By Emma Elebeke

AS Nigerian financial institutions are fine-tuning plans for the planned implementation of cashless economy in 2013, a a US-based data protection company, SafeNet Incorporated in partnership with Wini Group has organized a sensitization programme on data protection.

Last week, stakeholders and operators in IT security solutions gathered for enlightenment in the industry on the IT security risks involved in cashless system. They were expected to use the knowledge acquired at the seminar to make their clients and companies safer than before.

SafeNet through the seminar was equally hoping to expand its presence in the country through its local partner, Wini Group.

Vice Chairman of Wini Group, Mr. Tim Akano while underscoring the reliability of  SafeNet solutions said there is still so much to be done by both the regulatory authorities and stakeholders in the planned implementation of cashless economy in area of  putting the right IT security and infrastructure, if the policy must attain its set objectives.

“For us, there is still so much work to be done because most of the financial institutions in the country today are not safe. For a fact we know that the havoc the jobless boys can do to the financial institutions. We are assuring Nigerians who are afraid of embracing cashless economy, using e-payment platforms that institutions that adopted our e-payment solutions from G-Data, SafeNet, Fortinet, Data Bridge, Fugitsu, Informatica and others that they are safe.”

He said that even the best of the financial institution as at today in Nigeria is not safe due to the ongoing threats in the industry.

To boost the shaky confidence of people in the cashless economy, Akano urged Nigerian banks not to look  at the budgets they will spend to put security measures in place but what they will lose if they fail to put the right security in place.

Buttressing his point, the Wini boss quoted  the Global Payment System report of April 1st, 2012 which reported that  about 1.5 million Visa and Master card pin numbers were compromised in 2011 and called on stakeholders to take pragmatic steps in deploying their services on casheless payment system.

Earlier in his presentation, the regional Sales Director, SafeNet Incorporated, Mr. Sebastien Pavie   said Safenet at the moment is focusing on Africa and Nigerian market because Nigeria has stepped up in terms of putting up critical infrastructure in respect of  IT in both corporate and government owned institutions.

With addition of Safenet data protection solutions to the existing ones, he said that security will be assured in the planned Nigeria cashless economy, including other sectors of the economy. “It is only natural that we turn attention to help Nigerian organizations get to that high level of security.