The Financial Stability Board is urging banks and regulators to use a newly-launched toolkit to help contain the damage inflicted by a major cyber incident.
The global standards setting body believes a significant cyber attack could seriously disrupt the financial system, including critical financial infrastructure, leading to broader financial stability implications.
The toolkit includes 49 practices for effective cyber incident response and recovery across seven components: (i) governance, (ii) planning and preparation, (iii) analysis, (iv) mitigation, (v) restoration and recovery, (vi) coordination and communication, and (vii) improvement.
The final toolkit draws on the feedback from a public consultation process, including four virtual outreach meetings with national authorities worldwide. The report was delivered to G20 Finance Ministers and Central Bank Governors for their October meeting.
Diversification, Ethical Leadership Panace to Nigeria’s Economic Crisis – Danbatta
The Executive Vice Chairman/CEO of the Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta, has underscored the centrality of economic diversification and ethical leadership at all levels of government as panacea to the current economic headwinds in Nigeria.
Danbatta stated this when he delivered a paper titled: “Ethical Leadership as an Instrument for National Sustainability in the Post-Oil Nigerian Economy. A Public Sector Perspective” at a two-day hybrid (online and onsite) Annual Directors Conference (ADC) organized by the Institute of Directors (IoD), Nigeria earlier this week, where he also emphasised that the fourth industrial revolution (4IR) or digital age promises greater revenue-earning potential to the nation.
Danbatta, who went on a memory lane to discuss Nigeria’s economic shift to oil revenue following discovery of oil in the 1970s, leading to the relegation of agriculture, which was hitherto the source of Nigeria’s foreign exchanges earnings, said the Federal Government has realised that Nigeria cannot be solely dependent on oil earnings anymore, hence the decision of the FG to explore ways of diversifying the economy.
Economic diversification, according to Danbatta, is the process of shifting an economy away from a single income source toward multiple sources from a growing range of sectors and markets. He said this is with a view to increasing productivity, creating jobs and providing the basis for sustained economic growth.
The EVC said though, the Federal Government has made several attempts at economic diversification such attempts have had little impact as majority of them have folded up, whilst others are finding it difficult to survive, just as he noted that the situation has further been compounded by the recent economic recession and the COVID-19 pandemic, which adversely affected the global economy, including Nigeria.
Danbatta stated that countries and societies have evolved by finding new ways of doing things to ensure economic sustainability, which has led to the first, second and third industrial revolutions.
“Currently, countries are exploiting the 4IR in order to diversify their economies. The fourth industrial revolution, which has also been referred to as 4IR or Industry 4.0, describes the age of intelligence and encompasses technologies like high-speed mobile Internet, Artificial Intelligence (AI), automation, the use of big data analytics and cloud computing,” he said.
While highlighting the major constraints facing Nigeria with regard to the fourth industrial revolution to include inadequacy of digital skills, infrastructure deficit and enabling environment, Danbatta, emphasised that the 4IR is the information and digital economy age, which, if properly enhanced and exploited, can unleash a new phase of massive revenue generation and wealth creation for Nigeria in the post-oil era.
“This is because while natural resources such as oil, gas, and so on, are finite, data and information are infinite. Furthermore, the possibilities provided by the 4IR are limitless and can generate employment for Nigeria’s teeming youth population Therefore, in order to achieve economic growth using the 4IR there is the need for ethical leadership,” he said.
Zeroing on the centrality of ethical leadership in the public sector, Danbatta said in order to achieve national sustainability in the post-oil Nigerian economy, the highest standard of ethical leadership is required of all leaders especially in the public sector.
“Ethical leadership is essential for sustainable development of a Country. Nurturing an ethical leadership culture is essential and this will determine the transformation and overall development of the Country. Nigeria stands at the threshold of history and would definitely need ethical leaders to ensure sustainability in the post-oil era as government takes positive steps to diversify the economy,” he added.
