CSCS Harps on Technology Devt to Checkmate Rising Cyber Security Threat

The Central Securities Clearing System (CSCS) Plc, has stressed the need for government at all levels to prioritise investment decisions in advanced technology innovations to address the alarming rise of cybersecurity threats to individuals, institutions, and governments in Nigeria and around the world. 

Speaking at the fourth edition of the 2022 CSCS Cybersecurity Conference themed, “Future of Cybersecurity: Emerging issues and solutions,” which coincided with the company’s Silver Jubilee Anniversary as a Financial Market infrastructure, providing depository, clearing and settlement of all financial assets across all recognised exchanges in the Nigerian capital market, the National Security Adviser, Major Gen. Babagana Monguno, explained that the process to enact laws that would help nurture a robust cyber-ecosystem and ensure adequate protection to boost investors’ confidence and foster economic growth in the face of increasing cyber-reliance and emerging technologies are being put in place by the present administration.

On his part, the Director General, Security and Exchange Commission (SEC), Mr. Lamido Yuguda, said the Commission clearly takes the issues of cybersecurity very seriously in the Nigerian capital market due to the increasing volume of data and information that are stored electronically, coupled with the increased adoption of digitisation and its options in processing market transactions on a daily basis. 

Speaking at the conference, Managing Director, Nigeria Exchange Limited Group, Mr. Oscar Onyema stressed the impact of technology on people’s lives and livelihoods thereby creating a hyperconnected world. This evolving technology continues to revolutionize the financial markets and advance prosperity across most economic sectors. 

The Mr. Onyema, “I am immensely proud of the leadership of Central Securities Clearing System Plc, starting from the Board of Directors to the Executive Management, for remaining consistent in this advocacy and knowledge sharing initiative on cybersecurity.”

In the same vein, the Managing Director/Chief Executive Officer, CSCS Plc, Mr. Haruna Jalo-Waziri, said: “It is important to drive home the significance of system exposure, given the fluidity of data and interconnectedness of networks. So, this is an urgent call for us to move away from the siloed view of managing cybersecurity and broader information security, as we need to swiftly transit our approach towards holistic and collaborative measures that protect our data, physical assets, and network infrastructure.”