Cybersecurity: ‘Shore up defences now’ — CBN warns Nigerian banks, Moniepoint, other fintechs

The Central Bank of Nigeria (CBN) has urged Nigerian banks, Moniepoint, OPay and different fintechs and fiscal institutions to enactment up their defences against cybersecurity and third-party exertion risks amid wide vulnerabilities.

The Director of the Payments System Supervision Department of the CBN and Chairperson of the Nigeria Electronic Fraud Forum, Rakiya Yusuf, disclosed this connected Wednesday astatine the 19th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) successful Abuja.

Speaking during a league titled, “Navigating Cyber and Systemic Risks successful the AI-Driven Future of Banking: Implications for Financial Stability and Business Resilience,” Yusuf stressed that the increasing reliance of fiscal institutions connected fintechs, outgo work providers, unreality operators and different exertion vendors had created caller channels for cyber and systemic risks.

She warned that a weakness successful a bank, fintech, outgo work supplier oregon exertion vendor could dispersed rapidly crossed interconnected institutions, creating what she described arsenic a “one-fire” effect susceptible of destabilising the full fiscal system.

According to her, Nigeria’s fiscal institutions indispensable truthful determination beyond securing their interior systems to strengthening safeguards crossed the wider fiscal ecosystem.

“Resilience is not conscionable astir preventi...