CBN, Everfox, InfoData, Others Alert Nigerians of Evolving Cyber Threats, Emphasise Vigilance

• The Committee of Chief Information Security Officers of Nigerian Financial Institutions have raised an alarm over a new cybersecurity threat
• The Committee said there is a need to rethink, train, update processes and policies, and partner better with other financial and security agencies
• It disclosed that due to the nature of present-day threats, there is a need for collaboration among cybersecurity experts

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The Committee of Chief Information Security Officers of Nigerian Financial Institutions (CCISONFI) has emphasised the need for absolute vigilance in the financial sector to deal with disruptive cyber threats. 

The Chairman of CCISONFI, Mr Festus Amede, stated this at its annual conference held in Uyo with the theme, “Cyber Resilience in a Disruptive World”.

Amede makes a case for a software solution

Amede told the gathering of Chief Information Security Officers of Financial Institutions, government agencies, security agencies, cybersecurity organisations, cybersecurity software solution providers and related vendors that cyber disruption has become the new normal. 

He, however, pointed out that it could be an opportunity. “Opportunity to rethink how we secure our systems, train our people, update our processes and policies, and partner better with other financial and security agencies”.

He also advocated for cybersecurity inclusion in Nigeria’s national educational curriculum, saying: “The next generation of defenders is already here and just needs the right tools and mentorship.”

A Cybersecurity expert and the Chief Technical Officer of the U.S.-based cybersecurity software Company, Everfox, Shibu Thomas, in a paper presented at the conference, stressed the importance of robust security measures to check threats in the global financial and security sectors, citing the rapid evolution of cyber threats and attacks.

The paper titled “From Trust to Threat: Navigating Insider Risks Amid Global Instability”; canvassed for collaboration and innovation to stay ahead of cybercriminals and resist infiltrators.

Experts introduce new software for financial institutions 

Thomas disclosed that Everfox has introduced a purpose-built software solution for both financial institutions, government agencies and the military to check insider threats and attacks 

In his presentation, the director of Payment System Policy at the Central Bank of Nigeria (CBN), Mr Musa Jimoh, emphasised the need for vigilance and cybersecurity, noting that cybercriminals are learning new techniques to penetrate vulnerable points. 

Jimoh said cybersecurity is more than a preventive and defensive mechanism. “It is something we have to make part of our DNA and live by it in our homes, offices, and social communities. We have to be mindful of the environment we find ourselves in.”

He pointed out that the main strength of any country is its financial and military data. “Once those data sets are compromised, you've lost the strength and potency of your sovereignty.”

Mr Jimoh explained what the CBN has been doing to safeguard the financial ecosystem from cybercriminals.

He said:

“The CBN tries to provide the regulatory environment that enables banking activities to fight cybercriminals. We have a lot of regulations, guidelines, and frameworks to nudge every participant in our financial ecosystem, in our payment system, to look in a certain direction and protect themselves.”

Also, the Chief Executive Officer of Infodata Professional Services- a Cybersecurity software company, Mr Chukwuma Ulu Udensi, said there couldn’t have been a better time for 

CCISONFI to choose the theme, “Cyber Resilience in a Disruptive World” because the “bad guys” are on the prowl seeking systems to disrupt, threaten or attack. 

Infodata commits to first-class solutions

Ulu Udensi commended the Chief Information Security Officers of Financial Institutions for boldly seeking ways to protect and stop the rampaging Cyber criminals who have no borders.

He said Infodata was committed to delivering the best in-class solutions to their customers and giving them access to solutions that meet the changing landscape of the enterprise business environment, and securing them from internal and external threats.

Chuks Ulu Udensi disclosed that Infodata had a team of experts globally who were capable of ensuring that their customers' security architecture meets all governance, risk and compliance thresholds required.

Speaking on the sidelines of the annual CCISONFI, Yaadhna Singh Gounden, Regional Sales Director at CyberKnight, an international cybersecurity software solutions provider, noted that the cybersecurity landscape evolves hourly, with threats rising. 

“For instance, 20 years ago, an organisation probably needed seven or eight solutions in their systems. Today, organisations have 30, 50 even more solutions.

Ms Singh Gounden explained that CyberKnight works closely with the vendor community in selecting key solutions for various markets to enhance and elevate their cyber resilience, especially in the banking and finance market. 

“Our solutions are uniquely tailored to ensure that a customer can derive multiple solutions from one technology. Consolidation is something we do quite well, and that’s how we are helping our customers by consolidating their requirements and maximising their existing investment.” 

She urged the CISO community to work closely with Infodata in dealing with cyber threats.

In his presentation at the annual CCISONFI conference, the Commissioner of Police in charge of the Nigeria Police Force Cyber Crime Centre, Ifeany Henry Uche, called for closer collaboration between the Chief Information Security Officers (CISOs) of Financial Institutions and the Nigeria Police in the fight against cyber threats and cyber criminals. 

Experts tasked to report threat cases

He charged them to report cases of threats and attacks on their systems for possible apprehension and prosecution.

CP Ifeany Henry Uche disclosed that 508 cases of cyber crimes were reported, 751 suspects arrested, while N8.8 billion was recovered from cyber criminals. 

Cybersecurity experts also presented papers on: Fighting Financial Fraud Using AI; Zero-Trust, Architecture, Challenges and Pitfalls; How CISOs Can Sleep Well at Night.

EFCC Identifies Various Bank Frauds

Legit.ng earlier reported that the Economic and Financial Crimes Commission (EFCC) has issued another warning to the public, calling for vigilance and caution in safeguarding personal and business bank accounts.

The message to the public is part of EFCC's bid to combat rising incidents of bank fraud across Nigeria. During a recent episode of #EFCCCONNECT (Episode 145), the commission highlighted various forms of bank fraud that have been increasingly reported:

Accounting fraud: This involves misrepresenting a bank's financial position through manipulation or misappropriation of funds.

Source: Legit.ng