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NSE hosts Capital Market Security Information Forum in Lagos

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Wednesday, November 01, 2017 4.00pm/Proshare WebTV

The Nigerian Stock Exchange, on October 31 2017 hosted the National Capital Market Information Security  forum to discuss the theme: “Defending against Cybercrime – Becoming a Cyber-Resilient Organization.” Favour Femi-Oyewole, Chief Information Security Officer, NSE, the Global Certified Chief Information  Security Officer of the Year 2017, in his presentation described cyber-resilience as the ability to prepare for and adapt to changing conditions, withstand and recover rapidly from disruptions.

“Cyber-resilience is empowering organizations to thrive in the face of all threats in the cyber landscape today. Most organizations globally recognize the importance of resilience. They are not prepared for recent widespread incidents such as APTs and ransomware. They however, build courage to overcome an array of events, through people, process, and technology. The best way to manage this dynamic cyber threat is to develop organizational cyber resilience. We must ensure our technical security controls evolve and adapt to ever-changing cyber threats and vulnerabilities!”

He listed some of the challenges facing cyber-resilience to include:  Lack of resources (Budget constraints and talent),Not a high priority for organizations’ leadership; and Unpreparedness in responding to a cyber-security incidence. According to him, cyber-resilience is important now more than ever before due to the increase in cyber-security threats, multiple threat actors and significant impact as technology dependence grows.

Mr. Adeolu Bajomo, Executive Director, Market Operations and Technology, speaking at the forum said cyber-attacks are getting more sophisticated, citing the Bangladesh bank robbery (2016), the Corkow Malware (2016), and the Equifax Data Breach (2017) as prime examples. He said that to address cyber-security concerns, experts are primarily concerned with reducing the time it takes to identify a breach to minimize any potential damage, and also predicting and detecting potential threats before they occur to prevent attacks.

“Cyber-resilience extends beyond cyber-security. It determines how well your business can bounce back from disruptive incidents. Assess yourself to know your weaknesses and vulnerabilities within your organization. Understand how they connect and prioritize them. Adopt a holistic and formal approach to keep abreast on modern threats and solutions. This would clarify misconceptions surrounding capability and implementations. Getting security budget approval requires an understanding of numbers. You should be able to build an investment case in acquiring security solutions and making necessary investments to tighten security. Cyber-security efforts are most effective when leveraging and building upon existing standards such as ISO 27001:2013 and ISO 27002.”

The benefits of cyber-resilience include increased organizational governance, effective risk management, understanding of data management among stakeholders, and an effective incident management.

Cyber-resilience according to him aligns IT and the business strategy of the organization. The Board and Executive Management should be ultimately responsible for driving resilience. Hence, setting the tone. Bajomo believed Cyber Security must make the shift from a “policing” mindset to one that promotes an integrated, comprehensive cyber strategy powered by people, processes, and technology.

The Forum, comes at a critical time the Nigerian Capital market is adopting technology solutions to drive its operations and trading activities.

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