The Central Bank of Nigeria (CBN) has warned banks, fintech companies, payment service providers and other financial institutions that cybersecurity can no longer be treated as an internal technology problem, saying a weakness in one institution or technology provider could spread across the interconnected financial system and threaten financial stability.
The apex bank said the growing dependence of financial institutions on fintechs, payment companies, cloud service providers and other technology vendors had created a network in which a cyber-attack or major operational failure affecting one participant could have consequences for others.
The CBN therefore urged financial institutions to widen their risk-management approach by examining not only the security of their own systems but also the resilience of the third parties and technology providers on which their businesses depend.
The Director, Payments System Supervision Department of the CBN and Chairperson of the Nigeria Electronic Fraud Forum, Rakiya Opemi Yusuf, gave the warning on Wednesday at the 19th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja.
