Nairametrics
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • 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
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • 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
  • General 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 General News

Cybercrime: CBN set to revamp banking regulations

Damilare Famuyiwa by Damilare Famuyiwa
October 17, 2018
in General News, Politics
CBN makes move to combat internet fraud
Share on FacebookShare on TwitterShare on Linkedin

In view of addressing losses that emanate from cybercrime and technology risk in the financial sector, the Central Bank of Nigeria (CBN) is considering revamping the modalities of banking regulations.

The apex bank through its Deputy Governor, CBN, Aishah Ahmad, stressed the need to redesign regulations that will address cybercrimes and technological risks that may arise from emerging modern financial firms in the country.

Ahmad who was represented by the Executive Director of Banking Supervision Department, Christian Okoye made this known at a seminar organised by Risk Managers Association of Nigeria (RIMAN) in collaboration with Chartered Institute of Bankers of Nigeria (CIBN) in Lagos.

“There is a compelling need to redesign regulations that will address the risk that may emanate from the new emerging and increasing modern class of financial firms.” – Ahmad

This move has become imperative as a report by McAfee’s Centre for Strategic and International Studies suggested that the annual cost of cyber crimes in 2017 hit $600 billion worldwide as hackers become more sophisticated and criminal marketplaces and cryptocurrencies thefts multiplied.

Recall that the US domestic intelligence and security service, Federal Bureau of Investigation (FBI), has warned all banks across the globe of an imminent threat that their cash machines can be manipulated by cybercriminals.

In a confidential alert, the intelligence chiefs warned that cybercriminals are planning a global ‘cash-out scheme’ known as an Automated Teller Machine (ATM) ‘jack-potting’, which enables fraudsters to use malware to take over ATMs and steal millions of dollars.

An FBI cyber-security expert, Brian Krebs, said;

“The FBI has obtained unspecified report indicating cyber criminals are planning to conduct a global Automated Teller Machine (ATM) cash-out scheme in the coming days, likely associated with an unknown card issuer breach and commonly referred to as an ‘unlimited operation’.”

Also, in a bid to counter the high rate of internet fraud in Nigeria, the CBN had said it is developing a Risk-Based Cyber Security Framework for financial institutions.

Related

Tags: Aishah AhmadBrian KrebsCBNCybercrimeGodwin EmefieleMcAfee’s Centre for Strategic and International Studies

Leave a Reply Cancel reply

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

Eco Bank
Access Bank
Bankers Committee
First bank


Flowmono

Bfpeer
Mega Millions
FCMB
Ikeja Electrics
Kwakol Markets




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

    Recent News

    • Russia reduces interest rate to 11% boosted by the success of the ruble
    • Lagos seals properties in Ikoyi, Lagos Mainland for various contraventions
    • Terra 2.0 gets community approval

    Follow us on social media:

    Recent News

    Russia’s Central Bank holds interest rate at 20%, warns of inevitable inflation 

    Russia reduces interest rate to 11% boosted by the success of the ruble

    May 26, 2022
    Lagos seals 16 buildings in Ikeja, issues contravention notices

    Lagos seals properties in Ikoyi, Lagos Mainland for various contraventions

    May 26, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Ranking & Reviews
    • 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
    • General 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