Nigeria to Step Up Cyber Defenses as AI Attacks, Losses Mount

Nigeria plans to implement a cybersecurity framework to confront a surge in artificial intelligence-driven cyberattacks that are costing its banks, companies, and government agencies millions of dollars

The framework will require organizations to meet minimum cybersecurity spending thresholds and introduce mandatory breach-reporting timelines and mechanisms for sharing threat intelligence.

Authorities are tightening cyber defenses as AI accelerates the scale and sophistication of attacks on banks, payment systems, and government networks, with Nigeria having lost 1.1 trillion naira to cybercrime between 2017 and 2023.

By Ruth Olurounbi

Full story at Bloomberg.