YNY Group, a provider of technological solutions through its cybersecurity brand, Cytek, during a webinar held for stakeholders in the financial sector in Nigeria, highlighted key perspectives in cybersecurity and strategies for growth.
The session which was held on November 22, was themed “Ensuring Cybersecurity Resilience in Financial Services Companies in Nigeria,” and served as a pivotal platform for fostering collaboration and knowledge exchange in the sector.
Led by cybersecurity experts in the industry, the webinar analysed some of the pressing challenges and emerging threats faced by financial services companies in Nigeria while emphasising the critical need to strengthen cybersecurity resilience in the sector.
According to the African Financial Industry Barometre report, 97 percent of leaders of financial institutions in Africa, rank cybercrime and regulatory constraints on cybersecurity as the leading threat to the financial services industry, alongside worsening economic conditions.
Read also: Tek Experts raise cybersecurity awareness at ABC Hackathon event
“The growing frequency and complexity of attacks are the reasons financial institutions view cybersecurity as a top concern. Consequently, there is a demand to enhance cybersecurity within financial services firms to establish stronger, more robust, and more sustainable businesses,” it said.
Michael Arov, Head of Cytek, Global Cyber Defense Expert said “The rapid expansion of digital financial services in Nigeria has ushered in unprecedented opportunities for individuals and businesses within the ecosystem.”
“As a result of this, there is a surge in cyber threats, posing a significant challenge to the continued development of financial institutions in the country, we believe this challenge can be addressed by gaining insights from experts while discussing industry best practices that can advance the sector,” he added.
Speaking further at the webinar, Michael Arov said: “Cytek’s presence in Nigeria is positioned to solve the biggest cybersecurity challenges in Nigeria by building capacity, providing managed security services to businesses as well as cybersecurity advisory and implementation, hence the reasons for the launch of the Security Operations Centre in our Tek Experts’ office.”
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