According to the PwC Global Economic Crime Survey, Cybercrime is a “growing threat” globally and the second most commonly reported economic crime affecting financial institutions (FIs). It accounted for 38% of economic crime incidents for FI organizations, compared to 16% for other industries. Nigeria, as a vibrant economy is not isolated from these Cybercrime incidents.
Cybercrime is a prevalent issue for all organizations as it puts customers, brand, and reputation at significant risk. The reputational and financial losses can be significant. As Nigerian financial institutions adopt new electronic banking standards and technologies in response to the “Cashless Policy” directive by the CBN, a coordinated approach to addressing the issue of cybercrime and the threat it poses to the financial industry is necessary. Furthermore, as a consequence of this policy drive, Nigerian companies and Government agencies are also moving a lot of their financial activities from manual to electronic platforms.
On this premise, the Forensics team hosted a one-day conference on the issue of “Dealing with the Cybercrime threat in the Financial Services sector”. It was an interactive session where Industry representatives, subject matter Experts and Regulators, discussed the cyber threat landscape (Global and Local), industry convergence, as well as effective counter-measures and challenges.
The Conference kicked off with an opening address by Ken Igbokwe, PwC Nigeria Country Senior Partner, followed by a key note address by Dr. Ademola Odeyemi, Executive Director, Strategy and International Business, Guarantee Trust Bank PLC. The event took place at the Oriental Hotel on 19 November 2013.