CSCS sensitizes financial market stakeholders on cyber-security
Central Securities Clearing System (CSCS) Plc, Nigeria’s capital market infrastructure, has said it will continue to sustain cyber-security advocacy as it sensitizes financial market participants on rising rate of cybercrime.
The financial market stakeholders, including bankers and capital market operators in a webinar organized by CSCS, deliberated on innovative measures for preventing cybercrimes, dire need for increased campaign and exigency of collaborative investments to rein the rising rate of cybercrime.
The online event themed “Cyber Security and Information during the Pandemic” was applauded for its timeliness, as COVID-19 pandemic and attendant remote connections may have increased cyber-security risks in many organizations, particularly as the crime rate surges globally, with rising exposure of financial services institutions in Nigeria and the broader of African continent.
The event had participants from the banking sector, capital market and public service, which include, Mr. Tobe Nnadozie, Divisional Head, Technology and Innovations, CSCS Plc, Mr. Bharat Soni, Chief Information Security Officer, GTBank Plc and Mr. Ikechukwu Ugoji, Chief Information Security Officer, Interswitch Limited as panelists.
Speaking on the event, the Chief Executive Officer, CSCS Plc, Mr. Haruna Jalo-Waziri, stated 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.”
The Chief Strategy Officer, CSCS Plc, Mr. Femi Onifade, restated the CEO’s perspective, adding 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.”
Speaking also at the event, Chief Information Security Officer, GTBank Plc, 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.”
Soni added that “Awareness of the new realities of safe cyber practices need to be communicated to employees, partners and customers so that they can remain aware of the evolving cyber threat and how to best protect themselves and their organizations”.
On his part, Chief Information Security Officer, Interswitch Limited, Mr. Ikechukwu Ugoji said, “over 90% of cyber breaches are facilitated by phishing email or social engineering attack and that every employee is a first-line of defence against incoming threats and employees must be made to understand their vital roles and responsibility in protecting the organization.”
Also commenting, Divisional Head, Technology and Innovations, CSCS Plc, Mr. Tobe Nnadozie, noted that “the pattern of spend on cybersecurity shows clearly that organizations are making relevant investments to protect their systems and broader market, albeit sadly, lack of vigilance is the leading cause of breaches”.
