CEM REPORT, FINANCE | Mastercard has unveiled a new partnership with the Committee of E-Banking Industry Heads for Nigeria (CeBIH) in a bid to flatten the curve of financial cyber attacks in Nigeria.
The move is riding on the back of the disclosure of the Nigeria Inter-Bank Settlement System (NIBSS) that 91 per cent of cyber attacks in 2020-2021 were successful.
At the Mastercards Fraud and Cyber Security Forum in Lagos, which is now billed to hold yearly, the payment company revealed that in addition to financial fraud-related cyber attacks, the sector is facing a rising tide of identity theft, ransomware and phishing attacks that require ongoing vigilance and a comprehensive security strategy.
Country Manager and Area Business Head, West Africa at Mastercard, Ebehijie Momoh, noted that it is essential that companies understand and manage this risk to ensure that they safeguard their customers and business operations.
“We are excited to host this ground-breaking Fraud and Cyber Security Forum in Nigeria.
“Cyber attack is one of the top risks faced by organisations today. With the increased adoption of digital services, new payment flows, and connected supply chains, this risk must be well understood and managed by organisations to protect themselves and their customers.”
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The Chairman of the Committee of e-Business Industry Heads (CeBIH), Celestina Appeal, noted that the cyber attacks have continued to rise exponentially in recent times hence it should be at the front burner of the industry’s focus.
‘’The subject of cyber-attacks deserves the utmost attention that the industry can muster, given the aggressiveness and non-relenting activities of perpetrators of cybercrimes who have become negatively innovative in the different ways and manners in which they deploy their schemes. We would like to call for concerted efforts to prevent continuous cybersecurity attacks.’’
She further called for collaboration among the payment ecosystem stakeholders to achieve an effective fight against cyber attacks.
Nigerian anti-corruption agencies discovered that yearly losses from illegal financial activities amount to about $18 billion. As a result, the dangers related to using digital services and payments continue to rise, and businesses are becoming more vulnerable to sophisticated, ubiquitous, and intelligent security threats.
