In response to the mounting complexity of cyber threats and the ensuing assaults on databases and enterprises, Inspector General of Police Kayode Egbetokun has provided counsel to financial institutions and business leaders.
Over the weekend at the Moniepoint Staff Retreat in Abuja, the Inspector General of Police highlighted the importance of proactive measures, urging those in the financial sector and business ownership to protect their databases from potential hackers.
At the event, Chief Superintendent of Police Bashir Abdullahi represented Egbetokun, sharing invaluable safety tips to counter cybercrime and mitigate fraud-related challenges within the financial sector.
Quoting Egbetokun, Abdullahi, also the Assistant Director Forensic at the Nigeria Police Force National Cybercrime Center, highlighted the imperative for stakeholders to understand the significant impact of technology on the financial sector.
He said, ‘As technology transforms the financial landscape, it introduces unprecedented opportunities and challenges. The digitalisation of financial transactions has streamlined processes but also opened avenues for cyber threats. Cyberattacks are evolving in complexity and frequency.’
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In detailing cyber threats, Egbetokun enumerated phishing attacks, ransomware, DDOS attacks, and insider threats as prominent types.
Egbetokun went on to counsel stakeholders in the financial sector, urging them to familiarize themselves with their adversaries. He emphasized that cybercriminals commonly employ tactics such as Social Engineering, Malware, and Exploiting Vulnerabilities.
On human firewall, he said, ‘Employees are often the first line of defence. Training programmes should be implemented to educate staff on threats and best practices; identifying and reporting suspicious emails including clear communication channels.’
‘Financial institutions are subject to various regulations and standards, such as Nigeria Data Protection Act, Gramm-Leach-Bliley Act, and Payment Card Industry Data Security Standard, which require them to implement specific security controls to protect their information assets.’
‘Failure to comply with these regulations can result in significant financial penalties and legal liabilities including reputational risks.’
‘In conclusion, safeguarding the financial sector against cybercrime and fraud requires a comprehensive and proactive approach.’
‘Financial institutions must prioritise employee education, technological fortification, customer awareness, and collaboration to build a resilient defense against the ever-evolving landscape of digital threats.’
‘Continuous adaptation to emerging risks and adherence to best practices will be crucial in maintaining the integrity and security of financial operations.’