James Emejo writes on the need to invest in cybersecurity networks and enhance regulatory supervision of operators in the financial services space to make their platforms safe for vulnerable consumers, boost confidence and limit collateral damage to the industry and economy in general
Worried by the growing havoc, which the misuse of the internet now poses to contemporary banking and the need to limit infiltrations and compromise of cybersecurity networks of financial institutions, the Central Bank of Nigeria (CBN) last week introduced an “Exposure Draft of the Risk-Based Cybersecurity Framework and Guidelines for Other Financial Institutions”.
In launching the framework, the apex bank pointed out that the move had become necessary to strengthen the cyber resilience of financial institutions to ensure that they remain safe and sound amidst the increasing numbers and sophistication of cybersecurity threats and attacks against them.
The draft exposure which was dated August 13, 2021 and signed by the Director, OFIs Department, Nkiru Asiegbu, stipulated the minimum requirements for enhancing cybersecurity and put enormous responsibility…
