There will be a financial crisis in Nigeria and all over the world. This is according to the President, Fintech Association of Nigeria, Dr Segun Aina, who predicted that the financial crisis is imminent if nothing is done to avert it.
While citing the UN E-Government Survey 2018 that placed Denmark first on the list of the countries to be hit by the financial crisis, Aina made known that Nigeria ranked 143 out of the 193 member countries surveyed.
During his speech at the 2019 Chartered Institute of Bankers of Nigeria (CIBN) Lagos State Branch, Bankers and Stakeholders Night in Lagos, Aina, who doubles as the Chairman, Global Banking Education Standards Board, revealed that governments of different countries might also not be able to provide bailouts to banks as they did in 2008.
Aina made reference to a report released by the Nigeria Deposit Insurance Corporation (NDIC), that projected that cybercrime would cost the world $6 trillion annually by 2021, upward from $3 trillion in 2015.
“Global spending on security awareness training for employees is predicted to reach $10 billion by 2027, up from around $1 billion in 2014. Training employees how to recognise and defend against cyber-attacks is the most under the spent sector of the cybersecurity industry,” he was quoted.
A glance at the banking sector: Aina revealed that banks’ losses to fraud in Nigeria jumped to N15.15 billion in 2018, an increase of 539% compared to N2.37 billion in 2017, maintaining that internet and technology-based sources of fraud accounted for 59% of fraud cases and 43% of actual loss.
Nairametrics had reported that the Central Bank of Nigeria (CBN) was considering revamping the modalities of banking regulations to address the losses that emanate from cybercrime and technology risk in the financial sector.
This move has become imperative as a report by McAfee’s Centre for Strategic and International Studies suggested that the annual cost of cybercrimes in 2017 hit significant billions of dollars worldwide as hackers become more sophisticated and criminal marketplaces and cryptocurrencies thefts multiplied.