
By Alex C
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, an indication of the spate of cybercrime in the country. This worrisome development, according to industry watchers will likely continue due to the absence of appropriate legal framework to prosecute cybercriminals.
Taiwo Longe, chief information officer (CIO), Central Bank of Nigeria (CBN), at a National Cybersecurity summit revealed that sophisticated cyber attacks are emerging, with Nigeria’s steady growth in internet penetration 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 hinted that cybersecurity has become a critical issue, which the CBN does not intend to handle with kids gloves, especially in view of the cashless initiative, which seeks to encourage adoption of electronic payments.
He added that as the nationwide cashless scheme goes live July 1 2014, the apex bank 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.
image; https://i.telegraph.co.uk