Cybersecurity: ‘Shore up defences now’ — CBN warns Nigerian banks, Moniepoint, other fintechs

The Central Bank of Nigeria (CBN) has issued a warning to Nigerian banks, Moniepoint, OPay, and other fintechs to strengthen their cybersecurity measures and defenses against third-party technology risks. CBN's Director of the Payments System Supervision Department and Chairperson of the Nigeria Electronic Fraud Forum, Rakiya Yusuf, emphasized during a recent conference that the increasing reliance on fintechs, payment service providers, and technology vendors has introduced new avenues for cyber and systemic risks.

Yusuf cautioned that a vulnerability in any single entity could rapidly spread across interconnected institutions, potentially destabilizing the entire financial system. She urged Nigerian financial institutions to expand their resilience efforts beyond internal system protection to include broader safeguards throughout the financial ecosystem, highlighting the importance of maintaining critical services during disruptions and recovering swiftly afterward.

Brief written by urgent.news from Daily Post Nigeria's own syndicated text. Machine-written — may contain errors; check the original before relying on it.