Data breach incidents are escalating in Nigeria, prompting Interswitch, a leading African payments and digital commerce company, to partner with Thales, a global leader in digital and data security solutions, to address the issue.
According to Surfshark, a cybersecurity firm, data breach incidents surged by 64 percent in the first quarter of 2023, with 82,000 breaches reported, up from 50,000 in the previous quarter.
In response, Interswitch and Thales have introduced the CipherTrust Data Security Solution, a sophisticated platform designed to safeguard organizations from data breaches and cyber threats.
This advanced solution was launched at a Customer Engagement Forum in Lagos, attended by chief information security officers (CISOs), chief information officers (CIOs), and compliance and risk executives from various sectors, including commercial and microfinance banks, as well as fintech companies.
During his keynote address, Tyoyila Aga, Vice President of Financial Services at Interswitch Group, underscored the importance of utilizing cutting-edge technology for data protection and stressed the need for compliance and collaboration within the data security ecosystem.
“Our partnership with Thales exemplifies our commitment to leverage cutting-edge technology to protect our clients and partners. Regulatory frameworks around data security are becoming increasingly stringent, and organizations must ensure they are in full compliance to avoid penalties and protect their reputation”.
