" ITREALMS: CSEAN applauds Nigerian banks over dual-level authentication

Monday, October 31, 2016

CSEAN applauds Nigerian banks over dual-level authentication

The National President of the Cyber Security Experts Association of Nigeria (CSEAN), Mr. Remi Afon, has applauded the Nigerian banks for instituting dual-level authentication in the nation’s financial system, reports ITRealms.

Mr. Afon who was speaking at the 2016 National Cyber Security Awareness Month Event organised by the American Embassy in Lagos at the weekend on “Recognising and Combating Cyber Crime” described the dual authentication by banking institutions in the country, as one of the best guard against cyber fraud in the world today.

According to him, dual authentication by Nigerian banks enables customers to get alert prior to completing a transaction through electronic mail (email) and or by mobile phone one-time password.

He was excited on the effect this kind of authentication will have especially on domiciliary accounts and amounts to increasing cyber concerns and efforts at checkmating fraud by Nigerian cybersecurity professionals.

A standard, he said, is not being offered in developing economies as of today.

On cybercrime facts, Mr. Afon quoted Symantec as underscoring that cybercrime has now surpassed illegal drug trafficking as a criminal money-maker, just as anti-virus company pointed out that somebody’s identity is stolen every 3 seconds as a result of cybercrime.

CSEAN president also noted that Verizon reportedly said that 89 per cent of cybercrime breaches globally had a financial or espionage motive, while Forbes predicted that cybercrime costs have been projected to reach $2 Trillion by 2019.

As said by him, cybercrime damages are expected to cost the world $6 trillion by 2021, just as he outlined some notable Nigerian cybercrime figures.

Afon pointed out that as at November 2015, there is over 97 million Nigerian internet users in the country based on the records of the Nigerian Communications Commission (NCC) and quoted the office of the Attorney General of the Federation (AGF) as recently revealing that between 2012 and 2014, Nigeria lost some N64 billion to cybercrimes, even as the Office of the National Security Adviser (NSA) indicated that the N127 million is lost yearly to cybercrime in Nigeria, while Ultrascan says that $9.3 Billion cost of cybercrime originate from Nigeria, globally.

Afon underscored some of the progress made by Nigeria in the last few years including the signing of the Cybercrime Act on May 15, 2015.

Nigeria, he equally said, went on launch the National Cybersecurity Policy and as at February 05, 2015, established the National Cybersecurity Strategy, whereas the Cybercrime Advisory Board was inaugurated in April 20, 2016.

For him, the Cyber Crime prosecutions are picking up in the country which is a display of seriousness in combatting cybercrimes. Stressing that Nigeria has established Computer Emergency Response Teams (CERRT.ng) currently under the care of the National Information Technology Development Agency (NITDA) and ngCert was created and under the guidance of the National Security Advisor (NSA).

Remmy Nweke/ED, Ops
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