Nigeria is in the thick of a global shift towards cloud-based systems. Thanks to an increasing reliance on digital technology, we are generating huge amounts of data. Businesses are finding that they are producing so much of it that they can no longer store or process it all in-house. They are solving this problem by turning to the cloud, with its shared platforms and off-site storage infrastructure. But as we all know, there are problems with this system. The cloud, just like every other technology, is vulnerable to attack.
In addressing these issues, an Information and Communication Technology (ICT) solution company, Comercio Limited in partnership with eFortresses CloudeAssurance & HISPI hosted the maiden edition of the International cybersecurity and cloud conference tagged: “The Business of Cyber Security & Cloud in 21st Century Nigeria”. The event, which attracted notable personalities within the ICT security ecosystem was held at the Four Points by Sheraton, Lagos on Friday, 4th October 2019.
The array of seasoned speakers at the conference included Muhammed Rudman, NiRA President and CEO IXPN; Taiye Lambo, Founder and Chief Technology Officer, Cloud Assurance; Rakiyya Mohammed, Chief Information Security Officer, Central Bank of Nigeria; Mitchell Elegbe, Founder and CEO of Interswitch; Opeyemi Onifade, Director Alenoids and Former Chief Information Security Officer, Galaxy Blackbone; Dr. Segun Aina, President, Fintech Association of Nigeria; and Basil Udotai, Managing Partner, Technology Advisors LLP.
The Group Managing Director, Comercio Limited, Mrs. Aderonke Adeyegbe, during her presentation, pointed out that in 2018, the Global Cybersecurity Index (GCI) of the International Telecommunication Union (ITU), projected that cybercrime could cost the world $2 trillion annually by the end of 2019. These losses are expected to come from the damage and destruction of data, stolen money, theft of intellectual property, personal information, and financial data, and attacks on business processes, just to mention a few.
Some of the resolutions reached at the conclusion of the conference are that:
- Nigerians must adopt a gradual approach to move their businesses to the cloud and ensure data protection while in the cloud.
- Cybercrime costs the globe $6 trillion by 2021, according to Cybersecurity Ventures. Privacy and security concerns are barriers to the adoption of the public cloud in Nigeria.
- Cyberspace poses a lot of insecurity to cloud business, as such regulatory bodies should develop policies to protect online business since no network can boast of being full proof against cyberattacks and hacking.
- Nigerians must build trust, integrity and develop the right skills to address negative reports about Nigerians on cybersecurity since cybercriminals come from every part of the world.
- Despite the cybersecurity challenges, local cloud business should be hosted locally, to encourage data localization among Nigerian companies.
- As a result of the shortage of skills in cybersecurity, there is a need for certified training and development to address cybersecurity issues.
- The government should increase awareness of data law to address cybersecurity issues and develop laws that deal with data sovereignty.