Millions Lost to AI Cybercrime: Nigeria Implements Strict Framework

Nigeria is preparing to launch a comprehensive cybersecurity framework within the current year to counter a significant increase in advanced, artificial intelligence-powered cyberattacks. These sophisticated threats have resulted in substantial financial losses, estimated at $805 million, across Nigerian banks, telecommunications companies, and government agencies between 2017 and 2023. The proposed framework will enforce minimum cybersecurity expenditure requirements and establish mandatory timelines for reporting data breaches. It also aims to improve threat intelligence sharing between public and private entities and coordinate responses to major cyber incidents. The surge in AI-driven attacks, particularly within the financial sector, which experienced a 150% increase last year, necessitates these enhanced cyber defenses. The country's rapid digitalization and the growing use of instant payment systems present unique challenges, as these systems offer little time for fraud detection amid high volumes of near-real-time transactions. Experts note that current systems struggle to distinguish legitimate activity from AI-driven malicious behavior within seconds. Challenges remain, including a shortage of specialized cybersecurity professionals and the ongoing struggle for regulations to keep pace with rapid technological innovation. The effectiveness of the new framework in addressing these complex issues will be a critical factor in safeguarding Nigeria's digital economy.