The National Security Adviser, Major General Babagana Monguno(,rtd) has expressed concern over cyber crime in the capital market, which he said could lead to corruption through the manipulation of illegal and abusive trade practices.
Mongunu who spoke at the 25th anniversary of the Central Securities Clearing System Plc with the theme “The future of cyber security emerging issues and solutions”, in Abuja, said the effort of the federal government through the central bank of Nigeria with the introduction of the E-naira is expected to stabilize the use of visual currency within the control of the nation’s banking system among others.
On his part, The Director General Securities and Exchange Commission Lamido Yuguda who was represented by The Executive commissioner of operations at commission, Dayo Obisan stated that cyber risks posses a significant threat to market confidence, integrity and efficiency.
Yuguda noted that because of these risks the federal government of Nigeria through the office the national security adviser has developed the national cyber security policy and strategy in the year 2021.
This policy, Yuguda said is focused on achieving it’s objectives through strengthening cyber security governance and coordination, strengthening legal and regulatory frame works and also enhancing international cooperation among others.
The DG SEC further added that the International Organization of Securities Commissions board has provided guidance through it’s guidance on cyber reliance for financial markets infrastructures report, indicating the various plans that industry stakeholders could adopt to ensure cyber security.
According to the SEC Boss, government created the Nigeria data protection Bureau in February 2022 which will guarantee every citizens a right to privacy.
He expects stakeholders to conduct regular penetration test at least annually to detect vulnerability and check the resilience of their Network and systems to threats and malicious activities.
The Chairman Board of Drectors Central Securities Clearing System CSCS Plc, Oscar Onyema said the increasing trend of cyber crime is more alarming as it has become an organized crime sometimes purportedly backed by state actors.
The chairman noted that with limited investment in securing the nation and the broader ecosystem it has become very easy to benefit from perpetuating this crime.
According to him most board and executives of private and public institutions who are on the receiving end of these attacks have not paid enough attention to information security and cybercrimes as cyber security often ranks low on many institutions list of priorities.
Onyema stressed that the organization committed 15% of it’s total 2021 technology budget to securing information assets by purchasing cyber security tools, supporting the capital markets and other sectors in penetration testing and knowledge sharing.