Cybersecurity Risks and Digital Transformation

Introduction:
From government agencies to private enterprises, technological advancement has revolutionized the way business is conducted and services are delivered globally. Nonetheless, as digital transformation has opened channels to numerous opportunities, it has also exposed organizations and individuals to a myriad of cybersecurity risks. In this article we will navigate the regulatory framework of cybersecurity in Nigeria and emphasise the importance of taking proactive measures to mitigate its potential threats in this dispensation.

Cybersecurity Risks:
Digital systems are so interwoven that they create vulnerabilities that lead malicious actors to exploit data for purposes, ranging from cyberstalking to financial fraud and unethical advertising. In recent times, the world has witnessed a plethora of lawsuits against social media giants like Meta and TikTok for sharing “sensitive” information of consumers and commercializing their personal data. 

The potential consequences of cyber-attacks are not confined to financial losses and economic exploitation, they extend to the compromise of sensitive data, erosion of public trust, and even threats to national security. However, when national security measures are high, cyber threats and vulnerabilities will be reduced. Conversely, when minimal security measures are put in place, the probability for success of cyber attackers will be high. 

Legal Framework:
Recently, Nigeria joined global efforts to support cybersecurity and data protection by enacting laws and issuing regulations to curb the potential challenges that may ensue from the digital space. Most recent is the Data Protection Act 2023 signed into law on 14th June 2023 by President Bola Ahmed Tinubu. The objective of the Act, amongst others, is to provide a legal framework for the protection of personal information , and safeguard the fundamental rights, freedom, and the interests of data subjects as guaranteed under the 1999 Constitution of Nigeria as amended.   The Act provides an expose on salient issues such as the lawful basis for processing personal data, consent to process data, withdrawal of consent, the scope of sensitive personal data, rights of a data subject, cross border transfer of personal data amongst others.
The Cybercrime (Prohibition, Prevention, etc.) Act of 2015 serves as a foundational legal framework, criminalizing certain cyber activities such as unauthorized access to computer systems, identity theft, and online fraud. The objective of this Act is to ensure the protection of critical national information infrastructure, promote cybersecurity, intellectual property, and privacy rights.

For corporations and business entities, one of the key aspects of the cybersecurity framework is the proactive approach outlined in Principle 1 of the Nigerian Code of Corporate Governance (NCCG) emphasizing the Board's responsibility in ensuring effective risk management. More succinctly, Principle 11.5.6.6 provides that the Committee responsible for risk management should review and recommend for approval of the Board, at least annually, the Company’s Information Technology (IT) data governance framework to ensure that IT data risks are adequately mitigated and relevant assets are managed effectively .

Mitigating Cybersecurity Risks:
Given the dynamic nature of cyber security, collaboration among regulators and stakeholders is essential in achieving reasonable impact on securing the cyberspace. The Computer Security Incident Response Team (CSIRT) established by the Nigerian Communication Commission, plays a pivotal role in coordinating responses to cyber incidents by working with stakeholders to ensure a secure cyberspace for the operators and consumers of communication services and infrastructure.  Other regulators are encouraged to actively participate in similar information sharing initiatives to enhance collective cybersecurity resilience.

Furthermore, continuous capacity building and awareness programs are imperative to mitigate cybersecurity risks. The month of October is tagged the National Cybersecurity Awareness Month in Nigeria. Agencies such as the National Information Technology Development Agency (NITDA) and Nigeria Data Protection Bureau (NDPB) in collaboration with other agencies, regularly organize workshops, training sessions, and awareness campaigns to educate Government parastatals, businesses and individuals on cybersecurity best practices.

Conclusion:
As Nigeria progresses in its digital transformation journey, the cybersecurity landscape must evolve in tandem. Whilst the current regulatory framework provides a solid foundation, the onus lies on organizations and individuals to proactively implement cybersecurity measures and foster a secure digital environment. Through collaborative efforts, awareness campaigns, capacity building, and adherence to regulations, Nigeria can navigate the challenges posed by cybersecurity risks while embracing the benefits of digital transformation.

• Cybersecurity Risks and Digital Transformation