Cybersecurity threats: CBN to introduce new regulations to protect financial sector

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The Central Bank of Nigeria (CBN) has expressed its commitment to developing and implementing additional policies aimed at addressing cybersecurity threats in the country’s financial sector.

This announcement was made by Mr. Philip Ikeazor, Deputy Governor of Financial Systems Stability at CBN, during a two-day conference organized by the Financial Institutions Training Centre (FITC) in Lagos.

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The conference focused on Fintech and brought together industry experts to discuss innovative solutions and strategies for navigating the rapidly evolving financial landscape.

Mr. Ikeazor emphasized the importance of prioritizing cybersecurity in the face of increasing threats and vulnerabilities in the financial sector.

By introducing new policies and measures, the CBN aims to enhance the resilience and security of Nigeria’s financial system, protecting stakeholders and promoting a stable and sustainable financial environment.

Speaking on the theme, ‘Building Trust in the Digital Age: Balancing Performance with Compliance’, he said issues such as cybersecurity threats, data breaches, and digital fraud are persistent concerns that could erode consumer confidence in the system.

Ikeazor said the apex bank, in addition to existing measures, is working on new regulations to further enhance performance and compliance.

He said the new regulations would focus on two key areas; corporate governance and licensing requirements.

“The new regulation is crucial to mitigate the risks of the digital era,” he said.

“Every organisation should conduct its business processes in compliance with the law and the various regulations. Financial institutions need to take the compliance function as extremely important.

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“Corporate governance is also very critical. Organisations need to have the right structure and be effectively transparent and accountable in the administration of their affairs,” he said.

Recall that in 2023 alone, Deposit Money Banks lost N10 billion to cyber fraud.

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