CBN to collaborate with information security stakeholders to address cyber attacks

By Rosemary Iwuala 

The Central Bank of Nigeria (CBN) has assured the general public of its collaboration with information security stakeholders to curb the rising cases of cyber-attacks within Nigeria’s cyberspace.

Musa Jimoh, CBN director, payments system management department, made the disclosure during the annual Information Security Society of Africa – Nigeria (ISSAN) Cybersecurity Conference held recently in Lagos.

Jimoh stated that the apex bank was firmly committed to building a sustainable payments ecosystem in the country. He also commended  ISSAN for organising the event, stating that CBN will continue to collaborate with organisations that are committed to addressing the rising activities of cyber-attacks.

In his welcome address, David Isiavwe, ISSAN President, 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.

Isiavwe observed that cyber attackers are getting more sophisticated globally, which is an aftermath of Covid-19 pandemic, adding that greater awareness must be created to minimize attacks on businesses that may result in losses by various organisations.

Also speaking at the event, Ade Bajomo, the president of FinTech Association of Nigeria (FinTechNGR), encouraged organisations  to adequately address the rising rate of cyber-attacks through collaborations and information sharing on cyber breaches. He stressed 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.

Bajomo also called on organisations to constantly upgrade their technology and possess data backup to counter cyberattacks.

On his part, Adewale Peter Obadare, co-founder/chief visionary officer of Digital Encode, made a 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.

Obadare further emphasised the need to build cybersecurity intelligence quotient, which will comprise 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.