With statistics showing that crypto losses in Q1 2022 alone spiked 695% (YoY) compared to the previous year, there is so much to do to equip the industry so that it can effectively resist the growing threats and minimize losses.
Consequently, the Fintech Association of Nigeriafocused on this issue during its intercontinental webinar labeled ‘Protecting Digital Investments in the Age of Cyber Threats‘.
The webinar held on July 21, 2022 was an in-depth conversation on the various concerns of cybersecurity as it faced digital investments.
It also looked at some global gaps in space as well as how losses were contained, optimized approaches to developing innovative policies and solutions, in addition to recommendations on reporting and assessments.
Yigal Unna, Former Director General of Israel’s National Cybersecurity Directorate (INCD), Dmitry Galov, Security Researcher (Global Research and Analytics Team), Kaspersky, and Moses Munguti, Pre-Sales Engineer, Kaspersky, were the industry leaders on the panel and the session was moderated by Seun Folorunso, Deputy Managing Director, FintechNGR. Here are some of the ideas they shared;
- Africa needs to pay attention to systemic information sharing and mapping; create nodes, tools, and resources that allow operators to view and report required security data in real time; which can be scaled on demand across national systems in the face of an attack.
- Industry should not wait for regulation because regulation mainly tries to keep up with innovation and cannot keep up with the speed and misuse of technology. Therefore, industry partnerships and collaborations should be leveraged.
- There is a shortage of cybersecurity expertise globally. Therefore, an industry collective must be established to create and allocate funds for training and equipping space professionals.
- Beyond psychology and internal system flaws, cybercriminals also work with sophisticated tools and continually improve their technology. As a result, the industry is faced with the challenge of making more efforts in the field of innovation, AI, ML and Big Data.
In general, the panelists agreed that the issue of huge digital investment losses is a growing concern that ultimately only affects the direct trading or hosting platform. active, but which affects all players in the space.
They also strongly emphasized the need to improve collaboration as well as develop and deploy security models targeted at different digital investment verticals.
If you missed the webinar, watch a replay here.