The Central Bank of Nigeria has made it clear that Nigerian banks are being hacked . These institutions lost $450 million in 2015 through cyber-related crimes.
SEC Nigeria must take action and lead. It needs to learn from what U.S. regulators are doing. After a steady series of hacking debacles, regulators are stepping in and ordering companies to tighten up. Soon companies in the financial sector — banks, brokerages, and insurance firms — will have to comply with cybersecurity rules that include encrypting sensitive information and appointing a security chief.
The rules come from New York’s Department of Financial Services, and are scheduled to go into effect in 2018. While they apply only to New York, they will have an outsize impact given the state’s central role in the financial sector. We can expect other state and federal government entities to follow suit.
SEC Nigeria must act and lead in this area.