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Nigeria financial sector worst hit by cybercrime


LAGOS – NIGERIA and other African countries have been urged to scale up efforts to combat cyber-crime.

Experts said this can be attained through a multi-stakeholder approach involving government, industry, private and civil society organisations.

Olakunle Oloruntimehin, General Manager of Cisco Nigeria, the technology firm, pointed out the rise of technology had however presented new challenges.

“One such risk that requires direct attention and action is cyber-crime,” said Oloruntimehin.

It is reported that recent attacks on the Westgate Mall in Kenya, the Al-Qaida in Islamic Maghreb (AQIM), and the activities of Boko Haram in Nigeria had all been supported by the internet, posing a whole new threat to cyber-crime.

Oloruntimehin said one of the industries to be affected most by PC related cyber-crime in the form of phishing and malware attacks in the context of Nigeria, is the financial services industry.

The industry has experienced an increasing evolution of global players over the years. These have come to the market with sophisticated connected IT solutions.

“Local players, therefore, have had to drastically scale their digital capabilities in order to remain competitive,” said Oloruntimehin.

The most popular of cyber-crimes in Nigeria is phishing and instances of malware attacks.

– CAJ News

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