Cybersecurity in focus as CBN warns banks to stay ahead of hackers - Ripples Nigeria
Connect with us

Business

Cybersecurity in focus as CBN warns banks to stay ahead of hackers

Published

on

The Central Bank of Nigeria (CBN) has sounded the alarm on cybersecurity, urging banks to invest heavily in safeguarding depositors’ savings from hackers.

Speaking at the Nigeria Economic Summit in Abuja on Monday, CBN Governor Olayemi Cardoso emphasized the need for robust risk management systems to stay ahead of cybercriminals.

According to Cardoso, who was represented by Adetona Adedeji, CBN’s acting director of banking supervision, the banking sector’s innovative electronic banking services require strong cybersecurity frameworks.

Read Also: Current economic reforms difficult, but rewards massive, World Bank on hardship in Nigeria

“There has been a lot of innovation in the banking sector today, especially in e-channels,” Adedeji said. “We want customers to be protected from criminals… We don’t want a situation where hackers exploit vulnerabilities and steal their money.”

The CBN has introduced early warning systems to detect and address emerging risks, ensuring the safety of depositors’ funds. Cardoso also addressed concerns about the monetary policy rate (MPR) increase despite a drop in inflation.

“We are focused on targeting inflation through interest rate increases, but we understand the impact this has on businesses… Our current priority is price stability, but we are aware that businesses must continue to function.”

In May 2024, the CBN issued guidelines on the national cybersecurity levy, mandating banks to deduct 0.5% of electronic transactions’ value to fund cybersecurity initiatives.

However, recent reports indicate that the CBN has directed banks to stop implementing the 0.5% cybersecurity charges.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

Exit mobile version