• World
  • Columnist
  • Commodities
  • WORLD BUSINESS & ECONOMY
  • Executive Knowledge Series
  • Finance
  • Manufacturing
  • Markets
  • Risk & Governance
  • Small Business
  • Technology, Media & Innovation
  • Comments
  • Business AM WebTV
  • Login

Businessamlive
  • FRONTPAGE
  • FINANCE
    • AllAsset ManagementAuditBankingBondBudgetCapital MarketsC&I LeasingCurrencyDealDebt marketForexFund RaisingFundingGovernmentHedge FundsInsuranceInvestmentInvestorInvestor ServicesMergers & AcquistionsMoney marketTreasury BillsMortgagePensionsPersonal financePonziQuantitative EasingshareTaxationTSAWealth Management
      Finance

      CBN says cryptocurrency ban in interest of Nigerians

      February 25, 2021

      Companies-in-Action

      Zenith Bank in strong operational performance as profit rises 10.4% to N230.56bn in FY20

      February 25, 2021

      Companies

      United Capital posts strong numbers as earnings rise 50% to N12.87bn in 2020

      February 23, 2021

      Finance

      CIBN revives mentorship initiative for bank workers

      February 20, 2021

  • MARKETS
  • ECONOMY
    • AllAfricaAgricAirportsAmericaAsiaAustraliaBreakthroughDealEuropeForeign InvestmentsforexGlobal marketGovernanceIMFMiddle EastNECANigeriaOutlookRich listSouth AfricaSport BusinessTradeU.KWest AfricaWorld Economic forum
      Insurance Business

      Enterprise risk management surges amid pandemic, RIMS reports

      February 25, 2021

      WORLD BUSINESS & ECONOMY

      Hyundai to recall 82,000 electric cars over battery malfunction

      February 25, 2021

      Frontpage

      Global health insurance premiums fall amid pandemic, says new report

      February 24, 2021

      Frontpage

      Insurance M&A record highest growth in Africa, Middle East in 2020

      February 23, 2021

  • COMMODITIES
  • ENERGY
    • AllConferenceElectricityOil and GasPowerRenewable
      Oil and Gas

      REA delivers 100kW hybrid solar mini grid to Edo community

      February 25, 2021

      Oil and Gas

      OPL 310: LEKOIL engages Optimum Petroleum over CRSA agreement

      February 25, 2021

      Frontpage

      Nigeria still losing 200,000bpd crude daily as NNPC enlists army’s intervention

      February 25, 2021

      Frontpage

      Nigeria to sell 170MW electricity capacity to Togo from Calabar plant

      February 24, 2021

  • TECHNOLOGY
  • MANUFACTURING
  • ANALYSIS
    • Analyst Insight

      Coronation MB analysts project sharp rates rise after Nigeria recession exit

      February 25, 2021

      Analyst Insight

      How NITDA can further foster data protection compliance in Nigeria

      February 22, 2021

      Analyst Insight

      Do we need more start-ups in insurance?

      February 16, 2021

      Analyst Insight

      Naira, PMI’s and Inflation in focus

      February 16, 2021

Frontpage

NIBSS assures Nigerians on safety of electronic payment system as CBN develops risk-based cyber security framework for banks

Justice Okamgba
Justice Okamgba

Justice Godfrey Okamgba is  Businessamlive Reporter.
You can contact him on justice.okamgba@businessamlive.com with stories and commentary.

August 3, 20181K views0 comments

The Nigeria Inter-Bank Settlement System (NIBSS) has assured Nigerians of the safety of the electronic payment system in Nigeria, this just as the Central Bank of Nigeria (CBN) said it is developing a risk-based cyber security framework for deposit money banks and payment services operators in partnership with stakeholders in the financial industry.

Folashodun Shonubi, managing director of NIBSS stressed that the likelihood of fraud is lower when using electronic means for transactions.

“Looking at the likelihood of fraud, it is actually lower if you use electronic means for transactions and payments. Imagine, you are in a bus and someone took your wallet, it’s almost impossible to identify the culprit.

“However, if it’s your ATM card, every transaction made with the card can be traced which can lead to the arrest of the culprit,” he said.

