Speaking at the ACSP Monthly Seminar, where he delivered a lecture titled “The Economics of Cybersecurity: Costs of Breaches and Value of Protection,” Okebukola said cyberattacks have become one of the most financially devastating risks confronting governments, businesses and institutions globally.
He noted that some sectors now spend an average of $3.7 million responding to breaches, while the United States records up to $10 million in losses per incident. Africa, he added, is becoming increasingly vulnerable, with annual losses exceeding $3.5 billion, according to International Telecommunication Union data.
“Recent studies suggest that cybercrime may account for more than 10 percent of Africa’s GDP losses. This is no longer a distant threat; it is an immediate economic challenge,” he warned.
Okebukola expressed concern that Nigeria ranks among the top 20 most attacked countries in the world, with a sharp rise in data breaches and sophisticated fraud attempts. He referenced several high-profile domestic incidents, including the Flutterwave breach involving ₦11 billion in unauthorised transfers and multiple attacks targeting national examination bodies.
He described Nigerian higher institutions as “high-value but fragile targets,” noting that they hold extensive academic and administrative data but operate with outdated and vulnerable digital systems.
The cybersecurity expert stressed that proactive investment remains the most cost-effective strategy, saying organisations can save up to 20 times the cost of potential breaches for every naira channelled into strengthening cybersecurity safeguards.
Calling for a national overhaul, Okebukola recommended stronger international partnerships, enhanced regional capacity-building and uniform cybersecurity regulations across ministries, departments and agencies.
He further urged institutions, especially universities, to conduct regular security audits, adopt global standards such as ISO 27001, upgrade access controls, train staff and students on cyber hygiene and modernise their information systems.
Okebukola added that Nigeria must prioritise cybersecurity if it hopes to protect its institutions, safeguard its economy and achieve long-term national development goals.
