RIMAN Calls for Enhanced Cyber Security Risk Management

The President Risk Management Association of Nigeria (RIMAN), Mr. Ezekiel Oseni has called for more vigilance by corporate bodies and Individuals to intensify cyber security risk management, citing the heightened emergence of cyber risk. 
Oseni said this in his opening remarks at the 2022 membership induction where a total of 107 members were inducted into RIMAN as senior associate members and associate members.
He noted that the as business world has continued to evolve, it is important for risk managers as well as organisations to evolve with the emergence of dramatic shifts in the landscape of risks faced by businesses.
In alluding to this year’s theme: “Building the Competency for Cybersecurity Risk Management in an Organisation,” he said: “In today’s computerised world, new risks emerge every hour of every day. Cybercrime is becoming big business and cyber risk is a focus of organisations and governments globally.
“The world will continue to experience increasing data breaches in the face of emerging technologies, the dawning of 4.0 industrial revolution and increasing unemployment rates among the youths worldwide.”
“Threats such as ransomware, targeted phishing attacks, and Advanced Persistent Threats (APT), have become prevalent already, demanding organisations to take proactive steps to secure their
critical information assets including customer information that are accessible from cyberspace.
“Cybersecurity risk is considered a significant business risk and should be placed at the same level as compliance, operational, financial and reputational risks. Therefore, Policy Makers, Corporate Bodies, and Individuals must learn the importance of implementing excellent cyber security risk management, ”he said.
He added that it is a positive sign that regulators like the CBN have made it mandatory asides from other measures for all the industry players to have a functional and well-staffed cybersecurity department in the institutions.