Firms Leverage Cutting-edge Technology To Tackle Data Breaches, Cyber Threats

Data breach incidents are on the rise in Nigeria, as Interswitch, one of Africa’s leading integrated payments and digital commerce companies, has partnered with Thales, a global leader in digital and data security solutions, to reverse the trend.

Surfshark, a cybersecurity firm, reported that data breach incidents increased by 64 per cent in Q1 of 2023, recording 82,000 cases of data breaches in Q1 2023, up from 50,000 recorded in Q4 2022.

Interswitch and Thales have joined forces to launch CipherTrust Data Security Solution, an advanced data security solution designed to protect organisations from data breaches and threats.

This cutting-edge platform was unveiled at a Customer Engagement Forum in Lagos which drew chief information security officers (CISOs), chief information officers (CIOs), and Compliance and Risk executives from diverse industries including banks – both commercial and microfinance banks, and fintechs.

Giving his keynote address, the vice president, Financial Services, Interswitch Group, Tyoyila Aga, highlighted the importance of leveraging cutting-edge technology for data protection, emphasising the need for compliance and collaboration in 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 organisations must ensure they are in full compliance to avoid penalties and protect their reputation.