CBN To Partner Information Security Stakeholders On Rising Cyber Attacks

Caption: From Left: Managing Partner, Technology Advisors LLP, Basil Udotai; Co-founder/Chief Visionary Officer, Digital Encode, Dr. Adewale Obadare; Director, IT Department, Central Bank of Nigeria, Mrs Rakiya Mohammed; President, Information Security Society of Africa – Nigeria (ISSAN) & General Manager, Ecobank, Dr. David Isiavwe; Director, Payments System Management Department, Central Bank of Nigeria; Mr. Musa Jimoh; CISO, Heritage Bank of Nigeria Ltd; Mr. Eduje Ighoakpo and First Vice President, ISSAN Mr. Laja Sorunke at ISSAN Annual Cybersecurity Conference in Lagos last week.

The Central Bank of Nigeria (CBN), last week assured information security stakeholders and the general public of its support to check the rising cases of cyber-attacks within the Nigeria cyberspace.

Director, Payments System Management Department of the CBN, Musa Jimoh, in a keynote speech at the annual Cybersecurity Conference of the Information Security Society of Africa – Nigeria (ISSAN) in Lagos, said the apex bank was firmly committed to building a sustainable payments ecosystem in the country.

He commended ISSAN for organizing the event, stressing CBN’s continued collaboration with organisations committed to addressing the rising activities of cyber-attacks.

Also speaking, President of FinTech Association of Nigeria (FinTechNGR), Ade Bajomo said challenged organizations to embrace collaboration and information sharing on cyber breaches to adequately address the rising rate of cyber-attacks.

According to him the decision by organisations to be quiet when attacked would not help others, stressing that full disclosure, synergy and information sharing on reported cyber-attacks and how it was managed would guide others to put preventive and counter measures in place. He called on organizations to constantly upgrade their technology to counter cyber-attacks, urging them to have data backup.

The co-founder/Chief Visionary Officer of Digital Encode, Dr. Adewale Peter Obadare, while expressing his views at the panel session, made case for collaboration amongst stakeholders, noting the need to strike the balance between the investments in people, technology, and processes to fight cyber-attack and fraud.

He further noted the need to build cybersecurity intelligence quotient, which will comprise of Augmented Intelligence to check what is happening on the system real time, Anticipatory Intelligence to analyse what could happen, and Assistive Intelligence to determine what needs to be done. He recommended that digitization, digitalization and digital transformation should be addressed.

Earlier in his welcome address, ISSAN President, Dr. David Isiavwe said the conference was devoted to further expose the new threats and trends in the cyber security space and also offer practical steps on what businesses and individuals need to know and do to check the rising tide of the activities of cyber-criminals.

He observed that cyber attackers are getting more sophisticated globally, which is an aftermath of Covid 19 pandemic, stressing that greater awareness must be created to minimize attacks on businesses that may result in losses by various organizations.

Further, Dr. Isiavwe who is also General Manager at Ecobank made case for customer awareness as well as collaboration by all stakeholders.

Other speakers at the conference include Managing Director/Chief Executive Officer, Digital Jewels Limited, Mrs Adedoyin Odunfa; Founder & CEO, Mint FT Innovative, Mr. Similolu Akinnusi; Chief Information Security Officer, First Bank of Nigeria, Mr. Harrison Nnaji and Managing Partner, Technology Advisors LLP, Basil Udotai, Esq; Others are Group Head, Customer Fulfillment Center, UBA, Mr. Prince Ayewoh; Chief Executive, Stanbic IBTC Financial Services Limited, Mr. Stanley Jacob; Sales Director (Africa), OneSpan Europe, Mr. Nicholas Poire and Field CTO, OneSpan Europe, Mr. Dan Mcloughin.

ISSAN is a not-for-profit organization dedicated to the protection of Nigeria’s cyberspace specifically and the entire cyberspace in Africa, generally.