The American Business Council (ABC) has introduced its new cybersecurity hub, aimed at raising awareness and equipping Nigerians with the necessary skills to combat the growing threat of cyberattacks. Despite being held virtually, the unveiling event brought together key stakeholders to discuss solutions for mitigating cyber threats in Nigeria and across the continent.
Margaret Olele, the CEO/Executive Secretary of ABC, announced that registration for the hub’s training program will open in January 2024. She also mentioned that the registration link will be shared through social media and media outlets.
During the event, Chukwudi Theodore, a network and security solution architect, emphasized the urgency of addressing the cyber skills gap. He revealed that this year alone, they trained 2,550 individuals on Neta Card’s “skill for all” program and provided training to 7,000 people in West Africa.
Dr. Bala Fakandu, the Deputy Director of Communications at the office of the National Security Adviser, served as the keynote speaker. He stressed the need for affordable and accessible security tools to protect both startups and established businesses. Dr. Fakandu highlighted the alarming number of cyberattacks on Nigerian enterprises, including healthcare agencies, Bet9ja, and Momo payment services, which resulted in significant financial losses.
Dr. Fakandu commended the establishment of the cybersecurity hub as a crucial step towards building cyber resilience and bridging the skills gap. He emphasized the importance of making cybersecurity solutions affordable and accessible, particularly for small and medium-sized enterprises.
He stated, “Nigeria’s digital landscape holds promise for startups, as they continue to emerge and businesses increasingly rely on tech networks. The demand for e-commerce is also driving our country’s development. Currently, Nigeria has over 400 thriving startups growing at an annual rate of 35 percent. Additionally, we have over two billion in funding for startups, with potential for even more. Similarly, there are over four million micro, small, and medium enterprises in Nigeria, many of which are vulnerable to online exploitation due to their reliance on various online platforms. While these enterprises aim to grow, cybercriminals are taking advantage of digital platforms to perpetrate their crimes.”
Dr. Fakandu further highlighted the exorbitant cost of cyber defense, which hinders progress in this area. He emphasized the need for resilient digital platforms and affordable access to security tools. He shared examples of data breaches, such as the healthcare management agency breach in July 2022 and the attacks on Bet9ja and Momo payment services, which resulted in an approximate loss of over $15 million.
Overall, the establishment of the cybersecurity hub is seen as a crucial step in strengthening Nigeria’s cyber defenses and addressing the skills gap. The focus on affordability and accessibility of cybersecurity solutions is expected to benefit both startups and established businesses in the country.