By Kairos Ameh, Abuja
The Securities and Exchange Commission (SEC) has ordered capital market operators to submit their cybersecurity risk assessment reports on or before November 5, 2026, as regulators intensify efforts to protect the financial sector against rising digital threats.
The directive, issued in a circular dated November 2, gives operators three days to complete and submit the required cybersecurity assessment forms through the commission’s electronic portal.
The SEC said the exercise would enable it to obtain an accurate assessment of cybersecurity risks across the financial sector, including potential vulnerabilities and emerging threats confronting market operators.
It specifically instructed affected institutions to ensure that their submissions reflect their current cybersecurity risk profiles, providing regulators with reliable information to evaluate the industry’s exposure to cyber incidents.
According to the commission, the assessment is part of a coordinated financial sector initiative being implemented through the Inter-Agency Cybersecurity Technical Working Group of the Financial Services Regulation Coordinating Committee (FSRCC).
The initiative is designed to strengthen cybersecurity risk management and improve the capacity of financial institutions to withstand, detect and respond to cyber threats.
A key component is the development of a strategic cybersecurity risk management framework for the financial sector, supported by a sector-wide assessment to identify threats, vulnerabilities and emerging risks.
The programme will also facilitate the development and adoption of appropriate cybersecurity frameworks, standards and guidelines to help financial institutions safeguard their operations and digital infrastructure.
Beyond prevention, the initiative seeks to strengthen coordination and response mechanisms among financial sector regulators and institutions in the event of significant cyber incidents.
The SEC’s directive comes against the backdrop of increasing dependence on digital infrastructure for securities trading, investment transactions and the management of investors’ financial information.
As financial services become increasingly technology-driven, weaknesses in digital security systems could expose institutions to cyberattacks, compromise sensitive information and threaten confidence in the market.
The November 5 deadline underscores the commission’s push for stronger cybersecurity accountability among capital market operators and a more coordinated approach to protecting Nigeria’s financial system from evolving digital risks.
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