The Committee of Chief Information Security Officers of Nigerian Financial Institutions (CCISONFI), has emphasised the need for absolute vigilance in the financial sector to deal with disruptive cyber threats.
The Chairman of CCISONFI, Mr. Festus Amede, stated this at its annual conference held in Uyo with the theme; “Cyber Resilience in a Disruptive World.”
He told the gathering of Chief Information Security Officers of Financial Institutions, government agencies, security agencies, cyber security organisations, cyber security software solution providers and related vendors that cyber disruption had become the new normal.
He, however, pointed out that it could be an opportunity. “Opportunity to rethink how we secure our systems, train our people, update our processes and policies and partner better with other financial and security agencies.”
He also advocated for cybersecurity inclusion in Nigeria’s national educational curriculum saying, “The next generation of defenders is already here and just needs the right tools and mentorship.”
A Cybersecurity expert and the Chief Technical Officer of a US based Cyber Security Software Company, Everfox, Shibu Thomas, in a paper presented at the conference, stressed the importance of robust security measures to check threats in the global financial and security sectors citing the rapid evolution of cyber threats and attacks.
The paper titled, “From Trust to Threat: Navigating Insider Risks Amid Global Instability,” canvassed for collaboration and innovation to stay ahead of cybercriminals and resist infiltrators.
Thomas disclosed that Everfox had introduced a purpose built software solutions for both financial institutions, government agencies and the military to check insider threats and attacks
In his presentation, the director of Payment System Policy at the Central Bank of Nigeria (CBN), Mr Musa Jimoh, emphasised the need for vigilance and cybersecurity, noting that cybercriminals are learning new techniques to penetrate vulnerable points.
He said cybersecurity is more than a preventive and defensive mechanism. “It is something we have to make part of our DNA and live by it in our homes, offices and social communities. We have to be mindful of the environment we find ourselves in.”
He pointed out that the main strength of any country is its financial and military data. “Once those data sets are compromised, you’ve lost the strength and potency of your sovereignty.”
He explained what the CBN has been doing to safeguard the financial ecosystem from cybercriminals. “The CBN tries to provide a regulatory environment that enables banking activities to fight cybercriminals. We have a lot of regulations, guidelines and frameworks to nudge every participant in our financial ecosystem and in our payment system, to look in a certain direction and protect themselves,” he stated.
Also, the Chief Executive Officer of Infodata Professional Services, a cybersecurity software company, Mr Chukwuma Ulu Udensi said there couldn’t have been a better time for CCISONFI to choose the theme because the bad guys are on the prowl seeking systems to disrupt, threaten or attack.