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Cyberterrorism

Cybersecurity Vigilance Emphasized in Nigeria's Financial Sector

Strategic Insights

— 1 min read

The Committee of Chief Information Security Officers of Nigerian Financial Institutions (CCISONFI) has highlighted the critical need for vigilance in the financial sector to mitigate disruptive cyber threats. The chairman, Mr Festus Amede, emphasized that cyber disruption has become the new normal, but it also presents an opportunity for the sector to rethink its security measures, train personnel, update processes, and policies. Amede advocated for incorporating cybersecurity into Nigeria's national educational curriculum to equip the next generation of defenders with the necessary tools and mentorship.

Key Takeaways:

  • The CCISONFI chairman, Mr Festus Amede, stressed the importance of cybersecurity in the financial sector, citing the rapid evolution of cyber threats and attacks, and advocating for collaboration and innovation to stay ahead of cybercriminals.
  • A cybersecurity expert, Shibu Thomas, highlighted the need for robust security measures, citing the importance of insider threat detection and mitigation, and emphasizing the need for collaboration and innovation in the fight against cyber threats.
  • The Director of Payment System Policy at the Central Bank of Nigeria (CBN), Mr Musa Jimoh, emphasized the need for vigilance and cybersecurity, noting that cybercriminals are learning new techniques to penetrate vulnerable points, and that cybersecurity is more than a preventive and defensive mechanism.
  • The CBN has implemented regulations, guidelines, and frameworks to nudge participants in the financial ecosystem to protect themselves from cybercriminals.
  • The Chief Executive Officer of Infodata Professional Services, Mr Chukwuma Ulu Udensi, commended the CISO community for seeking ways to protect against cyber threats, and emphasized the importance of delivering best-in-class solutions to customers to meet the changing landscape of the enterprise business environment.
  • CyberKnight, an international cybersecurity software solutions provider, emphasized the need for close collaboration between the vendor community and customers to enhance and elevate cybersecurity resilience, particularly in the banking and finance market.

Statistics:

  • 508 cases of cyber crimes were reported, and 751 suspects were arrested, with N8.8 billion recovered from cyber criminals. (Source: Commissioner of Police Ifeany Henry Uche)
  • Organizations today have 30-50 more solutions in their systems compared to 20 years ago. (Source: Yaadhna Singh Gounden, Regional Sales Director at CyberKnight)

Sources:

  • Commissioner of Police Ifeany Henry Uche
  • Yaadhna Singh Gounden, Regional Sales Director at CyberKnight
  • Shibu Thomas, Chief Technical Officer of Everfox
  • Mr Festus Amede, Chairman of CCISONFI
  • Mr Musa Jimoh, Director of Payment System Policy at the Central Bank of Nigeria (CBN)
  • Mr Chukwuma Ulu Udensi, Chief Executive Officer of Infodata Professional Services

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