E-Business
CSCS Advocates Collective Responsibility Towards Cybersecurity
Central Securities Clearing System (CSCS) Plc, Nigeria’s capital market infrastructure, advanced its advocacy for cybersecurity in a webinar organized by the company, as it drums up support for cyber vigilance across all stakeholders.
In this year’s annual conference themed: “Cyber Security: The Challenges We Face Today”, CSCS pooled leading industry professionals in Information Technology and Cybersecurity to discuss innovative ways of enhancing security architecture of firms, with emphasis on the role of different stakeholders, especially employees and customers in protecting the integrity of information technology networks and systems.
The conference which was attended by participants from various sectors of the economy was moderated by Mrs. Isioma Lawal, Acting Head, Enterprise Risk Management and Resilience Services at CSCS Plc, with six panelists: Mr. Harrison Nnaji, Chief Information Security Officer, First Bank Group; Ms. Funmilola Odumuboni, Senior Manager, Cyber Risk Services, Deloitte; Mr. Phil Menny, Regional Director, West and East Africa, Alliance Media Group; Mr. Tobe Nnadozie, Divisional Head, Business Technology and Digital Innovation, CSCS Plc and Mr. Walid Bou Abssi, Business Development Manager, Shelt Global Limited.
In his opening remarks, the Managing Director/Chief Executive Officer of CSCS Plc, Mr. Haruna Jalo-Waziri said: “the conference, the third in the series, is timely given the increasing global incidence of cyber-attacks, especially as network compromise arising from remote connections associated with work-from-home presents new forms of cybersecurity exposures.
“The prolonged pandemic occasioned by COVID-19 has increased digitization and adoption of new technologies, albeit presenting new risks to cybersecurity”.
According to Mr. Jalo-Waziri: “As we surf the internet and connect to different applications either on our official networks or personal devices, we need to protect ourselves and our ecosystem from the rising vulnerabilities of cybercrimes.
At CSCS, we believe everyone’s awareness and conscious practice of best approaches in cybersecurity should be a key aspect of how people live and work in today’s environment, especially as everyone needs to take responsibility for protecting the integrity of networks and systems, not just for our personal interest but also in ensuring the integrity and safety of our ecosystem and broader market.
Cybersecurity is not the responsibility of the IT officers, rather it’s a collective responsibility of everyone connected to the system, including customers, who we must continuously educate on best practices to prevent them from being the weakest link in our systems”.
In answering a question, Mr. Harrison Nnaji said: “the lingering COVID-19 will lead to increased insider threat, data breaches, and series of home network or work-from-home attack this year.”
Mr. Nnaji went further to discuss his perspectives regarding cyber threats that are likely to happen in the near future and advocated that everyone should be vigilant to avoid being victims.
According to him, “Increased system infiltration, dangerous fileless and ransomware attack, increased attack on key cloud assets (crypto platforms, supply chain, blockchain, Internet of Things, Open API, and interconnected systems), enterprise software and remote communication platforms will be a key target of threat actors.”
While speaking at the conference, Ms. Funmilola Odumuboni said: “the major tenets of cybersecurity are confidentiality, integrity and availability.” Speaking to these tenets, Ms. Odumuboni said: “the information meant to be kept secure are indeed secure and kept out of public domain; the information at hand is correct and the systems are available to use when one wants to use them.”
She noted: “A cyber-attack occurs every 39 seconds and cybercrimes increased by nearly 300% following the COVID-19 outbreak. Also, human error is the primary cause of cybersecurity breaches, accounting for 95% of all data breaches; 86% of breaches were financially motivated and 10% were motivated by espionage and 36% of breaches involved phishing, 11% more than last year”.
Also, speaking from the financial markets and investor protection perspectives, the Head, Start-Up Operations at CSCS Plc, Mr. Folagbade Adeyemi said; “the Nigerian market has not been exempted, as fraudsters continue to attempt exploitation of probable vulnerabilities to cause significant investor loss.
According to him “In order to prevent fraudsters from exploiting systemic gaps by assuming an individual identity, investors should take ownership of their identity and increase the effort level for identity theft by carrying out account updates such as contact information, strengthen access controls and periodically reviewing their accounts to ensure safety”.
Independent National Electoral Commission (INEC) has announced the establishment of an Artificial Intelligence (AI) Division within its ICT Department.
This marks a significant stride toward enhancing electoral integrity, efficiency, and innovation in Nigeria’s democratic process.
