A United State of America-based Cyber Security expert, Dr. Augustine Ohwobete has advised that as the pace of digital disruption accelerates and innovative new technology reach the market, organisations and other financial institutions should put measures in place to check cyber crimes.
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 Information Security Society of Africa, Nigeria (ISSAN).
Dr. Ohwobete listed the different cyber-attacks such as web-based attack, third party attack, insider threats attacks, and 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 cyber security as a guide, recognise cyber security as big issue, appoint cyber security ambassadors, raise customer awareness, emphasize strong password and Multi-Factor Authorization (MFA), adding that cyber security 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 cyber security can and should grow the system by taking its rightful place as a business enabler and not a cost center.
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 it’s 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 and e-government systems.