Business

NSE promotes cyber-security awareness among stakeholders

Chief Executive Officer of the Nigerian Stock Exchange, Oscar N. Onyema

Consistent with its commitment to providing an efficient and sustainable capital market, the Nigerian Stock Exchange on July 12, 2016 organized the 3rd edition of the Nigerian Capital Market Information Security Forum with the theme “What to do when you are hacked”.

This biannual event provides a platform for stakeholders and thought leaders in the information security space to share knowledge on Information Security best practices and cyber breaches in Nigeria and the world at large. Some of the topics discussed at the forum include Security in a Mobile-First Cloud-First World by Microsoft, What to Do When You Get Hacked and Transforming Data Protection with Hewlett Packard Enterprise.

According to Executive Director, Market Operations and Technology, NSE, Mr. Ade Bajomo, the forum is designed to deepen awareness on information security, cyber threat and the crucial role that effective information security systems play in ensuring that firms continue to provide reliable and secure services that endear customer confidence and patronage, whilst leveraging technology to grow their profitability.

“The incidence of hacking attacks are on the rise and the need to secure and maintain information integrity has never been greater. Businesses need to take proactive measures to prevent theft and misuse of information, damage to intellectual property and loss of value as a result of breaches. Capital market players must be up to speed with the techniques employed by hackers as well as processes for adequate business continuity and disaster recovery”

Bajomo also counselled that “to make hacking attacks less expensive, business owners should constantly embark on staff training, introduce right technology and processes as well as ensure round the clock IT infrastructures system surveillance”.

The Chief Information Security Officer (CISO) of the NSE, Mrs. Favour Femi-Oyewole, who made a presentation on Information Classification Guidelines for Effective and Secure Communications, noted that “many organizations protect, manage and store their information the same way regardless of its importance. Without classification everyone treats the same piece of information differently, which could have major consequences. From the time information is created until it is destroyed, it should be labelled with a classification designation to ensure it is protected, stored and managed appropriately”.

Business Solutions Specialist, Microsoft Corporation, Mrs. Blessing Nnachi, in her presentation said that “there is a constant tussle between innovation and security as every business innovation exposes one to more risks”. She revealed that 160 million customers get compromised daily, as it takes 229 days between infiltration of data and detection, while businesses lose $3 million per breach, depending on the location of the business.

Country Managing Director, Hewlett Packard Enterprise, Mr. Chuks Okpaka, advised business owners to ensure that their data is evenly protected and stored in easy retrieval formats through formidable backups, since 99.9 per cent of hacking centres on data. The Nigerian Capital Market Information Security Forum which recorded about 150 participants was sponsored by Microsoft and Hewlett Packard Enterprise.

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