To sustain cyber-security advocacy in Nigeria, the Central Securities Clearing System Plc, Nigeria’s capital market infrastructure, is sensitising financial market participants on the rising rate of cybercrime.
In a webinar organised by CSCS, bankers, capital market operators and other stakeholders dialogued on innovative measures for preventing cybercrime, dire need for increased campaign and exigency of collaborative investments to rein in the rising rate of cybercrime.
The online event themed, ‘Cyber Security and Information During the Pandemic’, was lauded for its timeliness, as the Coronavirus Disease and attendant remote connections might have increased cyber-security risks in many organisations, particularly as the crime rate surges globally, with rising exposure of financial institutions in Nigeria and the broader African continent.
Speaking on the event, the Chief Executive Officer of CSCS, Mr. Haruna Jalo-Waziri, noted, “Cyber security is a collective effort and everyone must play their role to preserve the integrity and sanctity of the financial market.
“The pandemic and its attendant remote connections, occasioned by business continuity and work-from-home protocols, have increased exposure to cyber-security risks and some businesses may have suffered colossal losses due to cyber attacks since the advent of the pandemic.
“More than ever, cyber attacks are like a double whammy at this challenging time when businesses are re-strategising to adapt to the new normal and ensure sustainability.”
The Chief Strategy Officer of CSCS Mr. Femi Onifade, reiterated the CEO’s perspective, noting that a breach on any market participant’s network might expose the entire system, “thus reinforcing why we must collaborate to prevent any vulnerability in the financial system and why all stakeholders must take active and effective measures in ensuring and sustaining cyber-resilience.”