The IoD Nigeria Annual Directors’ Conference is the Institute’s flagship event, which is attended by captains of industry and directors in both private and public sectors of the Nigerian economy. It is a forum where contemporary issues affecting leadership and corporate governance of Nigeria’s businesses are x-rayed and global best practice solutions provided by professionals and practitioners in corporate administrations.
EU to Review Fintechs Regulation Over Wirecard Scandal
European Union officials have suggested that there will be changes in the supervision of fintech firms in the wake of the £1.8 billion accounting scandal at German payments firm Wirecard.
Earlier this month, the European Commission’s (EC’s) executive vice president Valdis Dombrovskis announced that the European Securities and Markets Authority (ESMA), the EU’s financial services regulator would conduct a review into the regulation of the sector.
According to Mobile World Live, of particular concern is a potential grey area in regulation for those firms, such as Wirecard, that start life as non-bank startups but then acquire banking licences and services.
Wirecard began as a company processing electronic payments before acquiring a bank and adopting a hybrid structure. “We will assess how to improve the relevant EU rules so these kind of cases can be detected,” Dombrovskis said in comments reported by Reuters.
The ESMA review, which will look at both the regulations governing banks and fintechs as well as the supervision and enforcement of these rules by regulators, is set to be completed in October said Dombrovskis.
“High quality financial reporting is core to investor trust in capital markets and Wirecard’s collapse has undermined this trust,” ESMA said in a statement. “Therefore, it is necessary to assess these events to help in restoring investor confidence.”
Possible changes may involve transparency requirements for listed firms as well as accounting rules and market abuse standards. However, as Dombrovskis said, Wirecard appears to have submitted unreliable financial statements to the market, which as put the performance of Germany’s financial watchdog BaFin and the accounting standards body Financial Reporting Enforcement Panel in the spotlight.
Prior to the collapse of Wirecard, the EC had called for public feedback on its digital finance strategy which was designed to explore how best to supervise the rise of non-bank electronic payment processing firms, including the idea that banks and non-banks, also known as ‘critical third-party providers’, should be subject to the same rules and requirements.
IHS Towers Appoints Ursula Burns to its Board of Directors
IHS Holding Limited (IHS), one of the largest independent owners, operators and developers of shared telecommunications infrastructure in the world, has announced the appointment of Ursula Burns to its Board of Directors, effective July 2020.
Ms Burns, most recently Chief Executive Officer of VEON until March this year and Chair until 1 June this year, will join the IHS Board of Directors as a Non-Executive Independent Director from 1 July 2020. Ms Burns serves as a member of the Board of Directors of Exxon Mobil, Uber and Nestlé.
In addition, she is a senior advisor to Teneo and provides leadership counsel to several community, educational and non-profit organizations including the Ford Foundation, the Massachusetts Institute of Technology (MIT) Corporation, the New York City Ballet and the Mayo Clinic among others.
She served as Chair of the President’s Export Council from 2015 to 2016 after holding the position of Vice Chair from 2010 to 2015.
During a prestigious career with Xerox, spanning over 35 years, Ms Burns joined the organization as a mechanical engineer before moving into management, taking on a number of strategic roles across the company. Ms Burns served as Xerox CEO from 2009 to 2016 and as Chair from 2010 to 2017.
Sam Darwish, IHS Chairman and Group Chief Executive Officer, said: “We are delighted to welcome Ursula to the IHS Board. We look forward to the wealth of expertise, experience and insight that she will bring to IHS.
“Her advice and counsel will prove invaluable as we seek to pursue our strategic goals and firmly establish our position as one of the largest independent telecommunications infrastructure owners in the world. The Board and I would like to extend our warmest welcome to Ursula.”
Ms Burns said of her appointment: “In what is a transformative period for the telecommunications industry, as we witness an unprecedented acceleration in the digitization of economies, I am excited to be joining IHS’s Board.
“ I am looking forward to working with Sam, the Board and the management team as the organization seeks to expand its global footprint, bring increased connectivity to emerging markets, support mobile network operators with creative and robust infrastructure solutions, and help deliver the transition to new technologies.”
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