(L-R) Head, Internal Audit, FBN Holdings, Dr. Bode Oguntoke; Managing Partner, Technology Advisors LLP, Basil Udotai; The Foreign Service National Investigator, Federal Bureau of Investigation(FBI), Ayotunde Awoyemi; Chairman, Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), Yinka Tiamiyu; President, Information Security Society of Africa – Nigeria (ISSAN), Dr. David Isiavwe; Head of Growth and Partnership – West Africa, BPC Technologies, Emmanuel Obinne; Chief Information Security Officer, Heritage Bank, Ighoakpo Eduje; The Supervisory Special Agent, FBI, Robert Cameron; Head, IT Audit, Kalu Udonsi at the ISSAN, Hybrid Cybersecurity Conference on “Payment Systems Platform Security” which held in Lagos last week.
Cybersecurity stakeholders under the auspices of Information Security Society of Africa – Nigeria (ISSAN), have called for an urgent review of the National Cybersecurity Protection Act of 2015 to meet with current realities. This is as Speakers and Panelists at the Quarter 1, 2022 ISSAN Cybersecurity Conference with the theme: “Payment Systems Platform Security” in Lagos, also made case for a robust collaboration and coordinated efforts by all stakeholders including the government to stem the rising wave of cyber threats in the nation’s payment system platforms. They reiterated the need for a Cyber Insurance Policy for the industry.
President of ISSAN, Dr. David Isiavwe, who spoke on behalf of the association, stated that as the Covid-19 pandemic is gradually easing out, organizations are now settling for hybrid way of working and providing services for customers while being mindful of the enlarged cyber threat. He noted that new forms of attacks are being contrived and implemented by criminals through various means on individuals, nation states and corporate bodies, stressing that cyber security gate keepers are not spared as large sums of money are usually at risk in every successful attack.
According to him, “What we see on the horizon is that Business Email Compromise (BEC) attacks are becoming alarming; Ransomwares attacks are not relenting. There are more phishing and password targeted attacks. Denial of Service (DoS) and Distributed Denial-of-Service (DDoS) attacks remain a growing problem. The loss globally is colossal. In Africa, Nigeria is expected to lead in terms of estimated loss due to our size. There is therefore the urgent need to brainstorm on how to keep payment systems platforms safer,” he said.