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May 22, 2024

Concern on CBN Cybersecurity Levy valid but a necessary policy —Financial Expert, Ayotunde Bally

The timing of implementing cybersecurity charges in Nigeria, especially considering the country’s status as a developing nation, is a valid concern, a financial expert, Engr Ayotunde Bally has declared.

Bally said in a Press statement that, “In such environments, where economic challenges are prevalent, any additional financial burden can be perceived as unfavourable.

“However, cybersecurity measures are essential for protecting both individuals and the broader economy from cyber threats, which can have significant financial consequences if left unchecked.

“Regulators and stakeholders must strike a balance between promoting cybersecurity and considering the economic circumstances of the population, perhaps by providing education and support to mitigate the impact on financially vulnerable individuals,” the expert cum Ondo state APC Chieftain said.

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