Banks Spend N950m to Secure Networks against Cyber-Attacks
MONEY deposit banks in the country have spent
some N950 million to secure their networks
against external intrusions especially from cyber
criminals, according to experts.
Majority of the money were spent on the
certification of Payment Card Industry
Data Security Standards (PCI DSS)
version 3.1, the latest security measure
aimed at waging off hackers from
networks.
PCIDSS is a framework for ensuring that
critical information assets are protected
from unauthorized access, use,
disclosure, disruption, modification,
perusal, inspection, recording or
destruction.
Nigeria CommunicationsWeek
investigations revealed that each of the
19 banks spends some N50 million in
implementing all controls needed for
certification of PCIDSS inclusive of
consulting fee.
It would be recalled that CBN had
directed all deposit money banks,
Switches and Processors to be PCIDSS
certified, on or before November 30,
2014. While the version 3.1 is an
upgrade to the existing implemented
standard and was released in January
this year.
Oluseyi Akindeinde, chief technical
officer, Digital Encode, a company that
assist banks and other organisations to
achieve PCI DSS certification, said
though there is no deadline by CBN to
Banks on this version, but it is
mandatory for banks to upgrade to this
version as a security measure to protect
their customers against external fraud.
He added that, PCI DSS Version 3.1 is just
an update to the already existing PCI DSS
version 3.0. He added that as at today all
banks are now PCIDSS certified.
“It was brought about by the ever
evolving and changing sphere of
information security. It has updated a
few of the objectives and added new
controls in line with the current
landscape of payment systems threats
and risks. There are quite a number of
advantages. One is that it makes
application security testing a very key
component of the overall process.
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