SEC to tackle Cybersecurity risks on Capital Market – Yuguda

The Securities and Exchange Commission is currently working along with other agencies on a sectoral strategy to tackle any potential cyber security threat on the Nigerian capital market. The Director-General of SEC, Mr Lamido Yuguda disclosed this yesterday while briefing journalists on the outcome of the first Capital Market Committee meeting of 2022. For over […]

The Securities and Exchange Commission is currently working along with other agencies on a sectoral strategy to tackle any potential cyber security threat on the Nigerian capital market.

The Director-General of SEC, Mr Lamido Yuguda disclosed this yesterday while briefing journalists on the outcome of the first Capital Market Committee meeting of 2022.

For over two decades, the CMC has served as a veritable platform for interface amongst capital market stakeholders to discuss issues, germane to the development and orderly conduct of market activities. The SEC DG recalled that during the last CMC in 2021, Colonel Bala Fakandu of the Office of National Security Adviser (ONSA) sensitized members on the implementation of the National Cybersecurity Policy and Strategy for the finance and capital market sector.

He said that the issue of cybersecurity is becoming increasingly important globally as many of the activities of individuals and organisations now being conducted digitally more than ever before.

The SEC DG told journalists that while this has significantly raised efficiency level, it has triggered a new set of risks which the commission must recognize and guard against.

This, according to him, necessitated the need to work towards a sectoral strategy for tackling these risks.

He also said the commission has successfully concluded the extensive review of the ISA 2007 with the aim of passing the Investment and Securities Bill 2021 into law during the year 2022.