The increasing adoption of artificial intelligence (AI) has brought about unprecedented challenges in the cybersecurity landscape. According to Olatunji Igbalajobi, a cybersecurity expert, AI-powered fraud is projected to reach $350 billion globally between 2023 and 2027. This alarming figure highlights the need for Nigeria to prepare for the impending cyber threats. Igbalajobi warns that AI-driven attacks are more adaptable and can bypass traditional security measures, making it more complex and demanding to defend against these threats. He also notes that the country’s cybersecurity adoption is slow due to the reactive nature of Nigerians, who often wait until they experience cyber attacks before taking action. Furthermore, the cost of mitigating cyber attacks is usually exorbitant, and the country is losing its cybersecurity experts to the Western world due to unfavorable working conditions. Igbalajobi urges the government to address the challenges of limited funds, access to skill and technology, and infrastructural limitations to bridge the gap in cybersecurity.
AI Cyber Threats on the Rise
AI-powered fraud is projected to reach 350 billion between 2023 and 2027 globally.
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