By Rarzack Olaegbe
The naira is frowning. The dollar is sailing. Cybercriminals are not relenting. Artificial intelligence is seething. You are in the middle of this box. So how would you play? I do not know. But I know you cannot escape from the siege. Unless the Red Sea parted!
On the one hand
The Computer Crime Research Centre (CCRC) report projected that the cost of cybercrime will rise to $12 trillion in 2025. Created in 2001, CCRC researches legal criminal and criminological problems of cybercrime to render scientific and methodical aid and consulting. It hinged its projection on Check Point and Orange Cyber defence cybersecurity research. The research is consistent with the growth in cyberattacks and ransomware in the past year.
What does this affect you? The cost of cybercrime will surge. This is your money. Artificial intelligence will assist it to soar. You are not safe. Because – the report noted – there will be a 910% increase in monthly registrations for domains related to ChatGPT in an attempt to mimic ChatGPT.
Let us drink straight from the CCRC report. “Deep fake technologies will take phishing and impersonation attacks to a new level. Businesses will embrace artificial intelligence but will be threatened by its use in novel cyberattacks. There is also a risk that the dynamic character of AI-driven attacks could make static defence mechanisms ineffective.”
The firm projected that cyber extortion will remain high. It predicted a 30-50% increase. This would affect corporations, small and medium businesses and the government. Because of the shift in growing economies regions like South Asia (namely India), Oceania and Africa will have the highest attacks. You cannot escape from cybercrime because you reside online! I am sorry I have to share. That does not mean I do not care.
On the other hand
Artificial intelligence has nothing to do with the current economic collapse. It is when you surf the internet that you are likely to be a victim of cybercrime! However, the economic slowdown may force some Nigerians not to pay their loans. A financial analyst at Agusto and Co, Ayokunle Olubunmi made this prediction recently. He warned that this might slice banks’ earnings in 2024.
Olubunmi, the head of financial institutions ratings at Agusto and Co, threw this up at a forum themed 2024 Economic Review/Outlook: Impacts of Reforms on Banks. The Finance Correspondents Association of Nigeria (FICAN) organised the event in Lagos.
In the long term
Olubunmi highlighted that expanding Nigerian banks abroad could diversify risk but new challenges would emerge. He said strengthening banks’ capital base could improve stability and lending capacity. Also enforcing loan-to-deposit ratio compliance could drive credit expansion but might raise concerns about credit quality.
In the short term
What are your options? Cybercrime is out. Deep fake technologies would likely impersonate one of your dead relations. Then defraud you. Would you frown? #
