The Institute of Capital Market Registrars (ICMR) has expressed concerns about the increasing global surge in cyberattacks in the finance sector. In a statement released on Friday, the President and Chairman of the ICMR council, Oluseyi Owoturo, pointed out the rising threat of cyberattacks and the need for capital market stakeholders to be more vigilant in safeguarding their data.
He stressed that capital market firms must take proactive measures to protect against cybersecurity threats, which have become more frequent in today’s digital business ecosystem. Owoturo further stated that there is a growing trend of digital transactions and subsequent rise in cyberattacks globally, particularly in finance. He explained that cybercriminals are more adept with technology, capable of exploiting loopholes in financial systems, and perpetrate financial crimes using sophisticated techniques.
According to Owoturo, data theft has increased by 160% since 2019, and server access has risen by 233%, with the finance and insurance sectors as the primary targets of these cyberattacks. He emphasised the importance of cybersecurity, acknowledging that it is the key to protecting sensitive information.
It is based on these concerns that ICMR, in partnership with the Fintech Association of Nigeria, is organising a virtual conference later this month titled, ‘Cyber Security Threats and Counter Measures: Implications for Security Data Management & Online Stocktrading’. The conference aims to expose participants to the impact of cybersecurity on the capital market.
In conclusion, the ICMR President stressed the need for stricter cybersecurity measures to ensure the safety of the capital market and financial systems. He noted that digitalisation in the financial sector has made the industry more vulnerable to attacks, making it essential for capital market firms to implement robust security measures.
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