Nigerian banks lost a total of N159 billion to electronic fraud between 2000 and the first quarter of 2013, Nigerian Inter-Bank Settlements Systems (
According to Nigeria Communication Week, the organisation added that the successful switch from magnetic stripe for automated teller machine (ATM) cards in 2009 to a more secure chip and PIN cards led to a drastic reduction in e-fraud to the tune of N21.72 billion with a further decline to N14.96 billion in 2010.
Leadership newspaper reported that a fortnight ago, Mr
Admonishing banks and telecom operators at a workshop organised by
He said collaboration should be part of the lifecycle of any professional in charge of security, noting that it will be a natural response of industry to understand that, in order to survive, chief information officers (CIOs) would have to collaborate.
"If a bank in
He said it is the responsibility of all to collaborate, noting that, as the years come, the challenges will grow while those who refuse will be left behind with no collaboration to function in a group in the cyber battlefield.
"And while doing that, cyber is a critical aspect of this reputation because if banks and businesses are not able to operate securely it will affect the whole economy. He said making sure they are secure from a cyber point of view is an essential stage
"We feel that there is a big realization among businesses in
On his part,
Akano said Nigerian banks, telecommunications companies and governments must as well deploy trained cyber soldiers to protect critical national infrastructures from going down through cyber attacks.
He said WiniGroup exists to bridge the technology divides between the West and
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