Cybercrime Costs to Hit $20 Trillion by 2026: Dr. Vincent Olatunji at Smartcomply Cybersecurity Event in Lagos
Industry leaders, government officials, and cybersecurity specialists gathered at the Smartcomply Compliance and Cybersecurity Breakfast Session 2025 in Lagos to tackle critical issues around data privacy, compliance, and combating cybercrime. The event spotlighted the need for collaboration, adoption of emerging technologies, and adherence to regulatory frameworks to address challenges in the digital landscape.
Data Privacy and Compliance: A Collective Responsibility
Dr. Vincent Olatunji, CEO of the Nigeria Data Protection Commission (NDPC), delivered the keynote, underscoring the private sector's critical role in data protection. Stressing the need for compliance with Nigeria’s data protection laws, including mandatory NDPC registration, Dr. Olatunji highlighted the economic and social costs of cybercrime, projected to exceed $20 trillion globally by 2026.Dr. Olatunji called for an industry-wide embrace of compliance as a cultural norm, emphasizing awareness campaigns, training, and strict enforcement as pillars of Nigeria’s 2025 data protection strategy.
The Battle Against Cybercrime in Nigeria
CP Uche Ifeanyi Henry, Director of the Nigeria Police Force National Cybercrime Center (NPF-NCCC), presented the nation’s progress in tackling cybercrime, citing 751 arrests and significant asset recoveries in 2024. However, he stressed the need for advanced forensic tools and stronger collaboration with technology firms to address increasingly sophisticated cyber threats.“Cybercrime is a global issue, and local partnerships are just as critical as international collaboration,” CP Uche stated, urging businesses to assist law enforcement by sharing critical data and resources.
Panel Discussions: Driving Governance and Innovation
A high-profile panel comprising representatives from institutions like the Central Bank of Nigeria, First Bank, Coronation Merchant Bank, Unity Bank delved into strategies for strengthening compliance, governance, and collaborative initiatives. Moderated by Oluseye Soyede-Johnson of Bvndle Incorporated, the session featured key insights:
Dr. Mohammed Lawan Ahmed (NITDA): Emphasized integrating compliance with core operations, auditing practices, and the need for accountability, suggesting tools like Smartcomply for effective compliance management.
Mr. Ademola Adedoyin (CBN): Highlighted the collaboration required between CISOs, DPOs, and cybersecurity officers to ensure organizational security.
Dr. Harrison Nnaji (First Bank of Nigeria): Advocated rigorous third-party risk management as a critical defense against breaches.
Dr Musa Aliyu (ICPC): Revealed efforts to deploy advanced technologies for forensic investigations, underscoring the need for local innovation to bolster Nigeria’s cybersecurity capabilities.
Proactive Leadership in Cybersecurity
Speakers reiterated the importance of proactive leadership in addressing emerging threats. AI, automation, and predictive analysis were recognized as essential tools to outpace cybercriminals, with Smartcomply’s innovations cited as exemplary in bridging compliance and technology.Awards and Closing Highlights
The event concluded with an awards ceremony led by Valerie Azubuike, COO of Smartcomply, and David Adeleke, CEO of Zeeh Africa, celebrating outstanding contributions to cybersecurity and compliance.Efe Owonigho, Head of Customer Success at Smartcomply, delivered the closing remarks, encouraging sustained collaboration to build a secure digital future for Nigeria.
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