CSCS Sensitizes Financial Market Stakeholders On The Value Of Cyber-Security

Tuesday, September 22, 2020 / 7.30 PM /CSCS Plc / Header Image Credit: Youtube: CSCS Nigeria

Central Securities Clearing System (CSCS) Plc, Nigeria's capital marketinfrastructure, sustains cyber-security advocacy as it sensitizes financialmarket participants on the rising rate of cybercrime. In a webinar organized byCSCS, financial market stakeholders, including bankers and capital marketoperators dialogued on innovative measures for preventing cybercrimes, the direneed for increased campaign and the exigency of collaborative investments toreign the rising rate of cybercrime.

Theonline event themed "Cyber Security and Information During thePandemic" was lauded for its timeliness, as the COVID-19 pandemic and attendant remote connectionsmay have increased cyber-security risks in many organizations, particularly asthe crime rate surges globally, with rising exposure of financial servicesinstitutions in Nigeria and the broader African continent.

The event which was widely attended withparticipants from the banking sector, capital market and public service, hadMr. Tobe Nnadozie (Divisional Head, Technology and Innovations, CSCS Plc), Mr.Bharat Soni (Chief Information Security Officer, GTBank Plc) and Mr. IkechukwuUgoji (Chief Information Security Officer, Interswitch Limited) as panellists.

Speaking on the event, Mr. HarunaJalo-Waziri, the Chief Executive Officer, CSCS Plc, noted that "cybersecurity is a collective effort and everyone mustplay their role to preserve the integrity and sanctity of the financial market.

The pandemic and its attendant remoteconnections occasioned by business continuity and work-from-home protocols haveincreased exposures to cyber-security risks and some businesses may havesuffered colossal losses due to cyberattacks since the pandemic. More thanever, cyberattacks are like a double whammy at this challenging time whenbusinesses are re-strategizing to adapt to the new normal and ensuresustainability".

Mr. Femi Onifade, the Chief Strategy Officer, CSCS Plc reiterated theCEO's perspective, noting that "a breach on any market participant's networkmay inadvertently expose the entire system, thus reinforcing why we mustcollaborate to prevent any vulnerabilities in the financial system and why allparticipants and stakeholders must take active and effective measures inensuring and sustaining cyber-resilience".

While speaking at the event, Mr. Bharat Soni said, "new work culture has expandedremote activities and cloud capabilities to an unprecedented level, therebymaking businesses more vulnerable to cyber-attacks such as online scams andphishing, disruptive malware, malicious domains amongst others. Hence, the useof strong authentication for accessing networks would no longer be an optionbut a necessity." He concluded that "Awareness of the new realities of safecyber practices need to be communicated to employees, partners and customers sothat they can remain aware of the evolving cyber threat and how to best protectthemselves and their organizations".

In the same vein, Mr. Ikechukwu Ugojisaid, "over 90% of cyber breaches are facilitated by a phishing email or socialengineering attack and that every employee is the first line of defence againstincoming threats and employees must be made to understand their vital roles andresponsibility in protecting the organization".

On his part, Mr. Tobe Nnadozie positedthat "the pattern of spend on cybersecurity shows clearly that organizationsare making relevant investments to protect their systems and the broadermarket, albeit sadly, lack of vigilance is the leading cause of breaches".