CBN and the bankers committee will enhance efforts to raise awareness in the field of cybersecurity.

  • Post category:Business

The Committee of Chief Information Security Officers of the Nigerian Financial Industry (CCISONFI), in collaboration with the Central Bank of Nigeria (CBN) and the Bankers Committee, has initiated a fresh campaign aimed at raising awareness about cybersecurity among citizens.

Titled ‘NoGoFallMaga, Confam Am Again,’ this anti-fraud campaign will be presented in multiple languages and is specifically targeted towards customers of commercial banks, payment service providers (PSPs), and the general population in Nigeria. The campaign leverages local technical experts, including Cybersafe Foundation and The Hook Media, for its implementation.

The partners highlighted that cybercriminals exploit public unawareness, and by delivering the campaign in various languages, they intend to ensure inclusivity and reduce the impact of cybercrime in the nation.

The Centre for Strategic and International Studies (CSIS) reported an annual loss of $600 million to cybercrime, with a substantial increase from a 2014 study that estimated global losses at around $445 billion.

Notably, Africa observed a significant surge in cybercrime cases in the initial half of 2022. Kenya and Nigeria saw a spike of 438 percent and 174 percent respectively in phishing and scams.

Festus Amede, CCISONFI Chairman, stressed that the escalation in cybercrime and fraud could erode customers’ trust and confidence in the financial system. He emphasized the necessity for collaborative efforts among industry stakeholders to enhance cyber-awareness among customers, thereby reducing and eventually eliminating cyber threats.

Abumere Igboa, Chief Information Security Officer at Stanbic IBTC Bank, pointed out that the campaign’s objective is to educate Nigerians about various tactics employed by fraudsters to target them, along with appropriate responses. Igboa highlighted that customers are the ultimate gatekeepers, as they are the last to authorize transactions.

Peter Obadere, Cybersafe Foundation Chairman, explained that the initiative seeks to build a human firewall alongside the security measures implemented by financial institutions to counter fraud. The aim is to raise the cybersecurity intelligence of the population and foster a “human firewall.”

Furthermore, the campaign will enlist the involvement of creators, including popular comedian Samuel Perry, also known as Broda Shaggi, to effectively communicate the message to the public.

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