Stakeholders in Nigeria’s finance sector have called for enhanced infrastructure investment, and increased collaboration to curb the menace of cybercrime, particularly in the finance and capital market industry.
This call was made during a Cybersecurity Conference themed the Future of Cybersecurity: Emerging Issues and Solutions organized by the Central Securities Clearing System (CSCS) in commemoration of its 25th anniversary held in Abuja on Thursday.
In his welcome address, Oscar Onyema, Chairman, CSCS said that the increasing trend of cybercrime is perhaps more alarming than ever, as it has become an organized crime, sometimes purportedly backed by State actors.
“According to Cybersecurity Ventures, global cybercrime is expected to grow by 15 percent annually, reaching an estimated $10.5 trillion by 2025; up from $3 trillion in 2015; These figures lead criminals to make significant investments in new technologies to exploit the opportunities arising from technological advancements,” he said.
Onyema advised that there is need to deliberately enhance the use of technology while minimizing the impact of cybercrime, noting that the CSCS committed 15 percent of its total 2021 technology budget to securing its information assets by purchasing cybersecurity tools, sharing knowledge among other things.
This system vulnerability is being reinforced by the increasing adoption of application programming interfaces (APIs), open banking, and other liberal technologies that foster efficiency and liberal data exchanges within the remit of tolerable disclosures and global data protection regulations.
In his keynote address, Lamido Yuguda, Director- General, Securities and Exchange Commission (SEC) said activities in the capital market are majorly conducted through the use of technology which has significantly raised efficiency levels but has also heightened exposure to new sets of risk.
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“People’s hard-earned income and other financial instruments are saved and invested in the financial sector hence it deserves a robust strategy for mitigating cyber risks,” Yuguda represented by Dayo Obisan, Executive Commissioner Operations, SEC said.
He acknowledged the efforts of the federal government in developing strategies and policies to curb cyber security, adding that awareness and action at the national level should spur the various sectors of the economy to protect themselves from cyber threat by ensuring that they adhere to either industry standards or national policy carefully.
He revealed that SEC is set to release its guidelines on Minimum Operating Standards for Information Technology for Capital Market Operators (CMOs) which will cover Information technology & Information Systems Management, IT Business Continuity and Disaster Recovery among other things.
Haruna Jalo-Waziri, CEO, CSCS while speaking to journalists said in today’s world there is significant connectivity between devices of companies, products and services which comes with significant risk from criminals, counterparts and mischievous people with data showing that on the average, 2,308 Nigerian businesses experience an attack weekly.
He said perpetrators of cybercrime collaborate to carry out this threat hence service providers should do the same to secure businesses, improve and protect the system, adding that there is need to swiftly transit the general approach towards holistic and collaborative measures that protect data, physical assets and network infrastructure.
“We must collaborate with ourselves as technology providers, service providers, regulators and policy makers which will set standards, build more resilience, drive proactiveness and educate us on how to address this problem,” he said.
Abdul- Hakeem Ajijola, Chairman, African Union Cyber Security Expert Group (AUCSEG) said there is a wide gap of 3.4 million cyber security workers which needs to be filled.
He asked that investments are made in training man people, attracting and retaining top talent.
