Capital market registrars condemn rise in cyber attacks

THE Institute of Capital Market Registrars (ICMR) has expressed concerns over sustained rise in digital transactions and cyberattacks, especially in finance, globally.

The President & Chairman of Council of the ICMR, Mr Oluseyi Owoturo, in a statement in Lagos said an escalation in threats from cybersecurity had given rise to renewed efforts by capital market firms to safeguard data.

According to him, capital market firms require protection from cybersecurity threats, just like any other firm in today’s digitalised business ecosystem.

“An escalation in threats from cybersecurity offenders has given rise to renewed efforts by capital market firms towards, mitigating risks and safeguarding data. Furthermore, there is a sustained rise in digital transactions and subsequent rise in cyberattacks particularly in finance, globally,” he said.

Owoturo noted that criminals are becoming increasingly sophisticated in their use of technology to perpetrate financial crime, finding and exploiting loopholes in financial systems, while adding that report had it that data theft had increased 160 per cent since 2019 and server access had increased 233 per cent and majority of these access attacks targeted on finance and insurance sector.

“These reports have made the importance of cybersecurity crucial as it is the key to protecting information,” he said, while noting that based on the development that the ICMR and the Fintech Association of Nigeria were partnering to organise a virtual conference on May 31, 2023.

He said the conference with the theme: “Cyber Security Threats and Counter Measures: Implications for Security Data Management & Online Stocktrading,” would expose participants to the effects of cybersecurity on the capital market.

“To learn more about how this affects the capital market in Nigeria, we are pleased to invite you to an engaging learning session with the Fintech Association of Nigeria and the Institute of Capital Market Registrars,” he said.

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