By Martin Ekpeke
Beyond the staggering financial losses inflicted by the collapsed Cbex Ponzi scheme, a far more insidious threat has emerged: the massive exfiltration of sensitive personal data, prompting national cybersecurity experts to declare it a national emergency.
Olatunji Matthew Igbalajobi, a prominent National Cyber Security Expert, has raised a dire alarm, stating that the sheer volume of compromised Personally Identifiable Information (PII) poses a grave risk to millions of Nigerians. “The monetary impact is significant, but the real crisis lies in the humongous volume of sensitive data compromised,” Igbalajobi warned.
The Cbex scheme, which lured investors with promises of unrealistic returns, required users to register by submitting a selfie alongside their National Identity Card or other national identification documents. This registration process exposed critical biometric and identity data, leaving individuals vulnerable to identity theft, fraud, and long-term privacy violations.
“This is not just a cybersecurity issue; it’s a matter of national security,” Igbalajobi emphasized. “The scale of the data breach demands urgent attention and coordinated action from key national institutions.”
He has called for a swift and decisive response from a broad coalition of agencies, including the National Data Protection Bureau (NDPB), the National Security Adviser (NSA), the National Information Technology Development Agency (NITDA), the National Cybersecurity Coordination Centre (NCCC), the Nigeria Customs Service (NCS), the Securities and Exchange Commission (SEC), the Cyber Security Experts Association of Nigeria (CSEAN), the Information Security Society of Africa-Nigeria (ISSAN), the Central Bank of Nigeria (CBN), Deposit Money Banks (DMBs), and Fintech regulators.
The expert has issued an urgent call to action, demanding the immediate establishment of a National Investigative Committee. This committee would be tasked with:
- Determining the financial loss impact: Quantifying the total financial damage suffered by victims.
- Assessing the data loss impact: Evaluating the extent of the PII breach and the potential risks it poses.
- Analyzing the social psychological impact on the victims: Understanding the emotional and mental toll on those affected.
The concerns raised by Igbalajobi underscore the critical need for robust data protection measures and swift, coordinated action to mitigate the fallout from the Cbex scheme. As the nation grapples with the implications of this massive data breach, the call for a unified front from key national institutions has never been more urgent.