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Prof. Mike Obadan, a non-executive director of the Central Bank of Nigeria (CBN), raised alarm over hacker activity yesterday, stating that it has continued to have an impact on the development of the banking sector. 

At the 8th LAPO Conference on Microfinance and Enterprise Development in Benin, Obadan warned that the menace of hackers has persisted in arousing strong worries due to their detrimental effects.

He mentioned that hacker attacks on some Nigerian banks have cost the country a lot of money. In light of recent reports of cybercrime losses, he continued, the rate, scale, and complexity of the attacks are rising.

“It is of great concern that the activities of hackers have continued to affect the growth of the banking sector. The rate, scale and complexity of the attacks are on the increase considering the report of cybercrime losses in recent times. “However, the CBN has continued to monitor and coordinate responses to cyber-attacks on financial institutions in the country. Moreover, the heightened cyber security threats were moderated.”


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