CBN Sets 21-Day Deadline for Banks to Test Cyber Defences
Nigeria’s banking sector has embraced digital services, making transfers and payments seamless. Yet this rapid growth comes with rising cyber risks. The Central Bank of Nigeria has ordered deposit money banks to complete a new Cybersecurity Self-Assessment Tool within 21 days. Fintechs, payment providers and microfinance institutions have five weeks to comply. Last year, the sector faced an average of 4,718 cyberattacks every week, with fraud losses jumping over 600% to ₦3.29 billion. Instant payments topped ₦284.99 trillion in the first quarter of 2025, creating more targets for attackers. The CSAT probes governance, ransomware preparedness and third-party vulnerabilities. The CBN will review submissions, verify data and sanction any false or incomplete information. This shift aims to move from reactive oversight to preventive protection and restore digital trust.
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