where we recognize that the most dangerous threats often hide in plain sight,” he said

“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.

“As we increasingly rely on digital systems, protecting our critical infrastructure is paramount,” he added.