Nigerian Bank Faces Reality of Cyber Crimes - the Cost $40 million
by
Adil Siddiqui
An African Bank has been on the back-end of a $40 million cyber-theft. The bank witnessed an inside-job by an employee that stole funds, the crime raises concerns for the financial services industry.
News of a forty million dollar cyber crime has given firms operating in the financial services sphere a cause for concern. A Nigerian bank has been plagued with a hefty financial loss at the hands of technology. The report shows the sensitive impacts of technology despite defence mechanisms in place.
According to reports, a Nigerian man is wanted by police for his part in a scam that has cost a bank USD forty million. A gang disguised as maintenance staff unfolded the crime with the help of an insider. The culprits were identified as they attempted to withdraw the illegal money. Financial services firms spend a significant amount on safeguarding their infrastructure in the modern technological world, data from the BIS shows that UK firms spend over $1.1 billion on cyber security software. The systematic threats of cyber crimes have been present for several years, however with the increasing dependence on electronic methods, its systems come complete with ‘so- called safety software’ with accompanying solutions, similar to the way a home computer comes with standard anti-virus software.
Like in all developing economies with the deployment of technology, Nigeria has seen a rise in cyber threats, the country's central bank working alongside the main financial institutions in order to address the problems through collective solutions. The central bank estimates annual losses in excess of $245 million as a result of cyber crime.
DoS and FX
Financial services brokers operating in the margin derivatives sector face the difficulties of cyber crime, the popular Denial of Service (DoS) attacks are common in the sector and are increasing across the board in scale and effectiveness.
Brokerage firms face a higher level of threat as softwares such as MetaTrader 4 have limited safety protocols offered by providers, thus putting greater pressure on a firm's resources.
Piyush Parekh, CEO of VIBHS, a Dubai-based financial services firm, responded to Forex Magnates in light of the cyber crime faced by the Nigerian bank: “The mentioned case highlights the Volatility and danger firms face, our IT teams constantly review and test our facilities in order to prevent any issues.”
News of a forty million dollar cyber crime has given firms operating in the financial services sphere a cause for concern. A Nigerian bank has been plagued with a hefty financial loss at the hands of technology. The report shows the sensitive impacts of technology despite defence mechanisms in place.
According to reports, a Nigerian man is wanted by police for his part in a scam that has cost a bank USD forty million. A gang disguised as maintenance staff unfolded the crime with the help of an insider. The culprits were identified as they attempted to withdraw the illegal money. Financial services firms spend a significant amount on safeguarding their infrastructure in the modern technological world, data from the BIS shows that UK firms spend over $1.1 billion on cyber security software. The systematic threats of cyber crimes have been present for several years, however with the increasing dependence on electronic methods, its systems come complete with ‘so- called safety software’ with accompanying solutions, similar to the way a home computer comes with standard anti-virus software.
Like in all developing economies with the deployment of technology, Nigeria has seen a rise in cyber threats, the country's central bank working alongside the main financial institutions in order to address the problems through collective solutions. The central bank estimates annual losses in excess of $245 million as a result of cyber crime.
DoS and FX
Financial services brokers operating in the margin derivatives sector face the difficulties of cyber crime, the popular Denial of Service (DoS) attacks are common in the sector and are increasing across the board in scale and effectiveness.
Brokerage firms face a higher level of threat as softwares such as MetaTrader 4 have limited safety protocols offered by providers, thus putting greater pressure on a firm's resources.
Piyush Parekh, CEO of VIBHS, a Dubai-based financial services firm, responded to Forex Magnates in light of the cyber crime faced by the Nigerian bank: “The mentioned case highlights the Volatility and danger firms face, our IT teams constantly review and test our facilities in order to prevent any issues.”
Devexperts Teams Up with nuam Exchange to Boost Equity and Derivatives Trading
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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