Again, stakeholders forewarn banks on cybersecurity

Banks and other financial institutions in Nigeria have once again been warned to put in place appropriate measures that will forestall and curtail the impacts of any likely cybersecurity crisis that could occur in the near future.

The latest warning was issued by the Information Security Society of Africa-Nigeria (ISSAN) during an industry roundtable for information security experts held recently in Lagos.

Speaking during the programme, the organisation’s president, Dr David Isiavwe, reiterated the need to protect financial organisations from cybercrime. This is important, he said, because nobody can tell where or when the next attack will occur.

According to him, the financial sector is particularly prone to cyber attack due to its nature and the key role it plays in the highly connected global system. Fortunately or unfortunately, the sector greatly depends on technology which keeps advancing, bringing along with it both positive and negative implications.

“The world of cybersecurity keeps changing every day, looking somewhat amorphous. The threats are not going away soon and they are fuelled by increased dependence on technology by organisations attributable to the emergence of digitisation.

“The financial sector is particularly attractive to the attackers given its crucial role in a highly connected global financial system.” – Isiavwe

Also speaking during the event was Mr Dipo Fatokun, the Director of Banking and Payment System at the Central Bank of Nigeria (CBN). Represented by his Deputy, Mr Musa Jimoh, he enjoined bank CEOs and other top executives of financial institutions to always take decisive action when it comes to preventing cybersecurity problems. This is important because according to him, cybersecurity is not just another IT problem.

“It is a priority for businesses. CEOs, therefore, need to be able to answer tough questions and prove that they are working with the senior leadership teams to develop a Cybersecurity strategy and how it can affect key business functions as a company. Indeed, CEOs should learn more about cybersecurity to ensure that their companies are taking appropriate actions to secure their most valuable information.” -Fatokun

Recall that this is the second time, in just a matter of weeks, that this message is coming to financial institutions in the country. Just last week, the president of the Chartered Institute of Bankers of Nigeria (CIBN), Dr Uche Olowu, called on bank heads to equip themselves with the necessary cybersecurity knowledge that will help in managing the problem.

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Author: see naija

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