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Mastercard Spearheads Groundbreaking Cyber Security Forum in Nigeria

TECHDIGEST– Mastercard, in collaboration with the Committee of E-Banking Industry Heads for Nigeria (CeBIH), has taken a bold step towards combating fraud and cybersecurity threats by hosting a groundbreaking Cyber Security Forum in Lagos, Nigeria. With cyber risk being one of the top concerns organizations face today, this annual event aims to address the escalating challenges faced by Nigeria in terms of cybersecurity and fraud.

The statistics are alarming. According to the Nigeria Inter-Bank Settlement System (NIBSS), a staggering 91% of fraudulent attacks were successful in the past year, resulting in substantial financial losses.

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The Anti-Corruption Agencies of Nigeria have revealed that illicit financial crimes drain nearly $18 billion from the economy annually. As digital payments and services continue to rise, organizations become increasingly vulnerable to pervasive, sophisticated, and intelligent security threats.

Recognizing the urgent need for proactive risk management, Mastercard, through the Cyber Security Forum, provided valuable insights into the regional cyber threat landscape. With a particular focus on the financial services sector, which has become a prime target for cybercriminals, attendees gained a deeper understanding of common attack methods, motivations, and targeted assets.

Cutting-edge fraud prevention techniques and tools were showcased, including Mastercard’s strategic threat intelligence data. This advanced analytics solution employs real-time monitoring to identify potential threats, ensuring rapid detection and prevention of fraudulent activities while enhancing customer service and account protection.

Celestina Appeal, the Chairman of the Committee of e-Business Industry Heads (CeBIH), emphasized the importance of collaboration among stakeholders in the payment ecosystem to effectively combat cyber-attacks. Highlighting the relentless nature of cybercriminals’ schemes and their constant innovation, she urged concerted efforts to prevent continuous cybersecurity attacks.

Mastercard’s Cyber Security Forum aligns perfectly with its vision of creating a secure and seamless payments environment. By empowering customers with the latest knowledge and tools, this initiative equips businesses with the necessary defenses to safeguard against evolving cyber threats.

Furthermore, as part of their commitment to fighting fraud, Mastercard proudly sponsors the CeBIH Quarterly sessions. These gatherings provide a platform for industry experts to share insights on the latest trends in fraud prevention and disseminate best practices for customer protection while promoting cyber security throughout Nigeria and beyond.

In the battle against cybercrime, Mastercard stands at the forefront, arming organizations with the means to protect themselves, their customers, and the integrity of the financial ecosystem. The Cyber Security Forum heralds a new era of proactive defense, fostering collaboration and empowering businesses to stay one step ahead in the ever-evolving landscape of digital threats.