The Association of Bureaux De Change Operators of Nigeria (ABCON) has enjoined all Bureuaux de Change (BDCs) licensed by Central Bank of Nigeria (CBN) to create or activate over 4,000 official/ corporate emails on its platform and stop use of Yahoo and Gmail for official communication.
ABCON President, Alhaji Aminu Gwadabe who disclosed this in Lagos while briefing financial journalists on the development said the advice followed a circular from the Other Financial Institutions (OFIs) Department of CBN, directing all OFIs including BDCs to adopt corporate e-mails for their communication with the apex bank.
Advising ABCON members to activate their emails on the automation platform to enable them comply with the CBN circular, he said all members are to visit national and zonal secretariats for further enquiry and assistance, where necessary.
Speaking further, he said: “We are also glad to inform the gathering that over 1,000 BDCs in the South-west have been integrated with the new CBN Forex return rendition platform. In due course, our members in the other zones shall be integrated to achieve online real time return rendition to CBN from the comfort of their offices. ABCON has created over 4,000 official emails on its platform for its members to enhance compliance”.
Gwadabe said ABCON proactiveness in the automation of its members’ operations, has paid off, as all BDCs now have opportunity to re-active their official e-mails on the ABCON platform.
The ABCON boss said the rising threats of cyber-security attacks on the financial system means that all stakeholders, including BDCs must be proactive to protect their data, businesses, reputation and overall operations from cyber attackers.
He said that e-mails have remained the weakest link on cyber attacks and BDCs under his leadership will continue to upgrade their IT systems to ensure that they are ahead of the cyber criminals, adding that banks, OFIs, digital wallets and remittance players are prime targets by cyber criminals seeking quick monetization of stolen credentials.
“It is therefore important that we do not relent in our efforts at protecting this space and increasing public confidence in financial system,” he said.
Gwadabe backed the OFIs Department of CBN on the policy shift, agreeing with the regulator that most cyber attacks involve the use of web or internet-based emails to send malicious software or viruses that compromise the data and IT systems of organizations, insisting that this has attendant negative impact on the confidentiality, integrity and availability of critical information assets.
He urged BDCs with corporate e-mails to comply with the CBN directive by making regulatory submissions and communicating with the regulator via e-mails as the apex bank has restricted all web-based e-mails from its domain, adding that compliance is compulsory.
Gwadabe advised BDC’s to comply swiftly with the CBN policy on corporate e-mails, adding that cyber attack can be launched through webmail and operators that are yet to integrate with the corporate e-mail may be at risk of losing huge capital or reputation, should there be system attacks.