Central Securities Clearing System (CSCS) Plc, has restated its commitment to sensitising financial market participants on rising rate of cyber-crime in the country and across the world.
In a webinar organised by CSCS, financial market stakeholders, including bankers and capital market operators dialogued on innovative measures for preventing cyber-crimes, dire need for increased campaign and exigency of collaborative investments to stem the rising rate of cyber-crime.
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, the CEO of 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 cyber-attacks since 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, CSCS, Mr Femi Onifade, stated 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.”
Also, chief information security officer, GTBank, 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. Hence, the use of strong authentication for accessing networks would no longer be an option but a necessity.”
On his part, divisional head, technology and innovations, CSCS, Mr Tobe Nnadozie, posited that, “the pattern of spend on cybersecurity shows clearly that organisations are making relevant investments to protect their systems and broader market, albeit sadly, lack of vigilance is the leading cause of breaches.”