Investment and Cyber Security: Minister Expresses Concern

Investment and Cyber Security: Minister Expresses Concern

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Investment and Cyber Security: Minister Expresses Concern
Minister for Communications, Mr. Adebayo Shittu has expressed concern over the issue of cyber security, noting that the effects are increasing alarmingly and it needs to be addressed to boost Foreign Direct Investments (FDI).
The minister made this known recently in Abuja during the 8th Annual International Conference of the Information Systems Audit and Control Association (ISACA)
According to him, the financial sector deserves protection from the cyber security professionals, noting that the traditional banking was essentially paper-based and therefore void of cybercrimes,
In his words : “However, in the financial services world of today, banking transactions are fast leaving the four walls of brick & mortar branches to the clouds; increasing transactions are being done via ATM, POS, Internet banking, Mobile Money, and NEFT; account opening is noThe w possible on Social Media platforms such as Facebook. Besides, the information of all registered citizens of Nigeria is stored in the cloud. The electoral process today also involves use of electronic card readers.”
“The use of CCTV is very common in most organizations and even households today. Mobile communication and e-mailing and social media communication are now the order of the day. Use of computers and other office support systems are obvious in all offices today. Electronic commerce and online malls are very prevalent. Electricity and transportation had also gone digital, using prepaid. This developmental approach, as good as it is, is faced with war with cyber-criminal elements,” the Hon. Minister stated.
It should be noted that the recent data from NITDA reveals that 70 per cent of 3,500 cyber attacks in Nigeria were successful, and this has led to a loss of about $450 million.
Taking tough stance on cyber crime, Mr. Adebayo Shittu said: “should we go back to the old days or move ahead with spears in our hands to conquer this cyber war? Of course, we must move ahead; we must fight the war; and we must conquer but we MUST optimize our technology”.
The Minister noted that cyber crimes cannot be fought with military guns and bullets, but with adequate professional skills, experience and expertise. “I am convinced ISACA has those skills; you have the knowledge; you have the professionals; you have the approaches, techniques and strategies. Permit me to say that you sitting here are the professionals Nigeria is counting on to conquer the cyber wars and crimes in the country. If the country fails, then you have failed and ISACA has failed in Nigeria.”
The Minister noted that to deal effectively with cyber security, practical measure needs to be taken more serious than mere paper certifications that we are used to: “At this juncture, may I emphasize here that though these certifications are very important, but your practical involvement, the demonstration of your expert knowledge in facilitate a secured cyberspace in Nigeria is our utmost demand.”
“I can assure you that if our cyberspace is safe, investors will come; e-commerce will be given much priority; and most transactions will be done without stress and above all, the quality of life will increase. This is what national development is. “The share of telecommunications in total real GDP had declined throughout 2010 to 2014, but for the last five quarters, growth in telecommunications has been higher, meaning the trend has reversed,” he boasted.
He said that efforts by the government to blossom the potentials of local solutions and unplug the low hanging technology are in the offing, which according to him would make Nigeria IT industry a knowledge based sector.
He called for a system where all lecturers and civil servants will deliver digital dividend through inclusiveness in the emerging information society (IS) because there are gaps in the ICT ecosystem that is inhibiting the kind of growth, sectoral connections and contribution to our economy that it is capable of.

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