CWG, MAG Tech move to curb cyber attacks in financial sector

In an attempt to reduce the level of threat and Cyber- attack in the financial sector, Computer Warehouse Group (CWG PLC), and MAG Tech, a specialized information security and intelligence company, recently organized information security session in Lagos.
During the session  all the decision makers charged with security in financial sector, and technology experts converged to deliberate on the new concept that will curb Cyber-attacks and fraud in the industry.
The session with the theme:   ‘Security Operations Centre (SOC) – Financial Services in the Cyber Attack Era’ created an avenue for stakeholders to extensively discuss and understand the new  concept, Security Operations Centre (SOC) as the ultimate information security platform required to drastically minimize Cyber-attack and threats currently being encountered by financial institutions.
James  Agada, the Chief Technology Officer of CWG while speaking at the forum  said that CWG as a technology company goes beyond enabling businesses with products and solutions to concepts that will ensure 100 percent security of all the customers’ transactions.
According to Agada, product and product knowledge are not adequate to achieve the end result of any business solution, and hence the need for the new concept, which is centered on how to detect and react to fraudulent transactions.
Agada further expressed that 50 percent of the transactions in the industry are running on the servers that are being managed by CWG’s seasoned and trained engineers. “Our aim is to ensure that these skills are internalized in Africa as information security is crucial to us and our customers” he said.
Nadav  Arbel – MAG Tech’s Chief Technical Officer, in his presentation on Darknet and Crime, stated that Cyber-attack is originated from the Darknet which is the illegal part of the internet. According to Arbel, Cyber-attack occurs when there is data leakage which may be caused by misconfiguration of a server or other sources. He stated further that no one can run a business efficiently without being on the internet and as long as your business is connected on the internet, you will experience some form of cyber-attack and threat.