Black Market Dollar to Naira Exchange Rates - 7 November, 2023
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Nigerian Fintechs Grapple with Unprecedented Losses as Cyberattacks Soar
In a recent eight-month onslaught, Nigerian fintech companies have suffered staggering losses totaling ₦5 billion, a direct consequence of the escalating activities of hackers and fraudsters. These attacks have unveiled not only the vulnerabilities in the industry but also a disturbing surge in insider participation in financial crimes.
Nigeria, November 7, 2023 – The financial technology sector in Nigeria finds itself in the midst of a cybersecurity crisis as it grapples with a wave of cyberattacks that have cost fintech companies over ₦5 billion in just eight months. These relentless assaults have exposed the industry's vulnerabilities and underscored the alarming increase in insider involvement in financial crimes. CONTINUE READING.....
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Even well-secured payment platforms have fallen victim to these attacks when interconnected with sister fintechs that lacked adequate cybersecurity measures. According to a report by Nairametrics, the surge in fraudulent activities affecting the Nigerian financial sector is primarily attributed to the rise in insider jobs, presenting a significant challenge for fintech companies striving to bolster their defense mechanisms.
Darlington Onyeagoro, CEO of one of Nigeria's leading digital banks, Aladin, shared a harrowing account of how hackers infiltrated a Nigerian fintech, making off with over ₦800 million. The attacks have raised concerns about the industry's security and emphasized the need for increased cybersecurity measures to protect the financial technology sector.
It's a challenging landscape for Nigerian fintechs, as they work to safeguard their operations from both sophisticated external hackers and the unsettling reality of insider involvement in these financial crimes. The industry is under pressure to fortify its defenses and enhance security protocols to mitigate the risks posed by cyberattacks and breaches. CONTINUE READING.....
In summary, Nigerian fintechs are facing unprecedented challenges due to the surge in cyberattacks and insider involvement, which has led to substantial financial losses. The industry must prioritize cybersecurity to protect itself against these threats and ensure the safety of the financial sector.
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