A cybersecurity expert, Mr. Adetokunbo Omotosho has advised that collaboration between the public and private sectors is crucial to tackling the N2 trillion losses to cybersecurity breaches that the Nigerian financial sector recorded in 2022.

Mr. Omotosho who gave the advice recently at a media briefing in Lagos, noted that such collaboration will ensure sharing of threat intelligence and responding effectively to emerging cyber threats.

“Constant monitoring and analysis of cyber threats provide valuable intelligence for national security agencies. There must be a collaboration between the public and private sectors to share threat intelligence and respond effectively to emerging cyber threats,” Omotosho, who is the Chief Executive Officer/Co-Founder of Cybervergent said.

He argued that with the Nigerian financial sector recording financial losses worth more than N2 trillion to cybersecurity breaches in 2022, there is an urgent need for the Nigerian business community to build a robust cybersecurity solution and resilience to manage future losses.

According to him, in today’s data-driven world, customer trust is paramount, as a breach can erode trust and damage a company’s reputation. Thus, prioritising cybersecurity demonstrates a commitment to protecting customer data, fostering trust, and maintaining a positive brand image.

Cybersecurity measures ensure compliance with regulations, avoiding legal consequences and financial penalties for organisations found wanting. As businesses embrace digital transformation, cybersecurity becomes an enabler for innovation. This is because secure digital platforms and emerging technologies empower organisations to explore new business models and stay competitive.

In fact, cybersecurity is not just a defensive measure but a strategic asset that empowers businesses to thrive in the digital landscape.


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