Nigerian bank directors have unanimously tasked the country’s financial institutions to constantly share information on cybersecurity that will help the fight against hacking and other forms of cyber crime in the banking sector.
One of the bank directors, Osaretin Demuren, who was speaking under the auspices of Bank Directors’ Association of Nigeria (BDAN), said hacking has become one of the top risks facing not just the financial sector, but in some other sectors of the economy as well.
Demuren, who is BDAN’s President, however acknowledged that the impact of hacking was more felt in the financial sector. According to her, once the system was hacked into, it left an impact. And this is the more reason why people should be aware of cyber-risks to businesses, and be accountable.
According to her:
“FIVE YEARS AGO, NOBODY PAID ATTENTION TO IT, BUT NOW, WITH THE PENALTY THAT PEOPLE WILL FACE IF THERE IS A BREACH WITH CORPORATE GOVERNANCE, IGNORANCE OR LACK OF KNOWLEDGE IS NOT AN EXCUSE. SO YOU NEED TO BE WELL EQUIPPED.
“GONE WERE THE DAYS WHEN YOU NEEDED TO MANAGE INFORMATION. YOU NEED TO SHARE INFORMATION SO THAT WE DEMYSTIFY WHAT THIS IS ALL ABOUT. UNTIL WE DEMYSTIFY THE HACKERS, AND PEOPLE KNOW WHAT IT IS ALL ABOUT, BECAUSE WHAT THEY WANT IS THE FINANCIAL BENEFIT, THEY WILL FIND ANOTHER AREA OF ATTACK.”
Meanwhile, Joseph Tegbe, Partner & Head, Technology Advisory and Markets, at KPMG Nigeria, emphasised the need to establish accountability for cyber-risk.
He also called for the protection of what mattered, assess the maturity of cybersecurity programme, manage third-party cyber-risk, and prepare to effectively respond to cyber incidents.
“WE ARE AT A TIME IN WHICH EFFECTIVE BOARD OVERSIGHT OF CYBER-RISK IS A NECESSITY; IF DIGITAL INNOVATIONS WILL DELIVER OPTIMAL VALUE TO THE BUSINESS.”
Recall that in a bid to counter the high rate of internet fraud in Nigeria, the Central Bank of Nigeria (CBN) had said it is developing a Risk-Based Cyber Security Framework for financial institutions.
Why war against cyber-crime should be stiffened
As global concerns for cybercrime continue to rise, the need for cybersecurity in the country has become highly sacrosanct.
The Bank Directors Association of Nigeria was inaugurated at the 13th Annual Bank Directors Seminar held in Abuja in June 1997. At the time of its establishment, a fifteen man Governing Council headed by Major General G.O. Ejiga Rtd was constituted.