Nigeria’s move to enthrone a cashless economy may be hampered by cyber threats if adequate safe guards are not put in place by deploying best-in-class IT security solutions that can protect network and their databases from external intrusions and attacks.

This was the warning of IT experts to banks to electronic payment service providers and users during a ‘Data Security and Optimisation’ workshop organised by Oracle Corp and Computer Warehouse Group, an indigenous IT conglomerate in Lagos at the weekend.

Chief Executive Officer, ExpertEdge, Mr. James Agada, said “If we believe that we are prone to having more attacks as we drive further our cashless policy initiative, we should be prepared. Today we are talking of e-commerce and cashless economy, which implies that the volume and value of information that you have increase.

“And because it has monetary value, the data are likely to be targeted by hackers and this can rob an orgainsation several millions and billions of naira,” he said. He added that new security features have been built into Oracle database that guarantee improved security for their critical database in their networks.

What do you think are the major issues that are undermining the nation’s ability to transition to a cashless society?