Experts at CyberXchange Say Security not Just about Banking Industry

Experts at the 2016 # CyberXchangeConference has warned that cyber security issues in Nigeria go beyond attacks on financial institutions; hence every internet user is vulnerable too.

Dipo Fatokun, director, Banking and Payment System, at the Central Bank of Nigeria, said though the banking sector is perceived as most vulnerable to cyber frauds, lack of awareness among customers is the major weakness that has enabled fraudsters perpetuate their acts.

He said that fraud is that globe, and does not recognise geographical boundaries, as such, banks and forums should be interconnected for the fight against fraud to be won.

Fatokun added that the fight against fraud cannot be won by a single-entity as the weakest link in any chain could prove to be disastrous, adding that organisations need to prepare regulations on how to tackle risks associated with frauds, and review their ethical processes annually with employees signing code of ethics.

According to him, while retired staff and family members also contribute to the issue of cyber threat, there is need for every organisation to develop specific and robust risk management policy.

Also, Hashim Zein, Sothes’s team leader, reminded the participants that Cybersecurity is not just about the banking industry. “If you have data, information or share connections with anyone that you care about online, you must want to protect them. That’s where our Banking, Oil and Gas, Telecoms, Digital and Social Media key speakers & workshop expert speakers came in”.

Day one of the conference offered a huge insight into securing the public’s money in banks, information with telcos and privacy on social media, while the day two focused on helping participants to seek to identify the key trends and technologies in Cyber Security — emerging from diverse industries – Finance, Payments, ecommerce, Banking, Telecommunications, Digital Media, Energy, as emerging start-up companies – that will reshape the West Africa in the years ahead.

In an interview with Nigeria CommunicationsWeek, Olufemi Ake, country manager, Nigeria and Ghana, ESET, who participated at the conference, said that several studies conducted by the country support the experts view on the need for West African market, and Nigeria in particular to be more proactive on mitigating cyber related attacks.

Ake said that internet threats in West Africa are getting more diverse, “therefore users need more complex internet security suites with features based on individual preferences”.

He said that ESET recently alerted schools on the growing trends of Ransomware attacks targeted at such institutions, as “There are plenty of things that they can do now that will help them avoid a school ransomware problem entirely, and there are even a few things you can do that might help repair the damage so you don’t have to fork over ransom money. ESET is there to help out”.