Cybercrime threatening Nigeria’s financial systems – NDIC

The Nigeria Deposit Insurance Corporation (NDIC) has said the safety and stability of the country’s financial system has in recent times come under threat due to cyber security breaches. The NDIC Managing Director/CEO, Bello Hassan, said this is because today’s financial system operates in a digital environment to deliver services to stakeholders in a very efficient way, making the use of technology inevitable.

Speaking at the opening ceremony of the 2021 NDIC retreat for members of the Senate Committee on Banking, Insurance and other Financial Institutions, the MD said financial institutions have had to harness technological advancements such as ‘Fintech’ to be efficient and remain competitive.

“The increased reliance on such digital infrastructure has led to exposure to risk, such as cyber-attacks. Given the financial and technological interconnectedness among the financial institutions, losses due to cyber attacks not only affect individual banks but also pose damaging risk to the entire financial system with serious implication for economic growth and development,” he said.