Capital market operators urged to tackle cyber threats

Some experts have said a strong cybersecurity framework is important to protecting the data and assets of investors as well as those engaging in online stocktrading.

This was disclosed at the virtual conference organised by the Institute of Capital Market Registrars and the Fintech Association of Nigeria.

Speaking at the event, a cybersecurity strategist/architect, Austine Ohwobete, said a strengthened framework to counter online threats would help safeguard investors assets from theft, fraud and unauthorised access, thus ensuring the integrity of financial transactions.

Ohwobete, who spoke on the theme, ‘Cybersecurity threats and counter measures: Implications for security data management & online stocktrading’, said with increased reliance on technology and online platforms in various sectors in the country, actors have exposed businesses to various cyberthreats.

“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, unauthorised access, data breaches, malware infections, phishing attempts, or social engineering tactics.

Ohwobete said it was necessary for proactive measures to be taken to prevent, detect and respond to such threats.

He, therefore, encouraged capital market registrars, as custodians of securities data, and other participants to put up measures to mitigate against securities data.

“Safeguard sensitive financial information, trade secrets and customer data to prevent unauthorised access, theft and potential financial issues,” he told ICMR members.

Speaking earlier on the need for the training, the President and Chairman of Council of the ICMR, Oluseyi Owoturo, said it was out of concerns over sustained rise in digital transactions and cyberattacks, especially in finance, globally, that prompted the conference.

He said, “An escalation in threats from cybersecurity offenders has given rise to renewed efforts by capital market firms towards, mitigating risks and safeguarding data.”