Nigeria: Ignorance Identified as Key Factor in the Surge of Cybercrime, Say Experts

Cybersecurity stakeholders have pinpointed ignorance as a significant driver behind the increasing incidents of cybercrime in society.

This revelation emerged during the launch of the ‘NoGoFallMaga, Confam Am Again’ campaign, organized by the Committee of Chief Information Security Officers of Nigerian Financial Industry. The campaign is supported by the Central Bank of Nigeria, the Bankers Committee, and Cybersafe Foundation.

The experts behind the initiative view it as a comprehensive drive to enhance awareness and education about cybersecurity among customers of commercial banks, payment service providers, and the general public. Their consensus is that if executed effectively, this campaign can lead to a notable reduction in cybercrimes and financial fraud within the country.

The stakeholders have emphasized that the campaign will be conducted in multiple major languages spoken in Nigeria, including pidgin.

Speaking at the launch event, Mr. Festus Amede, Chairman of the Committee of Chief Information Security Officers of Nigeria’s Financial Industry, highlighted the significant digital technology adoption within the financial industry as a response to the Central Bank of Nigeria’s financial inclusion initiatives and the aftermath of the COVID-19 pandemic.

However, he also noted that this increased reliance on digital platforms has consequently led to a surge in cybercrimes and financial fraud, eroding customers’ trust and confidence in the financial system.

Amede asserted, “In the face of this heightened innovation and utilization of digital platforms, the landscape of cyber and technology has undergone substantial transformation, consequently giving rise to new risks, particularly in sustaining trust and confidence among customers in their ability to communicate and transact securely within the financial ecosystem.”

Dr. Peter Obadare, Chairman of Cybersafe Foundation, stressed that the campaign’s primary goal is to construct a human firewall to complement the security firewalls established by financial institutions in order to prevent fraud.

He explained, “We’ve developed processes and invested in technologies, but we also need to develop the human firewall. When discussing cybersecurity, we often focus on technology and processes, but we must not overlook the human aspect. Investing in cybersecurity education for people is never a mistake. What we’re embarking on today is about elevating the populace’s cybersecurity intelligence, which holds immense significance. It’s about constructing a human firewall.”