Cost Of Cybercrime Projected To Exceed $10.5trn In 2024

The global cost of cybercrime is projected to exceed $10.5 trillion by end of this year, technology experts have warned, calling all stakeholders to forge stronger collaboration between public and private sectors to navigate the increasingly complex cyber environment. Experts at the just concluded 2024 Cybersecurity Conference, jointly organised by the Central Securities Clearing System Plc (CSCS) and the Office of the National Security Adviser (ONSA), also called for AI-driven solutions to guard Nigeria’s critical infrastructure Disclosing the staggering economic cost of cybercrime, which is projected to exceed $10.

5 trillion globally this year, Mr. Haruna Jalo-Waziri, the Chief Executive Officer (CEO) of Central Securities Clearing System Plc (CSCS), cited the 2024 Cybersecurity Ventures Report to highlight the grave threat of ransom attacks. He warned of the rapid rise in ransomware attacks, which, according to him, have surged by 45 per cent, citing Check Point Research.



“Social media are amplifying misinformation, and that poses new challenges for critical infrastructure. We need to build trusted networks and create air gaps to shield ourselves from emerging risks,” Jalo-Waziri cautioned. The high-profile event, which held in Abuja, attracted leaders from military, technology, finance, and government sectors, united by a common goal, which is, leveraging artificial intelligence (AI) to protect Nigeria’s critical infrastructure from escalating cyber threats.

Under the theme, “Cybersecurity: Synergising AI and Infrastructure,” the conference addressed Nigeria’s shifting cyber threat landscape. The discussions centered on how AI can be integrated with resilient infrastructure to safeguard the nation’s financial system and vital assets. In a keynote speech, Vice President Kashim Shettima emphasised that cybersecurity was beyond technology issue, describing it as a pillar of economic stability.

He praised the ongoing efforts of the National Security Adviser, Mallam Nuhu Ribadu, and his team in creating a secure digital ecosystem that promotes investment and innovation..