Securities and Exchange Commission (SEC) has begun a sector-wide cybersecurity assessment of Nigeria’s capital market operators as concerns over rising digital threats push regulators to strengthen the protection of financial systems.
The commission directed capital market operators to submit their cybersecurity risk assessment reports on or before November 5, 2026, to enable authorities to identify possible vulnerabilities and emerging threats within the industry.
In a circular dated November 2, SEC gave operators three days to complete and submit the required assessment forms through its electronic portal.
The regulator said the exercise would provide an accurate picture of cybersecurity risks facing market participants and help determine the level of preparedness of institutions against possible cyber incidents.
SEC specifically instructed operators to ensure that their submissions reflect their current cybersecurity risk positions, including existing vulnerabilities and measures being taken to protect their digital infrastructure.
The assessment is part of a wider financial sector initiative coordinated through the Inter-Agency Cybersecurity Technical Working Group of the Financial Services Regulation Coordinating Committee (FSRCC).
The initiative is aimed at strengthening cybersecurity risk management across Nigeria’s financial sector as institutions increasingly depend on digital platforms for transactions, data management and service delivery.
According to the commission, the programme will support the development of a strategic cybersecurity risk management framework to address threats affecting financial institutions.
It will also promote the adoption of cybersecurity standards and guidelines designed to improve the ability of organisations to prevent, detect and respond to cyberattacks.
The SEC noted that beyond protecting individual institutions, stronger cybersecurity measures are necessary to safeguard the stability and confidence of the entire financial market.
The move comes amid increasing global concerns over cyber threats targeting financial institutions, where breaches can lead to data compromise, operational disruptions and loss of investor trust.
Nigeria’s capital market has witnessed growing digital transformation, with investors and operators relying more on electronic platforms for trading, investment management and access to financial services.
However, the expansion of digital systems has also increased exposure to cyber risks, making stronger security frameworks critical for protecting market participants and sensitive financial information.
The SEC’s latest directive signals a renewed push to strengthen cybersecurity resilience within the capital market and ensure operators are better prepared to respond to evolving digital threats.
The November 5 deadline will allow regulators to gather vital information on the industry’s cybersecurity readiness and develop targeted measures to address identified weaknesses.
