Cytek Advocates Cybersecurity Resilience in Nigeria’s Financial Services Sector

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By Adedapo Adesanya

Leading global provider of technological solutions YNV Group, through its cybersecurity brand, Cytek, has advocated that stakeholders in the financial services sector prioritise cybersecurity and highlighted key strategies for resilience at a recently hosted webinar for the industry.

The session which was held on November 22, was themed 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. Participants gained valuable insights from industry experts and explored innovative solutions to fortify their digital infrastructure.

According to the African Financial Industry Barometer 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.

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

“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,” he added.

Speaking further at the webinar, Mr Arov said “Cytek’s presence in Nigeria is positioned to solve the biggest cybersecurity challenges in Nigeria by building capacity, providing managed security services to businesses as well as cybersecurity advisory and implementation, hence the reasons for the launch of the Security Operations Centre in our Tek Experts’ office.”

The virtual session featured a lineup of distinguished speakers, including cybersecurity thought leaders, financial industry experts, and other professionals with extensive experience in protecting financial institutions against cyber threats. Notable speakers from the session included Chief Cybersecurity Architect, Cytek, Anat (Rubin) Garty; Group Chief Information Security Officer, First Bank, Dr Harrison Nnaji; and Head of Cytek, Global Cyber Defense Expert, Michael Arov.

YNV Group, through Cytek, remains committed to fostering knowledge-sharing initiatives and providing innovative solutions to address the evolving challenges in the Nigerian financial services sector.

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