As part of efforts to ameliorate the menace of cybercrimes and financial fraud in Nigeria, the Committee of Chief Information Security Officers of Nigerian Financial Institutions (CCISONFI) has partnered Cybersafe Foundation to launch a public enlightenment program and cyber awareness initiative tagged #NoGoFallMaga.
Speaking at a press conference to announce the launch of the campaign in Lagos yesterday, the Chairman of CCISONFI, Mr. Abumere Igboa, disclosed that the industry program is aimed at promoting general public awareness on cybersecurity and looks to reducing cybercrime and financial fraud as a result.
He argued that its success is largely centered on the strategic trio partnership between the CBN, CCISONFI (a committee formed under the guidance of the Central Bank of Nigeria and made up of the Chief Information Security Officers of Nigerian Deposit Money Banks and Payment Service Providers (PSPs)) and finally Cybersafe Foundation, an independent non-governmental organisation registered under the laws of the Federal Republic of Nigeria.
“The #NoGoFallMaga initiative looks at tackling cybercrime that poses a threat to customers and the Nigerian citizenry in conducting reliable and safe financial services. As Chief Information Security Officers, we have also witnessed increased adoption of digital/technology platforms post the Covid-19 pandemic crisis by our different financial institutions for delivering innovative financial solutions, expanding its operations, and being able to reach both existing and potential customers,” he said.
Mr. Abumere believes that it is only through concerted efforts by financial industry stakeholders that will ensure customers remain cyber aware and ultimately, reduce and eliminate cybersecurity challenges including preventing customer financial losses to unscrupulous elements tagged cybercriminals.
Also speaking at the press conference, an Executive Director at Cybersafe Foundation, Mrs. Confidence Staveley, noted that with Social engineering being the method of choice by cybercriminals to perpetrate electronic fraud in the country, efforts to educate customers of financial institutions on cyber hygiene best practices, especially the most vulnerable, must be stepped up.
She said since using traditional platforms or formats may no longer suffice; creative approaches, using communication channels reaching semi-rural communities, leveraging entertaining music must be thrown into the mix.
According to her, the partnership with the Committee of Chief Information Security Officer of Nigerian Financial Institutions (CCISONFI) to launch the #NoGoFallMaga Campaign, will help 40million Nigerians who currently access financial services across the country, raising mass cybersecurity awareness and consequently reducing the success of rate of cyberfraud attacks among customers.
“There is clearly a need to include an aggressive cybersecurity awareness campaign to compliment other proactive and reactive measures being taken to curb cyber fraud. However, we must collaborate across the financial eco-system, consolidate resources and strengths, and reach across the aisle to sectors like the media for support to drive cybersecurity awareness for significant impact,” she stressed.
Meanwhile, the Central bank of Nigeria (CBN) has commended the two partners for the #NoGoFallMaga Campaign, saying it will put structures in place to create awareness of cybersecurity to the populace and the achievement of the cyber-resilient ecosystem.
While giving a keynote address, the Director of Banking Supervision at CBN, Mr. Haruna Mustafa, noted that there has been a marked increase in cybersecurity threats, occasioned by digital payments, which are facilitated by Fintechs, Open Banking and other emerging technologies.
“Cybersecurity awareness is the totality of efforts made by stakeholders to ensure that customers do not fall victim to the antics of fraudsters and institutions are not held ransom by hackers,” Mr. Haruna, who was represented at the press conference by Dr.Adedeji Adetona, Deputy Director, Banking Supervision Department at CBN said.
He argued that cybersecurity awareness is a key element in mitigating cyber risk, assuring that the CBN is ready to partner with industry stakeholders to sustain efforts at educating staff and customers on fraud information and cybersecurity hygiene practices.
