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HomeBusinessCBN Enforces New Policies to Combat Cybersecurity Challenges in Nigeria's Financial Sector

CBN Enforces New Policies to Combat Cybersecurity Challenges in Nigeria’s Financial Sector

The Central Bank of Nigeria (CBN) has reaffirmed its commitment to implementing a series of robust policies aimed at addressing cybersecurity challenges within the nation’s financial sector.

Mr. Philip Ikeazor, the Deputy Governor for Financial Systems Stability at CBN, made this announcement at the Financial Institutions Training Centre (FITC) Fintech Conference, a two-day event held in Lagos.

During his address on the theme, ‘Building Trust in the Digital Age: Balancing Performance with Compliance,’ Ikeazor highlighted the persistent issues of cybersecurity threats, data breaches, and digital fraud, emphasizing their potential to undermine consumer confidence in the financial system.

Ikeazor underscored that in addition to the measures already in place, the CBN is developing new regulations designed to bolster both performance and compliance across financial institutions. These forthcoming regulations will concentrate on two critical areas: corporate governance and licensing requirements.

“The new regulation is crucial to mitigate the risks of the digital era,” he stated. “Every organization 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.”

He further stressed the importance of corporate governance, noting that organizations must have appropriate structures in place and demonstrate transparency and accountability in their operations.

The urgency of these measures is underscored by the fact that in 2023 alone, Deposit Money Banks in Nigeria suffered losses amounting to N10 billion due to cyber fraud.

Sodiq Soda
Sodiq Soda
I’m Sodiq Oluwadamilare Soda, a Web Developer/Web Design also a Graphic Designer.
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