With cybersecurity threats rising in number and sophistication as Deposit Money Banks (DMBs) and Payment Service Providers (PSPs), use information technology to expedite the flow of funds among entities, threats such as; ransomware, targeted phishing attacks and Advanced Persistent Threats (APT), have become prevalent.
Commercial banks in Nigeria have, over the years, been the target of cybercrime, putting customers funds at risk, thus, the need for DMBs and PSPs to remain resilient and take proactive steps to secure their critical information assets including customer information that are accessible from the cyberspace.
The safety and soundness of DMBs and PSPs require that they operate in a safe and secure environment. Hence, the platform on which information is processed and transmitted should be managed in a way that ensures the confidentiality, integrity and availability of information as well as the avoidance of financial loss and reputation risk, amongst others.
To mitigate the risk, the Central Bank of Nigeria had in October 2018 issued a Risk Based Cybersecurity Framework and Guidelines for deposit money banks and payment service providers in the country.
The…
