The Nigerian Stock Exchange (NSE) has reiterated the need for the capital market operators and other business leaders in the country to ensure that they protect valuable intellectual property and business information in digital form against theft and misuse.
Executive Director, Market Operations and Technology, Mr. Ade Bajomo, stated this at the fourth Nigerian Capital Market Information Security Forum (NCMISF).
He said that cyber security is an increasingly critical management issue, which must be addressed frontally. The theme for this year’s edition was “Does your business have the resilience to withstand a disaster?
The Business Case for Business Continuity Management”.
Bajomo noted that the Nigerian Capital Market Information Security Forum (NCMISF) was born out of the need to provide a platform for stakeholders and thought leaders in the information security space to share knowledge on Information Security, best practices and cyber breaches in Nigeria and the world at large.
He noted that as technology evolves and businesses become more prone to attacks, it was evident that business continuity could no longer be treated as an afterthought or a surplus cash flow item.
Bajomo said: “It should become an integral part of operational planning and operational cost.
The need for business continuity planning has grown rapidly in today’s fast-paced, volatile business climate and as such organisations cannot afford the risk of not having a continuity plan in place.
“Statistics show that 60 per cent of small businesses will shut down within 6 months of a cyber- attack.
In the United States alone, annual number of data breaches increased from 157 million to 783 million between 2005 and 2014 and it is estimated that the cost to the organisations per breach has also increased by 23 per cent.
Business continuity, which is the capability of the organisation to continue delivery of products or services at acceptable predefined levels following a disruptive incident is now considered a societal security issue, essential to protect a society or economy.”
Besides, he noted: “At The Nigerian Stock Exchange, we are positioned to become the African exchange of choice for African issuers and global investors. Our status as a full member of the World Federation of Exchanges reflects our commitment to implementing the highest standards of international best practices.
We remain committed to executing several key innovations that are aimed at developing a more transparent and sustainable market, with structures to support the delivery of a wide range of investment products and ensure continuity,” Bajomo further noted