The Central Bank of Nigeria (CBN) has warned that cybersecurity can no longer be treated as an internal responsibility of individual banks, stressing that a vulnerability in one institution or technology provider can cascade through the country's interconnected financial system. The CBN urged banks, fintechs, payment service providers, and other financial institutions to adopt a collective approach to cybersecurity, third-party technology risks, and business continuity. The warning was issued by the Director of the Payments System Supervision Department, who also chairs the CBN's cybersecurity committee.
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