By BENJAMIN ORESEMEKA, Abuja –
The Securities and Exchange Commission (SEC) has said it is currently working along with other agencies on a sectoral strategy to tackle any potential cyber security threat on the Nigerian capital market.
The Director-General of SEC, Mr Lamido Yuguda disclosed this on Thursday while briefing journalists on the outcome of the first Capital Market Committee meeting of 2022.
For over two decades, the CMC has served as a veritable platform for interface amongst capital market stakeholders to discuss issues germane to the development and orderly conduct of market activities.
He said that the issue of cybersecurity is becoming increasingly important globally as many of the activities of individuals and organisations are now being conducted digitally more than ever before.
The SEC DG told journalists that while this has significantly raised efficiency levels, it has triggered a new set of risks which the commission must recognize and guard against.
This, according to him, necessitated the need to work towards a sectoral strategy for tackling these risks.
He said, “The issue of cybersecurity is becoming increasingly important globally. Many of our activities as individuals and organizations are now conducted digitally more than ever before.
“While this has significantly raised our efficiency level, it has triggered a new set of risks which we must recognize and guard against. We are working towards a sectoral strategy for tackling these risks.”
He also said the commission has successfully concluded the extensive review of the ISA 2007 with the aim of passing the Investment and Securities Bill 2021 into law during the year 2022.
Speaking on the updated Master Plan, which would guide the development of the capital market for the next 5 years, the SEC DG explained that the review, which forms a critical part of the implementation process and was necessary to ensure that the initiatives remain relevant, are measurable and goal oriented, has been completed.
On the issue of transaction fees which were non-existent or negligible in the debt capital market, the SEC DG said the cost of regulation was relatively the same as in other instruments and markets.
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