CBN, FITC Caution Banks, Others On Unlicensed Third Party PSPs

As cybercrimes continue to gain ground in a fast-changing technology world, deputy governor, Financial System Stability of the Central Bank of Nigeria and chairman of the FITC Board, Aishah Ahmad has stressed the need for financial institutions to share intelligence and be more cautious of unlicensed third party service providers.

Ahmad while speaking at the ThinkNnovation Cybersecurity Conference, organised by FITC in collaboration with Nigeria Interbank Settlement System (NIBSS), noted that Nigeria is among major countries in Africa that have seen a surge in cyberattacks in recent times.

Stating that “these attacks have been largely unsuccessful, and we will continue to learn from these incidents”, she stated that organisations should focus on having a cybersecurity policy administered at the board level; conducting desktop exercises, and sharing threat intelligence.

In her welcome address at the third edition of the conference themed “Accelerating the adoption Cybersecurity: Reimagine, Simplify, Grow”, the managing director and chief executive of FITC, Chizor Malize emphasised that Digital risk is one of the topmost risks in the world today, post-pandemic.

“Digitalisation offers a large playing field for the growth of cybercrime. The risks continue to grow high, the threats continue to grow, the attacks become ceaseless, and every single one of us is prone, and while organisations drive the goals to digitise and automate operations, cyber risks proliferate. Every aspect of the digital enterprise has important cybersecurity implications”, she said.