Banks operating in Nigeria lost N40bn to cases of cyber frauds in 2013.
This was disclosed by the Chief Information Security Officer, CBN, Mr. Taiwo Longe, in a presentation during a two-day National Cybersecurity Forum, organised by the Office of the National Security Adviser, NSA, in Lagos yesterday.
According to Longe, Cybersecurity has become an issue that the apex bank is taking with all seriousness and thoroughness in the on-going cashless economy scheme.
He said as the cashless scheme would go live nationwide next month, the CBN was not unaware of the need to collaborate with various industry stakeholders, with a view to ensuring that banks and other players in the financial services sector ensure maximum information security.
“Information security is concerned with the confidentiality, integrity and availability of data, regardless of the form the data may take: electronic, print, or other forms.
“Financial institutions, hospitals, telecommunication, corporations and private businesses, etc, amass a great deal of confidential information about their customers, employees, products, research findings and financial status, among others.
“As such, there is a need for maximum security of this information that is collected, processed and stored on computers and transmitted across computer networks,” he said.
He added: “When any of the confidentiality, integrity and availability of data is impacted, security is said to have been breached. There are various threats to information security. Some are very dangerous and disruptive; others are just a nuisance.”
Longe stressed that the fight against cybercrimes and other threats to information security can only be won through the agreement of robust information security policy framework