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In a bid to counter the high rate of internet fraud in Nigeria, the Central Bank of Nigeria (CBN) said it is developing a Risk Based Cyber Security Framework for financial institutions.

The CBN Governor, Godwin Emefiele, who was represented by the apex bank’s Deputy Governor, Financial System Stability, Aishah Ahmad, during the Nigeria-JP Morgan Chase Cyber Security Conference in Abuja, said the framework would ensure appropriate cyber security of data in Nigeria’s banking system.

Emefiele said:

“Technology has transformed the way we learn, communicate, deliver services, conduct financial transactions and even experience entertainment. However, these new conveniences of modern technology have ushered in complex security challenges and cyber-crime.”

According to McAfee’s Centre for Strategic and International Studies, the annual cost of cyber crimes in 2017 hit $600 billion worldwide as hackers become more sophisticated and criminal marketplaces and cryptocurrencies thefts multiply.

In its recent report on the costs of cyber attacks, not only are the losses rising, but there are a growing number of cybercrime centres in the world, which now include Brazil, India and Vietnam, in addition to North Korea.

The McAfee report noted that theft of intellectual property now represents about 25% of the cost of cybercrime in 2017. Other attacks such as those involving ransomware are also growing rapidly.

Recall that the CBN had made known its intention to partner the Chartered Institute of Bankers of Nigeria (CIBN) as Nigeria continues to battle rising cases of internet-related crimes particularly in the banking sector. The move was to proffer a solution to the alarming rate of cyber crimes.

Dr. Okwu Joseph Nnanna, CBN’s Deputy Governor, Financial System Stability, who disclosed the apex bank’s move said Nigeria is currently struggling with cyber-crime more than ever before.

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