The Nigerian Communications Commission (NCC) has consulted with telecom industry participants on how to handle risks related to cybersecurity, online fraud, and other issues.
The commission announced the engagement on Monday in Abuja during the two-day first NCC conference on risk management in the telecommunications industry.
Significant players came together for the conference, which had the theme "Nigerian Telecommunication Industry: Managing the Emerging Risks and Embracing Risk Opportunities".
In his remarks, Prof. Umar Danbatta, Executive Vice Chairman, EVC, NCC, addressed key players on how to confront new risks in the industry.
According to Danbatta, who was represented by Yetunde Akinleye, Director of Policy Competition Analysis, the meeting was necessary and timely given the rapidly shifting telecom industry.
Danbatta asked industry participants to be more aware of the dangers and uncertainties they face.
He urged cooperation to address issues such as inter-industry debt risks, regulatory load, double taxation, vandalism of telecommunications infrastructure, cybersecurity, and online fraud.
“The focus of this two-day conference is to bring to the fore the ever-rising uncertainties in the global economy and the regulatory operational risks.
“In the areas of increased data security regulations, new partnerships and transforming business models, a fast-changing mix of mounting CAPEX burdens,
“Shifting market structures, newly emerging disruption scenarios, regulatory and policy challenges, amongst others.
“While risk management has been critical in our regulatory service delivery, we acknowledge that all stakeholders must be concerned about the varied uncertainties that the Industry is confronting.
“The Information and Communication Technologies Sector is inherently filled with several business and technology risks.
“It is therefore important that regulatory risks be minimised to ensure that services are not disrupted, and consumers obtain the best and latest services that are globally available,” he said.
X-raying Telecommunication Risks Radar, the Operators Perspective was the subject of the presentation by Eniola Olugboyega, the principal author.
Olugboyega claimed that the consequences of poor risk management might harm the company's reputation, result in unhappy consumers, and result in the loss of commercial possibilities.
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