The Central Bank of Nigeria (CBN) has warned that a cyber weakness in one bank could spread across interconnected financial institutions and trigger wider disruption in Nigeria's financial system. The apex bank urged banks, fintechs, and other financial institutions to strengthen cybersecurity, manage third-party technology risks, and improve business continuity measures. It emphasized that vulnerabilities in one institution could escalate into systemic threats across the interconnected financial ecosystem. The CBN said financial institutions must move beyond protecting their individual organizations and strengthen safeguards across their networks.
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