The Nigeria Deposit Insurance Corporation (NDIC) is in collaboration with the bankers’ committee and other government agencies to check the increasing impact of cybercrime in the country.

This was disclosed by the Head of Information Technology Department of the NDIC, Mr Imade Uhunmwagho, at the workshop for the Financial Correspondents Association of Nigeria.

He showed understanding of some factors that lead to cybercrime such as “high rate of unemployment, the quest for wealth, lack of strong cybercrime laws, and inadequate security on personal devices amongst others, which have blended to make cybercrime a significant problem in Nigeria.”

What the NDIC is saying

In a lecture titled; ‘Cybercrime and Cybersecurity Landscape in Nigeria: The Need for Consumer Protection,’ Uhunmwagho said that the NDIC is networking, collaborating and sharing information with the FSRCC, Bankers Committee, NITDA, NCC, NIBSS in other to curtail the menace of cybercrimes.

While shedding more light on the theme, Uhunmwagho stated that “Cybercrime is a fast-growing type of crime. More and more criminals are exploiting the speed, convenience and anonymity of the Internet to commit a diverse range of criminal activities that know no borders; either physical or virtual, cause serious harm and pose very real threats to unsuspecting victims.”

“In Nigeria, some cybercrimes affecting businesses and individuals are: phishing attacks, website spoofing, ransomware and malware attacks,” he added.

He also indicated that the NDIC is strengthening laws, regulations, guidelines and frameworks for cybersecurity such as NDPR Act, 2019, Cybercrime Act 2015, CBN Risk-based Cybersecurity Framework, Data Protection Bill, 2020.

As a response to cybercrimes, the NDIC enforces best practices during bank examination, combined with the frequency of Access Right Reviews, Backups: Data Protection, Encryption, Business Continuity, Regular Training and Awareness on Cybersecurity.