Cybercrime: CBN mulls redesigned regulatory framework

By The Nigerian Voice
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The Central Bank of Nigeria (CBN) said it is set to come up with a redesigned regulatory framework that would ameliorate the risks associated with cybercrime, especially in the financial sector.

This was disclosed by the apex Bank’s Deputy Governor, Mrs. Aishah Ahmad at a seminar organized by Risk Managers Association of Nigeria (RIMAN) in collaboration with the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos recently.

According to her, the redesigned regulation becomes necessary as a result of the compelling need to address risks that may emanate from the new emerging and increasing modern class of financial firms.

“There is a timely action to guide against banks being overwhelmed by the new technology, which has ushered in complex security challenges, cybercrimes and varying other forms of risks,” Ahmad, who was represented by Christian Okoye, Executive Director, Banking Supervision Department at CBN added.

Ahmad believes that apart from the emergence of new competitors intensely exploring technologies, competitive mobile apps, online services, interconnected networks and unregulated virtual currencies have led to a rise in the global cause of cyber crime.

Credit: IT Pulse