Deposit money banks (DMBs) in
Nigeria, Africa’s largest economy, has lost a whopping N40 billion to an
assortment of online fraud cases in 2013 alone, a lucid indication of
the spate of cybercrime in the country. Taiwo Longe, chief information
officer (CIO), Central Bank of Nigeria (CBN), made this known on
Wednesday during a two-day National Cybersecurity.
Forum organised by the Office of the
National Security Adviser (NSA) in Lagos. This worrisome development,
according to industry watchers will likely continue due to the absence
of appropriate legal framework to prosecute cybercriminals.
According to him, sophisticated cyber
attacks are emerging, with Nigeria’s steady growth in internet
penetration and as critical sectors of the economy (financial services,
oil and gas, telecommunications) are continually moving data into the
cyberspace.
Citing a 2013 CBN Annual Report of the
industry, Longe further said cybersecurity has become a critical issue,
which the apex bank does not intend to handle with kids gloves,
especially in view of the cashless initiative, which seeks to encourage
the adoption of electronic payments.
He further pointed out that as the
nationwide cash less scheme goes live next month, the CBN was not
oblivious of the need to collaborate with various industry stakeholders
in order to ensure that banks and other players in the financial
services sector ensure maximum information security.
“Information security is concerned with
the confidentiality, integrity and availability of data regardless of
the form the data may take: electronic, print, or other forms.”
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