Central Bank of Nigeria reassures stakeholders as it collaborates to check rising cyberattacks

The Central Bank of Nigeria (CBN) has assured its stakeholders and the general public of its collaboration to check the risk of rising cyberattacks within the Nigeria cyberspace.

CBN director of Payments System Management Department, Mr. Musa Jimoh, made the announcement whilst speaking at the annual Information Security Society of Africa – Nigeria (ISSAN) Cybersecurity Conference in Lagos. He stated that the apex bank was firmly committed to building a sustainable payments ecosystem in the country.

Also speaking, the president of FinTech Association of Nigeria (FinTechNGR) Ade Bajomo explained that to adequately address the rising rate of cyber-attacks, organisations should embrace collaboration and information sharing on cyber breaches.

According to him, keeping silence on the part of organisations that had been attacked would not help others. He stressed that full disclosure, synergy and information sharing on reported cyber-attacks and how it was managed, would be essential for guiding other organisations to put preventive and counter measures in place. He also called on organisations to constantly upgrade their technology to counter cyber-attacks, urging them to have data backup.

The co-founder/Chief Visionary officer of Digital Encode Dr. Adewale Peter Obadare also expressed his views at the panel session. He made case for collaboration amongst stakeholders and highlighted the need to strike the balance between the investments in people, technology, and processes to fight cyber-attack and fraud.

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