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CSCS, Government Officials, Industry Leaders, proffer Solutions to rising Cybersecurity Threats

CSCS, Government Officials, Industry Leaders, proffer Solutions to rising Cybersecurity Threats

Cybersecurity Conference 2022

L-R: Air Cmdr O.F. Akinboyewa, Representing the Commandant, National Defence College, Abuja; Mr. Temi Popoola, Chief Executive Officer, Nigerian Exchange Limited (NGX); Major General Samad Akesode, representing the National Security Adviser; Mr. Oscar Onyema OON, Chairman Board of Directors, Central Securities Clearing System (CSCS) Plc; Mr. Haruna Jalo-Waziri, MD/CEO, CSCS Plc; Mr. Dayo Obisan, Executive Commissioner, Operations, Securities and Exchange Commission (SEC); Major General Abubakar Adamu, Commandant, Nigerian Army Cyberwarfare Command, Abuja; and Mr. Adeyinka Shonekan, Divisional Head, Sales and Business Development, CSCS Plc during the CSCS Cybersecurity Conference, Abuja, Thursday.

Lagos, Nigeria – October 27, 2022 – Central Securities Clearing System (CSCS) Plc, Nigeria’s premier Central Securities Depository (CSD), reinforced its commitment to proffering sustainable solutions to the increase in cybersecurity threats to individuals, institutions, and governments in Nigeria; and around the world.

The 2022 CSCS Cybersecurity Conference themed “The Future of Cybersecurity: Emerging issues and solutions” is the fourth edition of the annual conference and coincides with the company’s Silver Jubilee as a critical Financial Market Infrastructure, providing depository, clearing and settlement of all financial assets across all recognised Exchanges in the Nigerian Capital Market.

The conference which took place on Thursday at the Transcorp Hilton Hotel in Abuja saw top government functionaries, senior national security officers, cybersecurity experts and distinguished captains of industry discuss emerging trends and proffer solutions to this threat.

Present at this year’s conference were Maj. Gen. Samad Akesode, representing the National Security Adviser (NSA), Maj. Gen. Babagana Monguno (rtd) CFR; Mr. Dayo Obisan, Executive Commissioner, Operations, Securities and Exchange Commission (SEC) representing the Director General, Mr. Lamido Yuguda; Ms. Patience Oniha, Director General, Debt Management Office (DMO); Air Cmdr O.F. Akinboyewa, representing the Commandant, National Defence College, Abuja; and Mr. Oscar Onyema OON, Chairman, Board of Directors, Central Securities Clearing System (CSCS) Plc, amongst other distinguished professionals and government officials.

According to the NSA, Maj. Gen. Babagana Monguno (rtd) CFR, NSA, the process to enact laws that would help nurture a robust cyber-ecosystem and ensure adequate protection to boost investors’ confidence and foster economic growth in the face of increasing cyber-reliance and emerging technologies are being put in place. Specifically, he said “let me assure you of the Federal Government’s resolve to ensure Nigeria maintains a resilient cyber-ecosystem. Efforts are ongoing in respect of the Amendment of the Cybercrimes (Prohibition, Prevention, Etc) Act, 2015. The amendment process framework would also consider modalities to address numerous cyber-challenges including the use of the cyberspace to perpetrate fraudulent schemes, as well as protect citizens from the susceptibilities associated with the use of virtual currencies. Additionally, as you already know the Nigeria Data Protection Bureau has initiated the process for a new Data Protection Bill for the country.”

On his part, Mr. Lamido Yuguda, the Director General, SEC, said the Commission clearly takes the issues of cybersecurity very seriously in the Nigerian capital market due to the increasing volume of data and information that are stored electronically, coupled with the increased adoption of digitization and its options in processing market transactions on a daily basis. Additionally, he said, “In further recognition of the role technology will continue to play in our markets, the Commission is set to release its Guidelines on Minimum Operating Standards for Information Technology for Capital Market Operators (CMOs). The guidelines will cover, among other key areas, the Computing Environment, Information Technology/Information Systems Management and Governance, IT Business Continuity and Disaster Recovery. Within the guidelines, we (SEC) expect stakeholders to conduct regular penetration tests at least annually to detect vulnerabilities and check the resilience of their networks and systems to threats and malicious activities.”

Speaking at the conference, Mr. Oscar Onyema stressed the impact of technology on people’s lives and livelihoods thereby creating a hyperconnected world. This evolving technology continues to revolutionize the financial markets and advance prosperity across most economic sectors.

According to Mr. Onyema, “I am immensely proud of the leadership of Central Securities Clearing System Plc, starting from the Board of Directors to the Executive Management, for remaining consistent in this advocacy and knowledge sharing initiative on cybersecurity. This is, indeed, the role of Financial Market Infrastructures like CSCS. We committed 15% of our total 2021 technology budget to securing our information assets by taking preventative measures, purchasing cybersecurity tools, and supporting the capital market and other sectors in penetration testing and knowledge sharing.”

In the same vein, Mr. Haruna Jalo-Waziri, Managing Director/Chief Executive Officer, CSCS Plc, said “It is important to drive home the significance of system exposure, given the fluidity of data and interconnectedness of networks. So, this is an urgent call for us to move away from the siloed view of managing cybersecurity and broader information security, as we need to swiftly transit our approach towards holistic and collaborative measures that protect our data, physical assets, and network infrastructure.”

The CSCS cybersecurity conference, which started in 2019, has grown to become the flagship cybersecurity event in Nigeria, recording more than a thousand registered attendees annually over the last three years and attracting participation from government officials and leading industry professionals across diverse sectors of the Nigerian economy.

About CSCS  

The Central Securities Clearing System (CSCS) is a Public Limited Company, with a diversified shareholder base, including the Nigerian Exchange Group, some of the largest banks in Nigeria, private equity firms, other corporate and individual shareholders. With over two decades of operation, serving as the Central Securities Depository for the Nigerian Capital Market, CSCS has been pivotal to the growth and transformation of the capital market, including its audacious full dematerialization of share certificates and the shortening of settlement cycle in the capital market.

CSCS serves as the Central Depository for Equities, Commercial Papers, Corporate Bonds, Sub-National Bonds, certain Sovereign Bonds (such as FGN Sukuk and FGN Savings Bond), Equity-traded Funds, Real estate Investment Trusts, Mutual funds and Commodities. CSCS is licensed and regulated by the Securities and Exchange Commission (SEC). The activities of CSCS are governed by the Investment and Securities Act 2007, the Companies and Allied Matters Act 2004, and the SEC Rules.

Leveraging on digital technologies, CSCS serves the market through varying channels, including its web portal;; online and mobile applications, web chatbot and, customer service call centre; 070 CALL CSCS – 070022552727 or 01 448 0500 amongst others.

CONTACT: [email protected]

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