SEC building collaborations to combat cyber risks – Yuguda

The  Securities and Exchange Commission (SEC) has said it is working with other agencies on a sectoral strategy to tackle potential cyber security threats on the Nigerian capital market.

A statement said the Director-General, SEC, Mr Lamido Yuguda, said this while speaking on the outcome of the first Capital Market Committee (CMC) meeting of 2022.

For over two decades, the statement said, CMC had served as a veritable platform for interface among capital market stakeholders to discuss issues important to the development and orderly conduct of market activities.

The SEC DG recalled that during the last CMC in 2021, Col. Bala Fakandu of the Office of National Security Adviser (NSA) had sensitised members on the implementation of the National Cybersecurity Policy and Strategy for the finance and capital market sector.

He said the issue of cybersecurity was becoming increasingly important globally as many of the activities of individuals and organisations were now being conducted digitally more than ever before.

The SEC DG said while this had significantly raised the efficiency level, it had triggered a new set of risks which the commission must recognise and guard against.

This, according to him, necessitated the need to work towards a sectoral strategy for tackling these risks.

Yuguda said, “The issue of cybersecurity is becoming increasingly important globally. Many of our activities as individuals and organisations are now conducted digitally more than ever before.

“While this has significantly raised our efficiency level, it has triggered a new set of risks which we must recognise and guard against. We are working towards a sectoral strategy for tackling these risks.”

Yuguda said the commission would continue to enhance the existing regulatory framework guiding the operations of the market by keeping pace with the evolving changes in market practices, especially with the advent of financial technology which had significantly altered the ways and means of transacting business in the capital market.

He also said the commission had successfully concluded the extensive review of the ISA 2007 with the aim of passing the Investment and Securities Bill 2021 into law during the year 2022.