CBN mulls policies to tackle cyber Insecurity in Nigerian financial sector

The Central Bank of Nigeria said it will continue to roll out more policies to tackle cybersecurity challenges in Nigeria’s financial sector.

The Deputy Governor, Financial Systems Stability at CBN, Mr Philip Ikeazor, disclosed this during a two-day Financial Institutions Training Centre (FITC) Fintech Conference held in Lagos.

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.

“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.