August 31, 2021
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Central Securities Clearing System (CSCS) Plc, has advanced its advocacy for cyber-security, as it drums up support for cyber vigilance across all stakeholders.
The company made this known in its yearly annual conference themed: ‘Cyber Security: The Challenges We Face Today’.

CSCS pooled leading industry professionals in Information Technology and Cyber-security to discuss innovative ways of enhancing security architecture of firms, with emphasis on the role of different stakeholders, especially employees and customers in protecting the integrity of information technology networks and systems. The conference was attended by participants from various sectors of the economy.

The managing director/CEO of CSCS Plc, Mr Haruna Jalo-Waziri said, “The conference, the third in the series is timely given the increasing global incidence of cyber-attacks, especially as network compromise arising from remote connections associated with work-from-home presents new forms of cyber-security exposures.

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“The prolonged pandemic occasioned by COVID-19 has increased digitization and adoption of new technologies, albeit presenting new risks to cybersecurity.”

According to Jalo-Waziri, at CSCS, we believe everyone’s awareness and conscious practice of best approaches in cyber-security should be a key aspect of how people live and work in today’s environment, especially as everyone needs to take responsibility for protecting the integrity of networks and systems, not just for our personal interest but also in ensuring the integrity and safety of our ecosystem and broader market.”

He added that “Cyber-security is not the responsibility of the IT officers, rather it is a collective responsibility of everyone connected to the system, including customers, who we must continuously educate on best practices to prevent them from being the weakest link in our systems.”

The chief information Security Officer, First Bank Group, Mr Harrison Nnaji said, “The lingering COVID-19 will lead to increased insider threat, data breaches, and series of home network or work-from-home attack this year.”

Also, senior manager, Cyber Risk Services, Deloitte, Ms Funmilola Odumuboni said, the major tenets of cyber-security are confidentiality, integrity and availability, saying the information meant to be kept secure are indeed secure and kept out of public domain; the information at hand is correct and the systems are available to use when one wants to use them.

Also, speaking from the financial markets and investor protection perspectives, the head, Start-Up Operations at CSCS, Mr. Folagbade Adeyemi said, the Nigerian market has not been exempted, as fraudsters continue to attempt exploitation of probable vulnerabilities to cause significant investor loss.

According to him, in order to prevent fraudsters from exploiting systemic gaps by assuming an individual identity, investors should take ownership of their identity and increase the effort level for identity theft by carrying out account updates such as contact information, strengthen access controls and periodically reviewing their accounts to ensure safety.

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