Ngozi Amuche
Central Securities Clearing System Plc, Nigeria’s capital market infrastructure, sustains cyber-security advocacy as it sensitises financial market participants on rising rate of cybercrime.
In a webinar organised by CSCS, financial market stakeholders, including bankers and capital market operators, dialogued on innovative measures for preventing cybercrimes, dire need for increased campaign and exigency of collaborative investments to reign the rising rate of cybercrime.
The online event themed, “Cyber Security and Information During the Pandemic” was lauded for its timeliness, as COVID-19 pandemic and attendant remote connections may have increased cyber-security risks in many organisations, particularly as the crime rate surges globally, with rising exposure of financial services institutions in Nigeria and the broader African continent.
Speaking on the event, Chief Executive Officer, CSCS Plc, Mr. Haruna Jalo-Waziri, noted that “cybersecurity 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 exposures to cyber-security risks and some businesses may have suffered colossal losses due to cyberattacks since the pandemic.
“More than ever, cyberattacks are like a double whammy at this challenging time when businesses are re-strategizing to adapt to the new normal and ensure sustainability.”
Chief Strategy Officer, CSCS Plc, Mr. Femi Onifade, reiterated the CEO’s perspective, noting that “a breach on any market participant’s network may inadvertently expose the entire system, thus reinforcing why we must collaborate to prevent any vulnerabilities in the financial system and why all participants and stakeholders must take active and effective measures in ensuring and sustaining cyber-resilience.”
While speaking at the event, Mr. Bharat Soni said, “New work culture has expanded remote activities and cloud capabilities to an unprecedented level, thereby making businesses more vulnerable to cyber-attacks such as online scams and phishing, disruptive malware, malicious domains, amongst others.