The Central Bank of Nigeria has mandated Nigerian Banks and FinTech companies in the country from August 2018 start a system of formal reportage of Cyber incidences whether they are successful or not.
Most commercial banks and FinTech companies in the country have never really come out to make public complains of Cyber attacks on their system, which I believe is because they are more interested in holding their customer base intact due to the high rate of trust issues by the Nigerian general populace.
This has led to the creation of privacy for cyber frauds in the Nigerian banking industry.
This new order is to be implemented by the all financial institutions in the country from 1st August, 2018, which would involve the inclusion of cyber security risk management in the operations of these banks.
Also, according to the APEX bank’s draft commercial banks should also appoint a Chief Information Security Officer, who will be fully involved in the implementation of the cyber security program in each bank.