Experts warn of looming global financial crisis induced by cybercrime

Global financial crisis induced by cybercrimes is imminent unless this is checked, president, Fintech Association of Nigeria President, Dr. Segun Aina, has predicted.Aina who also doubles as the Chairman, Global Banking Education Standards Board, warned that most regulators and operators might not be prepared for the financial downturn.He stated this at the 2019 Chartered Institute of Bankers of Nigeria (CIBN) Lagos State Branch, Bankers & Stakeholders nite in Lagos, stressing that governments of different countries might also not be able to provide bailouts to banks like they did previously in 2008.According to him, banks’ losses to fraud in Nigeria jumped to N15.15bn in 2018, an increase of 539 per cent compared to N2.37bn in 2017, maintaining that internet & technology based sources of fraud accounted for 59 per cent of fraud cases and 43 per cent of actual loss.Citing the NDIC report that cybercrime will cost the world $6 trillion annually by 2021, he said, this rose upward from $3 trillion in 2015. “Global spending on security awareness training for employees is predicted to ...Read more

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