Effyis Group’s Post

📢 Just Published in ThisDay Newspaper! 📢 I'm excited to share my recent article, "Analyzing the Recent Network Glitches in Nigeria's Banking Sector," published in ThisDay Newspaper. In the article, I dive into the recent technical disruptions faced by major Nigerian banks due to system migrations and the need for enhanced cybersecurity. I explore the challenges these banks are facing, the impact on customers, and the lessons we can learn from fintech companies that are thriving with agile systems. Read the full article here: https://lnkd.in/dckj2UYY Thank you to THISDAY for the platform to address this important issue, and I hope this piece sheds light on the ongoing digital transformation in Nigeria’s financial sector. #Cybersecurity #Banking #Nigeria #DigitalTransformation #Fintech #FinancialServices

Tashkent's FutureBIZ Connect Forum at BMU takes deep dive into fintech and cybersecurity🛡️ As technology continues improving, more financial transactions will continue happening online. These transactions will be easier and more convenient for customers and financial institutions. However, online transactions come with their own special risk. Cyber security in the banking sector aims to safeguard users’ assets, whether cash or data; this is crucial because society is slowly going cashless and more transactions are being performed online. In response to these challenges, the British Management University (BMU) in Uzbekistan's Tashkent, held the FutureBIZ Connect Forum on May 1, focused on the integral roles of fintech and cybersecurity within modern business and banking sectors. 🏦🧑🏼💻 👉Details: https://lnkd.in/drRj_qpD British Management University in Tashkent , Conrad Ożóg, Bekhruzbek Ochilov, MCSI, Nika Kurdiani, Liliya Achilova, Cihan Vehbi Salihoglu, Sagina Abdullaeva, Sabina Aliyeva

Is Your Money and Private Informations Safe? Euro zone banks have "room for improvement" in their cybersecurity, particularly in maintaining business operations after a hack, the European Central Bank (ECB) stated on Friday. The ECB initiated its first-ever cyber risk stress test in response to a surge in attacks, some potentially driven by geopolitical motives. The test results were released a week after a global tech outage disrupted various sectors, including finance. As part of this exercise, 109 banks were required to detail their response and recovery strategies for a successful cyber-attack, including activating emergency procedures and restoring normal operations. The ECB reviewed these submissions and provided specific recommendations to each bank as part of its annual supervisory assessment, without affecting capital requirements. The results of the stress test are insightful and showed that while banks do have high-level response and recovery frameworks in place, there is still room for improvement. Banks were advised to enhance their business continuity plans post-hack, strengthen backup measures, and scrutinize external providers, among other recommendations. #orcacybersecurity

Cyber Security is top of the agenda in the boardroom of many banks these days... and so it should be.

🚨 As ECB rushes toward an October 2025 Digital Euro launch, our analysis reveals major questions about its necessity and risks. With existing payment solutions working well, is this costly CBDC worth the cybersecurity concerns? Read our deep dive here

THE GLOBAL CYBER THREAT TO FINANCIAL SYSTEMS The article from the IMF discusses the increasing cyber threats to the global financial system, emphasizing the urgency for global cooperation to ensure protection. Highlighting a significant incident in 2016 where hackers targeted Bangladesh's central bank, attempting to steal $1 billion and successfully diverting $101 million, it serves as a wake-up call for the financial world. The piece underscores the vulnerability of the financial system to cyberattacks amid digital transformation accelerated by the COVID-19 pandemic, urging a collective action to safeguard against potential threats that could undermine financial stability and public trust. #AI #FinanceSector #Inrika #businessanalyst #jobs #carrier #IMF #Cyber https://lnkd.in/etZCzZp

[Sponsored]: The fast pace of digital finance in Egypt will test the country's infrastructure and regulations. Cybersecurity and the local hosting of data are critical issues that banks and fintechs must navigate to succeed. Explore further details:http://spr.ly/60445Wi5y

𝙈𝙞𝙩𝙞𝙜𝙖𝙩𝙞𝙣𝙜 𝙩𝙝𝙚 𝙩𝙝𝙧𝙚𝙖𝙩: 𝙝𝙤𝙬 𝙘𝙚𝙣𝙩𝙧𝙖𝙡 𝙗𝙖𝙣𝙠𝙨 𝙣𝙖𝙫𝙞𝙜𝙖𝙩𝙚 𝙩𝙝𝙚 𝙙𝙖𝙧𝙠 𝙨𝙞𝙙𝙚 𝙤𝙛 𝘼𝙄 🤖 📅 In recent revelations, authorities in #HongKong and #Singapore have issued stark warnings about the growing risks associated with artificial intelligence in the financial sector. They highlight a worrying trend: #AI could significantly democratise access to sophisticated #malware, potentially leading to an increase in fraud against central banks and other financial institutions (source: Central Banking). 🏴☠️ This alarm is echoed by observations across the African continent, where financial institutions such as the Bank Of Africa, among others, have already suffered at the hands of #cybercriminals. With AI potentially exacerbating these threats, there's an urgent need for a robust counter-strategy (source: The Africa Report). 🤝 As we stand on this precipice, the role of central banks in pioneering advanced cybersecurity frameworks is undeniably critical. The imperative goes beyond mere defence and calls for proactive collaboration between global financial institutions, regulators and #cybersecurity agencies. This collaborative approach is essential not only for sharing critical threat intelligence, but also for fostering the development of AI-driven countermeasures. 🛜 The stability of the financial sector depends on our collective preparedness. We must invest in cutting-edge training, strengthen regulatory oversight, and promote the ethical use of AI to strengthen our defences against this new wave of cyber threats. Let's engage in thoughtful dialogue and concerted action to protect our financial institutions from these emerging challenges. #CyberSecurity #FinancialInstitutions #ArtificialIntelligence #CentralBanks #GlobalFinance

Inspired by the "Cashless Kingdom" panel at #FintechFutureSummit, I'm convinced that Saudi Arabia is on the verge of a financial revolution. Vision 2030's ambitious goals, coupled with the proactive approach of the Saudi Arabian Monetary Authority (SAMA), are fostering a fertile ground for fintech innovation. While the shift towards a cashless society promises greater financial inclusion and economic efficiency, the panel rightly emphasized the importance of robust cybersecurity measures to mitigate fraud. It's reassuring to see new regulations being implemented to ensure a secure and transparent fintech ecosystem that benefits everyone. #SaudiVision2030 #fintech #cashless #innovation #cybersecurity

[#StransactInsights] The Central Bank of Nigeria (CBN) has recently retracted its directive that mandated banks and other financial institutions to implement a 0.5% cybersecurity levy. Find more details below. #Stransact #Tax #Audit #Cybersecurity #Business