Capital Market Registrars Express Concern Over Rising Rate Of Cyberattacks

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The increase of cyberattacks, particularly in the global finance industry, has drawn concern from the Institute of Capital Market Registrars.

This was stated in a statement released on Friday in Lagos by Oluseyi Owoturo, President and Chairman of the ICMR Council.

According to Oluseyi, the possibility of cyberattacks has escalated, prompting stakeholders in the capital market to step up their efforts to protect data.

He stated that, like other businesses in the modern, digitalized business environment, capital market enterprises need to be protected against cybersecurity threats.

“Capital market organizations are taking additional measures to reduce risks and protect data as a result of an increase in threats from cybercriminals.

Additionally, he added, “There is a consistent increase in digital transactions and a corresponding increase in cyberattacks, particularly in finance, globally.”

According to oluseyi, the number of assaults targeting the financial and insurance industries has climbed by 233% and server access has increased by 160% since 2019.

These stories have highlighted the significance of cybersecurity, which is essential for securing information, he continued.

A virtual conference with the title “Cyber Security Threats and Counter Measures: Implications for Security Data Management & Online Stocktrading” will be held later this month thanks to a partnership between the ICMR and the Fintech Association of Nigeria,said oluseyi

He said that participants would learn about how cybersecurity has an impact on the capital market through the webinar.


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