Cytek Harps on cybersecurity Resilience in Nigeria’s Financial Services Sector

Emma Okonji

YNV Group, through its cybersecurity brand, Cytek, recently hosted a webinar for stakeholders in the financial services sector in Nigeria, to discuss industrywide perspective on cybersecurity and highlight key strategies for resilience. The session which held recently, had the theme: ‘Ensuring Cybersecurity Resilience in Financial Services Companies in Nigeria”, and served as a pivotal platform for fostering collaboration and knowledge exchange in the sector.

Led by cybersecurity experts in the industry, the webinar analysed some of the pressing challenges and emerging threats faced by financial services companies in Nigeria while emphasising the critical need to strengthen cybersecurity resilience in the sector. 

According to the African Financial Industry Barometre report, 97 per cent  of leaders of financial institutions in Africa, rank cybercrime and regulatory constraints on cybersecurity as the leading threat to the financial services industry, alongside worsening economic conditions. The growing frequency and complexity of attacks are the reasons financial institutions view cybersecurity as a top concern. Consequently, there is a demand to enhance cybersecurity within financial services firms to establish stronger, more robust, and more sustainable businesses.

Head of Cytek, and a Global Cyber Defense expert, Michael Arov, said: “The rapid expansion of digital financial services in Nigeria has ushered in unprecedented opportunities for individuals and businesses within the ecosystem. 

“As a result of this, there is a surge in cyber threats, posing a significant challenge to the continued development of financial institutions in the country, we believe this challenge can be addressed by gaining insights from experts while discussing industry best practices that can advance the sector.”