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Key framework for cyber security of data in banking system coming—CBN

Rising from the 2018 Nigeria-JP Morgan Chase Cyber Security Conference held in Abuja on Thursday, the Central Bank of Nigeria (CBN) has revealed that efforts are underway to develop a Risk Based Cyber Security Framework for banks and payment service providers in combat of internet fraud nationwide.

Business Hilights recalls that the 2017 Nigeria Cyber Security Report revealed that Nigeria lost well over N127 billion yearly due to cybercrimes.

Central Bank Governor, Mr Godwin Emefiele, represented by the Deputy-Governor, Financial System Stability, Mrs Aisha Ahmad, said the framework would ensure appropriate cyber security of data in Nigeria’s banking system.

According to CBN, “Technology has transformed the way we learn, communicate, deliver services, conduct financial transactions and even experience entertainment.

“However, these new conveniences of modern technology have ushered in complex security challenges and cybercrime.

“These range from identity and intellectual property theft, phishing, email spamming, virus dissemination to sophisticated hacking and theft by digital crime syndicates.

“A recent study by the IMF estimated global annual losses from cyber-attacks to be close to nine per cent of banks’ net income or around 100 billion dollars,” he said.

However, contrary to a speculation that Nigerian banks lack strong protective mechanism against internet fraud as revealed by a medical doctor-turned phishing junta, the Director, Information and Communication Technology Department in CBN, Mr John Ayoh claimed that the apex bank had a strong cyber-security model in place to protect its systems against attacks.

According to him, the CBN had improved its technology expertise to ensure that computers and other devices used by its staff could not be easily hacked.

Also speaking, the Managing Director of Nigeria Inter-Bank Settlement System (NIBSS), Mr Folashodun Shonubi, assured Nigerians of the safety of the electronic payment system, saying “Looking at the likelihood of fraud, it is actually lower if you use electronic means for transactions and payments.

“lmagine you are in a bus and someone took your wallet, it’s almost impossible to identify the culprit.

He said “However, if it’s your ATM card, every transaction made with the card can be traced which can lead to the arrest of the culprit”.

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