By Juliet Umeh, edited by Prince Osuagwu

In an era marked by rapid technological advancements, the telecommunications industry finds itself at the forefront of innovation, shaping the way people communicate, connect, and conduct business.

And as Nigeria joined the rest of the world to navigate through the emerging technologies, the Nigerian Communications Commission, NCC and other critical stakeholders have called for effective risk management.

The stakeholders said that the world stands at the crossroads of tradition and transformation, where emerging technologies and trends present both unprecedented opportunities and challenges.

The concerns raised came at the just concluded conference held in Lagos, with the theme: “Evolution and future risk management in the industry, harnessing emerging technologies and trends.”

Executive Vice-Chairman of NCC, Dr. Aminu Maida while delivering a speech at the meeting, said: “While we discuss the current landscape of 5G networks, which boast of wider attack surface due to the increased number of connected devices and denser network infrastructure, it is imperative to even cast our gaze into the future.

“We are witnessing the dawn of 6G technology, the next frontier in wireless communication. With promises of even faster speeds, lower latency, and groundbreaking applications, 6G has the potential to revolutionize the way we experience connectivity. However, with this advancement comes the responsibility to address new risks, from cybersecurity threats to ethical considerations, ensuring that we pave the way for a secure and inclusive digital future.

“Looking beyond, the prospect of 7G technology also looms on the horizon. As we contemplate the possibilities, we must acknowledge that with each generational leap, we face not only technological advancements but also a fresh set of challenges. Anticipating and managing risks associated with 7G will require collaboration, innovation, and a proactive approach to ensure the seamless integration of this technology into our interconnected world.

“In addition to the evolution of connectivity, we must consider the implications of emerging technologies such as quantum technologies (computing, sensing, and communications), advanced artificial intelligence, and BlockChain (distributed ledger) technologies.

“These trends, when harnessed effectively, hold the potential to transform our industry positively. However, they also introduce complexities that demand careful consideration in our risk management strategies.”

Maida noted: “Building a culture of risk awareness is paramount. As an industry, we must empower our people with the knowledge and skills to proactively identify and report risks and embed security awareness and risk management practices throughout our business processes. Emerging technologies such as AI should be leveraged to generate data-driven insights needed to predict, detect, and respond to risks in real-time.

“We should also monitor evolving threats and vulnerabilities on a continuous basis and streamline incidence response processes to build a resilient telecom industry,” he added.

Similarly, Chairman of the Council Chartered Risk Management Institute, Mr. Ezekiel Hussein, applauded the conference, stating it was a very good initiative that NCC has done.

He said: “From the Chartered Risk Management Institute, we have been looking for ways of getting the public to invite risk management practice. And we have taken a bill to the National Assembly for a risk management function to be part of every MDA.

“Risk management has come to stay, and it is necessary that the public sector take it seriously“

Also speaking, Head of Corporate Strategy and Risk Management at NCC, Kelechi Nwankwo, said: “We embark on a journey of exploration and discovery in a rapidly evolving landscape of the telecoms industry. We must thus analyse, adapt, and effectively manage the risks that accompany innovation and development.

The fast-disruptive world of the telecoms industry has witnessed convergence of diverse technological advancements with the potential of reshaping our future. From 5G networks, the Internet of Things, IoT, and Artificial Intelligence, AI, to Cloud Computing and beyond, the possibilities are limitless. However, with great opportunities comes great risks, and it is our collective responsibility to address these risks and possibly safeguard the industry’s growth and sustainability.”