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CSCS sensitizes financial market stakeholders on cyber-security

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Security Challenge: The new gold in town for fake activists

By Peter Egwuatu

Central Securities Clearing System (CSCS) Plc, Nigeria’s capital market infrastructure, is ramping up its cyber-security advocacy as it sensitizes financial market participants on rising rate of cybercrime.

In a webinar organized by CSCS, financial market stakeholders, including bankers and capital market operators dialogued on innovative measures for preventing cybercrimes, dire need for increased campaign and exigency of collaborative investments to reign in the rising rate of cybercrime.

The online event themed “Cyber Security and Information During the Pandemic” was lauded for its timeliness, as COVID-19 pandemic and attendant remote connections may have increased cyber-security risks in many organizations, particularly as the crime rate surges globally, with rising exposure of financial services institutions in Nigeria and the broader African continent.

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Speaking on the event, Mr. Haruna Jalo-Waziri, the Chief Executive Officer, CSCS Plc, noted that “cyber security is a collective effort and everyone must play their role to preserve the integrity and sanctity of the financial market. The pandemic and its attendant remote connections occasioned by business continuity and work-from-home protocols have increased exposures to cyber-security risks and some businesses may have suffered colossal losses due to cyber attacks since the pandemic. More than ever, cyber attacks are like a double whammy at this challenging time when businesses are re-strategizing to adapt to the new normal and ensure sustainability.”

Mr. Femi Onifade, the Chief Strategy Officer, CSCS Plcreiterated the CEO’s perspective, noting that “a breach on any market participant’s network may inadvertently expose the entire system, thus reinforcing why we must collaborate to prevent any vulnerabilities in the financial system and why all participants and stakeholders must take active and effective measures in ensuring and sustaining cyber-resilience.”

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