The Central Bank of Nigeria (CBN) has issued a cybersecurity alert, advising banks to make significant investments to protect depositor funds from cyberattacks.
The innovative electronic banking services offered by the banking sector require robust cybersecurity frameworks, according to Cardoso, who was represented by Adetona Adedeji, the acting director of banking supervision at CBN.
“The banking industry has seen a lot of innovation recently, particularly in e-channels,” Adedeji remarked. “We want to shield our clients from lawbreakers… We do not want to be in a position where hackers take advantage of weaknesses to steal money.
To protect depositor money, the CBN has implemented early warning systems to identify and manage new risks. Concerns regarding the monetary policy rate (MPR) rise in spite of a decline in inflation were also discussed by Cardoso.
While raising interest rates is our main strategy to combat inflation, we are aware of the effects this has on businesses. While maintaining price stability is currently our top priority, we understand that businesses must continue to operate.
The CBN published national cybersecurity guidelines in May 2024, requiring banks to deduct 0.5% of the value of electronic transactions in order to fund cybersecurity initiatives.
Recent reports, however, suggest that the CBN has ordered banks to cease applying the 0.5% cybersecurity fee.