Rise in Cyberattacks Worries Capital Market Registrars

The Institute of Capital Market Registrars has expressed concern over the rise in cyberattacks especially in the finance sector globally.

Oluseyi Owoturo, the President and Chairman of the Council of the ICMR, said this in a statement in Lagos on Friday. Owoturo said that an increased threat of cyberattacks had given rise to renewed efforts by capital market stakeholders to safeguard data.

He said capital market firms require protection from cybersecurity threats, just like other firms in today’s digitalised business ecosystem.

“An escalation in threats from cybersecurity offenders has given rise to renewed efforts by capital market firms towards, mitigating risks and safeguarding data.

“Furthermore, there is a sustained rise in digital transactions and subsequent rise in cyberattacks particularly in finance, globally,” he said.

According to him, criminals are becoming increasingly sophisticated in their use of technology to perpetrate financial crimes; finding and exploiting loopholes in financial systems.

He said that data theft had increased by 160 per cent since 2019 and server access had increased by 233 per cent with the majority of these attacks targeted at the finance and insurance sector.

“These reports have made the importance of cybersecurity crucial as it is the key to protecting information,” he added.

Owoturo said it was based on this development that the ICMR and the Fintech Association of Nigeria were partnering to organise a virtual conference later this month with the theme, ‘Cyber Security Threats and Counter Measures: Implications for Security Data Management & Online Stocktrading’.

He said that the webinar would expose participants to the effects of cybersecurity on the capital market.