Cybercrime Is Affecting Banks, Says Central Bank of Nigeria

Prof. Mike Obadan, a non-Executive Director of the Central Bank of Nigeria (CBN) has stated that the bane of the banking industry in Nigeria is cybercrime.

He also expressed displeasure over the activities of hackers, which he said had continued to affect the growth of the banking sector.

This was stated yesterday by Obadan at the 8th LAPO Conference on Microfinance and Enterprise Development in Benin, the Edo State capital.

He stated that the threat from hackers had continued to elicit deep concerns, due to their negative impacts.

The non-executive director pointed out that some Nigerian banks had been attacked by hackers, resulting in significant financial losses, while stressing that the rate, scale, and complexity of the attacks were on the increase, considering the report of cybercrime losses in recent times.

He said: “It is of great concern that the activities of hackers have continued to affect the growth of the banking sector.

“The CBN has continued to monitor and coordinate responses to cyber attacks on financial institutions in the country. Moreover, the heightened cyber security threats were moderated by the CBN’s intensified surveillance and sharing of credible intelligence and remediation measures with the banks.”