CBN warns banks, fintechs over cyber risks
…Says weak links could destabilise financial system By Emma Ujah, Abuja Bureau Chief ABUJA: The Central Bank of Nigeria, CBN, has urged banks, fintechs and other financial institutions to treat cybersecurity and third-party technology risks as critical financial stability issues, warning that vulnerabilities in one institution could trigger widespread disruption across the financial system.
She warned that a weakness in a bank, fintech, payment service provider or technology vendor could spread rapidly across interconnected institutions, creating what she described as a “one-fire” effect capable of destabilising the entire financial system.
She said the objective should be to build a resilient ecosystem capable of absorbing shocks, containing cyber incidents and recovering swiftly without allowing the failure of one institution to threaten the stability of the entire financial system.
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