CBN, security experts move against cyber attackers

The Central Bank of Nigeria (CBN) and information security stakeholders are taking steps to check the rising cases of cyber-attacks within the Nigeria cyberspace.

Speaking during the annual Information Security Society of Africa – Nigeria (ISSAN) Cybersecurity Conference in Lagos, Director, Payments System Management Department of the CBN, Musa Jimoh said the apex bank was firmly committed to building a sustainable payments ecosystem in the country.

He said the CBN will continue to collaborate with organisations that are committed to addressing the rising activities of cyber-attacks.

Also speaking, President of FinTech Association of Nigeria (FinTechNGR), Ade Bajomo said 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, stressing that full disclosure, synergy and information sharing on reported cyber-attacks and how it was managed would guide other organisations to put preventive and counter measures in place.

He called on organizations to constantly upgrade their technology to counter cyber-attacks, urging them to have data backup.

The Co-founder/Chief Visionary Officer of Digital Encode, Adewale Obadare, while expressing his views at the panel session, made case for collaboration amongst stakeholders, noting the need to strike the balance between the investments in people, technology, and processes to fight cyber-attack and fraud.

He further stated the need to build cybersecurity intelligence quotient, which will comprise of Augmented Intelligence to check what is happening on the system real time, Anticipatory Intelligence to analyse what could happen, and Assistive Intelligence to determine what needs to be done. He recommended that digitization, digitalization and digital transformation should be addressed.

In his welcome address, ISSAN President, David Isiavwe said the conference was devoted to further expose the new threats and trends in the cyber security space and also offer practical steps on what businesses and individuals need to know and do to check the rising tide of the activities of cyber-criminals. He observed that cyber attackers are getting more sophisticated globally, which is an aftermath of Covid 19 pandemic, stressing that greater awareness must be created to minimize attacks on businesses that may result in losses by various organizations.

Further, Isiavwe who is also General Manager at Ecobank made case for customer awareness as well as collaboration by all stakeholders.