Read Also:

  • Gradely, ed-tech startup, rolls-out virtual learning management system…
  • CBN says cryptocurrency ban in interest of Nigerians
  • Enterprise risk management surges amid pandemic, RIMS reports
  • Spotify offers Nigerians wide access to digital contents, launches N900…

On the other hand, cybercrime is on the rise with the increasing use of the Internet to make transactions. In fact an IMF modeling exercise put the base-case average aggregated annual loss at $97 billion from cyber attacks, with the worst-case scenario in the range of $250 billion.

To this end, the Nigerian central bank says it is working out a framework to curb cybercrime losses.

Godwin Emefiele, stated this Thursday at the 2018 CBN-JP Morgan Chase cybersecurity conference held in Abuja. Emefiele, however put the global cost of cybercrime at over $600 billion, citing McAfee and the Center for Strategic and International studies.

“These developments have led to a significant rise in the global cost of cybercrime. McAfee and the Center for Strategic and International studies estimate this at over $600 billion in 2017, more than 20 percent higher than in 2014,” he noted.

Emefiele, who was represented at the event by Aisha Ahmad, the CBN deputy governor, financial system stability (FSS), observed that the new conveniences of modern technology have ushered in complex security challenges and cybercrime, including identity and intellectual property thefts, phishing, email spamming, virus dissemination, to sophisticated hacking and theft by digital crime syndicates.

He said the cost figures are projected to rise to about $2 trillion by 2019, due to the rapid digitisation of consumer lives and company records.

In the case of Nigeria, he said about N198 billion is said to be lost to the ever-increasing cases of cyber crimes per annum usually perpetrated through the financial system

“Technology has transformed the way we learn, communicate, deliver services, conduct financial transactions and even experience entertainment,” Emefiele noted, adding that the risk-based cyber security framework for banks and payment service providers would combat Internet fraud in the country as it would ensure appropriate cyber security of data in Nigeria’s banking system

The CBN governor admitted although technology has a role it plays positively, but has also ushered in complex security challenges and cybercrime.

Before now, the CBN’s payment system, particularly the Society for Worldwide Interbank Financial Telecommunication, had been reviewed to ensure security of the financial system.

Share on Facebook Tweet Email
TagsCentral Bank of Nigeria Godwin Emefiele JP Morgan Chase Nigeria Inter-Bank Settlement System
PreviousGold falls to lowest level in almost 17-months
NextCommodities Update – August 2, 2018

Leave a comment

- Cancel reply

MARKET DATA

Market Videos

Recent Posts

  • Coca-Cola, SWEEP foundation flag off environmental sustainability programme
  • Petrol: CSOs canvass labour union’s support for deregulation
  • Lions’ Den 2021: An opportunity for promising Nigerian entrepreneurs
  • Nigeria bourse in red as selloffs in banking, consumer goods stocks see bears return  
  • African Alliance paid N967m in claims in first 40 days of 2021, MD reveals

World

Africa

Buhari, Okonjo-Iweala congratulate Adesina over reelection as AfDB President

Europe

EU businesses to cut investments in 2020, says EIB report

America

U.S. increases cost of visa application for Nigerians

Africa

Thatcher-Loving Nigeria Candidate Plans to Overhaul Economy

Africa

AfDB scales up industrialization pace on the continent, delivers improved business access to finance, skills, energy

Frontpage posts

0

Nigerians to pay more for a litre of petrol in August-marketers

Frontpage August 5, 2020

1
2

Mutual funds investment hits N746.5bn

Frontpage June 21, 2019

3

Global oil majors to ramp up cost cuts after false dawn

Frontpage July 21, 2017

4

Fintech funding industry projected to hit $291.5bn in 2021, data show

Finance October 14, 2020

5

Nigeria VATting her way out of recession as consumption tax grows to N204bn

Frontpage June 13, 2017

SUPPORT

  • Photo Gallery
  • Help Centre
  • About Us
  • Accessibility

LEGAL & PRIVACY

  • Terms & Conditions
  • Privacy
  • Cookies
  • Copyright

SERVICES

  • Conferences & Events
  • Analysts Research
  • Advertising Rate
  • Ebooks

TOOLS

  • Portfolio
  • Newsletters
  • News feed
  • Currency Converter

SUBSCRIBE

Join us to get latest updates on business related news.

[mc4wp_form id="3076"]
  • ABOUT US
  • CONTACT US
  • CAREERS
  • TERMS & CONDITIONS
  • PRIVACY POLICY
Copyright 2017. All rights reserved. BusinessAMLive. A Businessnewscorp Member Company.