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Cyber-security: CSCS chief, others say collaboration key

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 Mr Haruna Jalo Waziri Chief Executive Officer Central Securities Clearing System CSCS Plc says cyber security is a collective effort and everyone must play their roles to preserve the integrity and sanctity of the financial market He spoke on Monday at a webinar on Cyber Security and Information During the Pandemic organised by the CSCS Nigeria s capital market infrastructure Financial market stakeholders including bankers and capital market operators shared ideas on innovative measures for preventing cybercrimes at the webinar Jalo Waziri said that eradicating cybercrimes required collaborative effort According to him the pandemic and its attendant remote connections occasioned by business continuity and work from home protocols have increased exposures to cyber security risks He said that some businesses may also have suffered colossal losses due to cyber attacks since the pandemic More than ever cyber attacks are like a double whammy at this challenging time when businesses are re strategising to adapt to the new normal and ensure sustainability he said Mr Femi Onifade the Chief Strategy Officer CSCS said that a breach on a market operator s system could inadvertently expose the entire system This he said reinforced why all must collaborate to prevent any vulnerabilities in the financial system He said that all participants and stakeholders must take active and effective measures in ensuring and sustaining cyber resilience Mr Bharat Soni Chief Information Security Officer GTBank Plc said the new work culture had expanded remote activities and cloud capabilities to an unprecedented level He said this had made businesses more vulnerable to cyber attacks such as online scams and phishing disruptive malware malicious domains amongst others Soni said that due to this the use of strong authentication for accessing networks would no longer be an option but a necessity According to Soni awareness of the new realities of safe cyber practices needs to be communicated to employees partners and customers He said this was necessary so that they could remain aware of the evolving cyber threat and how to best protect themselves and their organisations Mr Ikechukwu Ugoji Chief Information Security Officer Interswitch Limited said that over 90 per cent of breaches were facilitated by phishing emails or social engineering attacks He said that every employee is a first line of defence against incoming threats and employees must be made to understand their vital roles and responsibility in protecting the organization On his part Mr Tobe Nnadozie Divisional Head Technology and Innovations CSCS noted that the pattern of spending on cyber security showed that organisations were taking steps to protect their systems Organisations are making relevant investments to protect their systems and broader market albeit sadly lack of vigilance is the leading cause of breaches he said The attendees lauded the timeliness of the webinar as COVID 19 pandemic and the attendant remote connections may have increased cyber security risks in many organisations Edited By Tayo Ikujuni Oluwole Sogunle Source NAN
Cyber-security: CSCS chief, others say collaboration key

Haruna Jalo-Waziri

Mr Haruna Jalo-Waziri, Chief Executive Officer, Central Securities Clearing System (CSCS) Plc, says cyber-security is a collective effort, and everyone must play their roles to preserve the integrity and sanctity of the financial market.

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He spoke on Monday at a webinar on “Cyber Security and Information During the Pandemic”, organised by the CSCS, Nigeria’s capital market infrastructure.

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Financial market stakeholders, including bankers and capital market operators, shared ideas on innovative measures for preventing cybercrimes at the webinar.

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Jalo-Waziri said that eradicating cybercrimes required collaborative effort.

According to him, the pandemic and its attendant remote connections occasioned by business continuity and work-from-home protocols have increased exposures to cyber-security risks.

He said that some businesses may also have suffered colossal losses due to cyber attacks since the pandemic.

“More than ever, cyber attacks are like a double whammy at this challenging time when businesses are re-strategising to adapt to the new normal and ensure sustainability,” he said.

Mr Femi Onifade, the Chief Strategy Officer, CSCS, said that a breach on a market operator’s system could inadvertently expose the  entire system.

This, he said, reinforced why all must collaborate to prevent any vulnerabilities in the financial system.

He said that all participants and stakeholders must take active and effective measures in ensuring and sustaining cyber-resilience.

Mr Bharat Soni, Chief Information Security Officer, GTBank Plc, said the new work culture had expanded remote activities and cloud capabilities to an unprecedented level.

He said this had made businesses more vulnerable to cyber-attacks such as online scams and phishing, disruptive malware, malicious domains amongst others.

Soni said that due to this, the use of strong authentication for accessing networks would no longer be an option but a necessity.

According to Soni, awareness of the new realities of safe cyber practices needs to be communicated to employees, partners and customers.

He said this was necessary so that they could remain aware of the evolving cyber threat and how to best protect themselves and their organisations.

Mr Ikechukwu Ugoji, Chief Information Security Officer, Interswitch Limited, said that over 90 per cent of breaches were facilitated by phishing emails or social engineering attacks.

He said that every employee is a first-line of defence against incoming threats and employees must be made to understand their vital roles and responsibility in protecting the organization.

On his part, Mr Tobe Nnadozie, Divisional Head, Technology and Innovations, CSCS, noted that the pattern of spending on cyber-security showed that organisations were taking steps to protect their systems.

“Organisations are making relevant investments to protect their systems and broader market, albeit sadly, lack of vigilance is the leading cause of breaches,” he said.

The attendees lauded the timeliness of the webinar, as COVID-19 pandemic and the attendant remote connections may have increased cyber-security risks in many organisations.


Edited By: Tayo Ikujuni/Oluwole Sogunle
Source: NAN

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Itohan Abaralaserian

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