Rising Cybercrime Attributed to Ignorance by Stakeholders

Ignorance has been identified by cybersecurity stakeholders as a significant factor contributing to the escalating wave of cybercrimes in society.

This revelation came to light during the launch of the ‘NoGoFallMaga, Confam Am Again’ campaign by the Committee of Chief Information Security Officers of the Nigerian Financial Industry. Supported by the Central Bank of Nigeria, the Bankers Committee, and the Cybersafe Foundation, the campaign aims to tackle this growing concern.

The stakeholders revealed that this anti-fraud campaign constitutes a comprehensive initiative designed to enhance awareness and education about cybersecurity among customers of commercial banks, payment service providers, and the general public.

They emphasized that if executed effectively, this campaign could significantly diminish the prevalence of cybercrimes and financial fraud within the nation.

The proponents of the campaign affirmed that it will be rolled out in multiple major languages spoken in Nigeria, including pidgin.

During the launch event, Mr. Festus Amede, Chairman of the Committee of Chief Information Security Officers in Nigeria’s Financial Industry, pointed out that the financial sector has witnessed an increased adoption of digital technology, prompted by the Central Bank of Nigeria’s efforts to promote financial inclusion and as a response to the challenges posed by the post-COVID-19 landscape.

This surge in digital technology adoption, he noted, has also led to a surge in cybercrimes and financial frauds. This, in turn, has eroded customer trust and confidence in the financial system.

He remarked, “The increased innovation and utilization of digital platforms have fundamentally reshaped the cybersecurity and technology landscape. Consequently, new risks have emerged, particularly concerning upholding the trust and confidence of customers in securely communicating and transacting within the financial ecosystem.”

He assured, “Together, we are committed to implementing robust measures to combat the array of cybersecurity challenges, including safeguarding customers against financial losses caused by unscrupulous cybercriminal entities.”

Dr. Peter Obadare, Chairman of the Cybersafe Foundation, emphasized that the initiative’s primary aim is to construct a human firewall as a complementary measure to the security firewalls being developed by financial institutions to counteract fraud.

He explained, “While we have established protocols and invested in cutting-edge technologies, we also need to fortify the human firewall. When discussing cybersecurity, we often emphasize technology and processes. However, the human aspect is equally crucial. I firmly believe that any investment in bolstering human awareness will yield positive outcomes. Today’s effort is dedicated to elevating the general public’s cybersecurity intelligence, a critical endeavor focused on constructing the human firewall.”

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