The Director General of the Securities and Exchange Commission Dr. Emomotimi Agama, stated that the commission is committed to contributing to a secure and resilient digital environment that enhances investor confidence, promotes economic growth, and protects the integrity of the nation’s financial markets.
Agama disclosed this at the Central Securities Clearing System Cybersecurity conference in Abuja themed: Cybersecurity: Synergizing Artificial Intelligence, AI and Infrastructure. He stated that the regulator is exploring innovative ways to leverage artificial intelligence technologies to protect investor interests and maintain market integrity.
According to the SEC DG, 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.
“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”.
He further added that “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.”
The SEC boss noted that AI has become a crucial asset in combating cyber threats, with AI-driven systems capable of real-time monitoring of large datasets, detecting anomalies, and predicting potential threats quickly and accurately. For Nigeria, where digitalization is progressing in sectors like finance, healthcare, and telecommunications, AI offers the potential to enhance efficiency and secure the digital economy. He added that in capital markets, AI can improve surveillance, detect fraud, and manage risk effectively.
According to the SEC DG “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”.
