‘Cybersecurity, germane to safeguarding investors assets’

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ADHERENCE to cybersecurity regulatory frameworks and standards are critical to securities data management and online trading in Nigeria.

According to a Cybersecurity Strategist/Architect, Austine Ohwobete, this will help safeguard investors assets from theft, fraud and unauthorized access, thus ensuring the integrity of financial transactions.

Speaking at a virtual conference on Wednesday, with the theme: “Cyber Security Threats and Counter Measures: Implications for Security Data Management & Online Stocktrading,” Ohwobete explained with the increased reliance on technology and online platforms in various sectors in the country, actors have exposed businesses to various cyber threats.

According to him cyberthreat refers to any potential or actual danger that arises from malicious activities targeting computer systems, networks, or digital infrastructure and this encompasses various intentional actions or events that aim to compromise the confidentiality, integrity or availability of information or technology resources.

He added that cyberthreat can manifest in the form of cyberattacks, unauthorized access, data breaches, malware infections, phishing attempts, or social engineering tactics.

While noting that these threats pose significant risks to the security and operation of securities data management and online stock trading platforms, Ohwobete said these necessitated proactive measures to prevent, detect and respond to such threats.

He, therefore, encouraged Capital Market Registrars, as custodians of securities data, and other participantsput to put up measures to mitigate against securities data as safeguarding sensitive financial information, trade secrets and customer data is crucial to prevent unauthorized access, theft and potential financial issues.

Securities data are information and records about financial instruments such as stocks, bonds, options and futures. It includes details about the securities themselves such as tickers symbols, prices, volumes, historical performance. They also encompasses information about the issuers, such as company financias, news releases and regulatory filings.

Speaking earlier on the need for the training, The President & Chairman of Council of The Institute of Capital Market Registrars (ICMR), Mr Oluseyi Owoturo said it was out of concerns over sustained rise in digital transactions and cyberattacks, especially in finance, globally, that ICMR and the Fintech Association of Nigeria partnered to organise a virtual conference.

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