CSCS, industry leaders proffer solutions to cybersecurity threats

Nigeria’s premier central securities depository, Central Securities Clearing System Plc, has reinforced its commitment to giving sustainable solutions to the alarming rise in cybersecurity threats in Nigeria and around the world.

The 2022 CSCS Cybersecurity Conference themed “Future of Cybersecurity: Emerging issues and solutions” is the fourth edition of the annual conference, which coincides with the company’s silver jubilee anniversary as a 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 in Abuja, saw top government functionaries, senior national security officers, cybersecurity experts, and distinguished captains of industry discuss solutions to this threat.

Speaking at the conference, the Chairman, Board of Directors, CSCS Plc, Mr. Oscar Onyema, stressed the impact of technology on people’s lives and livelihoods.

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Onyema said, “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 per cent 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.”

The Director-General, Securities and Exchange Commission, Mr. Lamido Yuguda, who was represented by the Executive Commissioner of Operations, SEC, Mr. Dayo Obisan, 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 digitisation and digitalisation options in processing market transactions on daily basis.

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.”