This decision was reached at the Commission’s regular weekly meeting held in Abuja, following a series of consultations and engagements on the global and continental impact of AI on elections.
In a statement issued by Sam Olumekun, national commissioner and chairman of the Information and Voter Education Committee, INEC underscored that the growing relevance of AI in electoral matters necessitated a proactive institutional framework to manage both the risks and opportunities it presents.
“Our interactions with electoral bodies across Africa highlighted both the risks of AI—such as fake news and content manipulation—and the vast potential it holds for data-driven decision-making, risk mitigation, automated voter services, and geo-spatial intelligence for logistics,” Olumekun noted.
According to him, the newly created division will centralise the Commission’s AI efforts, ensuring a harmonized approach to deploying intelligent systems that enhance decision-making, improve voter engagement, and boost the credibility of the electoral process.
“The creation of this division puts the Commission at the forefront of institutionalizing AI capabilities in electoral management.
It is also part of our ongoing reforms in areas where administrative action is sufficient to drive change,” he said.
He added that the AI Division will help INEC better coordinate its existing technological investments while providing safeguards against the misuse of AI technologies.
“We are positioning ourselves to maximise the positive impact of AI while mitigating its negative implications. This step strengthens the credibility and transparency of elections in Nigeria,” Olumekun concluded.
The initiative, INEC emphasised, reflects its commitment to embracing innovation in safeguarding democracy and improving electoral services nationwide.
Corporate Affairs Commission (CAC) in partnership with the Nigeria Inter-Bank Settlement System (NIBSS) has unveiled a new Application Programming Interface (API) integration system to allow private firms access company data from the Commission’s database.
Hussaini Ishaq Magaji (SAN), registrar general of CAC, who spoke in Abuja at the unveiling said the system would give selected private organizations access to CAC services through technology-based companies, called “super agents.”
“This is a practical step to show that the Commission is committed to meeting the expectations of our customers,” he said.
Magaji explained that the integration allows the agents to retrieve data from the CAC database for use in specific client requests, outside the standard services provided by the Commission.
“Before now, only a few government agencies had this integration, especially those involved in investigations, anti-money laundering, and terrorism financing. Now, private companies that meet the criteria can also access it,” he said.
He said the system complies with the Nigerian Data Protection Act 2023, and information such as residential addresses, phone numbers, and dates of birth may be restricted.
“This is a call to law firms and companies with the right technology. We’ve started with NIPS because of their credibility. Embassies and banks can now authenticate company records directly through them.”
“There are prescribed fees. We already collect them on our portal, and now customers can also pay through these agents,” he explained.
He named NIPS, MoneyPoint, and OPE as some of the companies involved.
“OPE and MoneyPoint handle only registrations. But NIPS has moved further into validation and verification,” he said.
Ngover Ihyembe-Nwankwo, executive director at NIBSS, who represented Premier Oiwoh, managing director, said the service allows secure and efficient data verification.
“This is the result of years of effort to connect our systems with CAC. It will help users verify data within the limits of data protection laws,” she said.
She said the move is a way to lower costs and promote interoperability across the financial sector.
Ministry of Interior has announced the launch of a new Online Citizenship and Business Management Platform in line with the Renewed Hope Agenda of President Bola Tinubu.
A statement signed by Dr Magdalene Ajani, permanent secretary, Ministry of Interior’s said the initiative forms a key part of its ongoing reforms aimed at promoting transparency, enhancing operational efficiency, and significantly improving service delivery to the public.
The new digital platform is designed to streamline the application and processing of citizenship and business-related services, ensuring faster turnaround times and improved user experience.
The platform allows users to apply for and manage business permits, ensuring that both local and foreign businesses operate legally in Nigeria.
It includes an Expatriate Quota System to manage work permits for foreign employees, helping companies hire skilled workers while complying with Nigeria’s immigration laws.
The Citizenship Administration and Management System provides a streamlined online process for applying, tracking, and managing Nigerian citizenship applications and related services.
Members of the public, corporate entities, and other stakeholders are expected to access the platform through the ministry’s website: https://interior.gov.ng , Direct Portal Access: https://candb.interior.gov.ng , or contact candb-support@interior.gov.ng for support and inquiries.
“The Ministry of Interior remains committed to establishing a more efficient, transparent, and secure framework for citizenship administration, while continuously enhancing service delivery through digital transformation,” the statement read in part.
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