Dissecting the Central Bank of Nigeria Risk-Based Cybersecurity
Frameworks and Guidelines for Deposit Money Banks and Payment
Service Providers.
According to publicly available data, millions of dollars are
lost to cybersecurity threats annually. However, official fraud
reports from the Nigerian Inter-Banks Settlement Systems Plc
(NIBSS) shows a much lower figure due to the attitude of industry
players towards reporting cybersecurity threats.
The NIBSS report as at January 2019, reveals that a total of
N46, 000, 000.00 (Forty-six Million Naira) was lost to cyberattacks
in 2018.
This figure appears to be very low in comparison with the data
presented by a spectrum of cybersecurity expert data on the volume
of losses due to cyber-attacks.
