United States-based Cyber Security expert, Dr Augustine Ohwobete has advised organisations and other financial institutions to put measures in place to check cyber crimes as the pace of digital disruption accelerates and innovative new technology reaches the market.
The Nigerian born Cyber Crime expert declared this weekend, at a webinar conference with the theme, “Cyber threat Landscape: Financial Services, 2021 and beyond” organised by the Information Security Society of Africa, Nigeria (ISSAN).
Dr Ohwobete, who listed the different cyber-attacks such as, web-based attack, third party attack and insider threats attacks, advised organisations to put resilient structures in place in order to understand the nature of attacks and when attacks are about to happen.
For financial institutions to adequately check cyber crimes, he called on organisations to adapt and implement cybersecurity as a guide, recognise cybersecurity as a big issue, appoint cybersecurity ambassadors, raise customer awareness, emphasize strong password and Multi-Factor Authorization (MFA).
He added that cybersecurity expert should be a member of decision making and re-emphasize third-party vendor management.
The cybercrime expert said a major transformational change of a bank platform used to take anything between two and five years but regrettably, they are up against players with no legacy systems to upgrade and are forcing the pace noting that “the Covid-19 Pandemic is likely to cause a massive Wave of poverty, and that invariably will translate into more people resorting to crime including cybercrime, more economy crashing, local currencies plummeting, more fraud targeting mostly BTC due to cryptocurrency being the most popular one”, saying however that cybersecurity can and should grow the system by taking its rightful place as a business enabler and not a cost centre.
Speaking also, the Managing Director, Ecobank Nigeria, Patrick Akinwuntan advocated for the use of artificial intelligence to predict security threats and proffer solutions.
Patrick Akinwuntan said that Artificial Intelligence (AI) can new game-changer, stressing that the manual and semi-automated techniques of monitoring and responding to system issues of the past are grossly inadequate to take care of the risk of the future.
He said “the new normal of working from home has further exposed institutions to cyber-attacks and data breaches adding that a breach on one vendor could have ripple effects on the organizations.
Deputy Governor, Financial Systems Stability, Central Bank of Nigeria (CBN), Mrs Aisha Ahmed, who was represented by the Director of Information Technology (IT) at CBN, Mrs Rakiya Mohammed said the conversation around cyber threat could not be more important than now, stressing that the apex bank was committed to strengthening the security framework of financial institutions to prevent the proliferation of such threats.
She noted that “The financial sector is particularly susceptibility to cybercrime, given its crucial roles in financial intermediation in a highly connected financial system adding that CBN is committed to strengthening its regulatory and supervisory framework for Cyber risk and vulnerability testing for the banking sector”
ISSAN President, David Isiavwe, called on financial service providers and other organisations that handle large data of customers, to consider putting the right measures in place in order to safeguard their operations. He stated that the advocacy group will continue to create cybersecurity awareness and data handling.
ISSAN is a not-for-profit organization dedicated to the protection of Nigeria’s cyberspace. It is also significantly involved in ensuring the security of Banking Systems and applications, ATMs, e-government systems.
