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CBN expresses concerns over safety of banking transactions

By MICHAEL EBOH

The Central Bank of Nigeria, CBN, has expressed concerns over the rising spate of cyber crimes, and has called on banks to ensure the safety of transactions, especially in the light of the cashless policy regime.

Speaking during the official presentation of ISO 27001:2005 certificate to Access Bank Plc. in Lagos, Mrs. Tokunbo Martins, Director, Banking Supervision Department, represented by Mr. Sola Ogunmoroti, emphasized the need for banks to ensure the deployment of an effective control mechanism for their information technology infrastructure to checkmate cyber crimes and ensure the safety of electronic transactions.

She said information technology is a major driver of banks’ activities, hence the need for regulatory focus on control built about around information technology infrastructures.

She said, “Transparency and accountability is posing serious challenges in many jurisdictions, and this has brought to the fore, the need for banks not to downplay the importance of Information Technology, IT.

“In some cases, Control is often disjointed and without effective infrastructure. The CBN has become aware of the need to wage war against cyber crimes, hence the emphasis on certification of banks’ information security management system”

She commended Access Bank for the certification and urged other banks to emulate the bank in this regard.

“The certification of Access Bank is coming at a time the whole world has realized the importance of security of transactions,” she noted.

She, however, added that the certification is not a on-off process, stating that information security control must be strengthened to further develop the information management process.

The certificate was presented to Access Bank by the Technology Platform Business Resource Limited on behalf of the British Standard Institute, BSI

Implementation of information security management systems as represented by the ISO 27001:2005 certification, gives a systematic approach to minimizing the risk of unauthorized access or loss of information and ensuring the effective deployment of protective measures for securing the same.

It also provides a framework for organizations to manage their compliance with legal and other requirements, and improve performance in managing information securely. Commenting on the certification, Managing Director, Access Bank Plc, Mr. Aigbojie Aig-Imoukhuede, represented by Mr. Victor Etuokwu, Executive Director, Access Bank, said the certification is not an end in itself, that it is just a noted that the banks has complied with certain regulatory requirements.

He said the certification has put fresh responsibilities on the bank, adding that it will continue to develop processes that will see it deliver cutting edge, high quality and safe banking services to its customers.


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