Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

CBN makes move to combat internet fraud

Damilare Famuyiwa by Damilare Famuyiwa
August 3, 2018
in Business News, Politics
CBN makes move to combat internet fraud
Share on FacebookShare on TwitterShare on Linkedin

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:

RelatedPosts

FG to tax Shisha N3,000 per litre

FG approves reforms to boost non-oil revenue to N3.8 trillion annually

“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.

Related

Tags: CBNCybercrimeInternet FraudRisk Based Cyber Security Framework

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Hot forex
Cornerstone
Mega Millions
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB
Ikeja Electrics




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • DEAL: Nigerian startup, Moove secures $20 million credit from British International Investment
    • VAT collections up in Q1 2022
    • FG to tax Shisha N3,000 per litre

    Follow us on social media:

    Recent News

    Drivers to receive $23 million funding from Uber Nigeria’s partner

    DEAL: Nigerian startup, Moove secures $20 million credit from British International Investment

    June 30, 2022
    VAT collections up in 2021

    VAT collections up in Q1 2022

    June 30, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com