The Punch

Senate, NDIC move to protect depositors’ funds against cyber-attack


The Chairman, Senate Committee on Banking, Insurance and other Financial Institutio­ns, Senator Uba Sani, said the committee has resolved to collaborat­e with the Nigeria Deposit Insurance Corporatio­n to protect depositors’ funds against cyber-attack in commercial banks across the country.

Sani said the decision was part of the outcome of a retreat organised by the NDIC for the committee in Kaduna, the Kaduna State capital.

The retreat had as its theme, ‘Financial system stability: a panacea for sustainabl­e economic growth and developmen­t - the role of the NDIC.’

The senator expressed concern over Internet cybercrime in the banking sector and noted that the committee would strengthen the existing NDIC law to fight cybercrime.

Sani, representi­ng Kaduna Central, described as troubling and disturbing the issue of cybercrime in the financial sector of the nation’s economy.

According to him, the NDIC was ready, prepared, and had expertise but needed the support of the committee to carry out its mandates of protecting depositors’ funds in banks.

Also speaking, the Managing Director of the NDIC, Alhaji Bello Hassan, said the theme of the retreat was topical, particular­ly in the light of current developmen­ts in the economy and the challenges presented by the complexity of the financial system.

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