0.5% More Secure? Nigerians React to CBN's Cybersecurity Levy

Ever stared in horror at your bank account after a mysterious charge? Now imagine that tiny debit multiplied by every single electronic transaction you make.  That's the reality of the new cybersecurity levy – a 0.5% fee causing a social media storm.

Thoughts from individuals and business owners are; Is it a Robin Hood move, taking from citizens to build a stronger digital defense, or just one of the usuals? Do you think so too?

Some business owners reaction is that- “If I have been cybersecurity compliant as a business owner, how then would I still be charged a cybersecurity levy?”

Well, read on! 

The CBN said that all banks, other financial institutions and payment service providers are now required to implement the directive, saying, “The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution. The deducted amount shall be reflected in the customer’s account with the narration, ‘Cybersecurity Levy’.

The bothersome question that Nigerians are asking now is “is the levy really aimed at  boosting Nigeria's digital defenses?” 

Though it was also stated that the collected funds go straight to the National Cybersecurity Fund (NCF), overseen by the Office of the National Security Adviser (ONSA). You can imagine it as a national “thingy” specifically for building a stronger cybersecurity wall. Sounds good, right?

Well, that's where things get interesting. Keypads haven’t really had their rest as the social media is raining words since this news update dropped.  Proponents see it as a necessary investment in a safer online space. Opponents, including the Nigeria Labour Congress (NLC), are less thrilled. They worry this is yet another financial burden on citizens already facing various bank charges!

Now, how does this concern You and Your Business?

Let's face it, the average Nigerian entrepreneur has enough on their plate.  Between managing cash flow, staying compliant, and dodging cyberattacks, the last thing you need is another fee. But here's the thing: strong cybersecurity isn't a luxury, it's a necessity.

Data breaches can cripple your business, damage your reputation, and erode customer trust.  So, while the levy's effectiveness is up for debate, prioritizing cybersecurity is non-negotiable.

Here's How Smartcomply Can Help You Stay Secure and Cyber Safe

At Smartcomply, we get it. You're a savvy business owner, not a cybersecurity expert. That's where we come in. Our automated and AI-powered platform helps you:

• Stay Informed: Stay updated on the latest cybersecurity threats and best practices. Subscribe to Smartcomply's blog for valuable insights and industry updates.

• Embrace Automation: Simplify compliance and strengthen your defenses with Smartcomply's AI-powered platform. Automate repetitive tasks, identify vulnerabilities, and ensure regulatory adherence.

• Invest in Education: Empower your employees with cybersecurity awareness training. Smartcomply offers comprehensive training modules to educate your team on safe online practices.

Our Point: Security Shouldn't Break the Bank

Look, the jury's still out on the levy's impact. But one thing's for sure: you can't afford to neglect cybersecurity. Partner with Smartcomply to build a robust defense system, protect your valuable data, and navigate the evolving regulatory landscape – all without breaking the bank.

Ready to take control of your cybersecurity?

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