FBNQUEST Hosts 40th ACAEBIN Quarterly General Meeting

• Highlights role of Audit Executives in Cybersecurity

At the 40th Quarterly General Meeting of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), themed “Cybersecurity: The Role of Audit Executives”, which held in Lagos, FBNQuest Merchant Bank, the investment banking and asset management subsidiary of FBN Holdings Plc called on Audit Executives of Banks in Nigeria to take advantage of technological advancement to enhance cybersecurity resilience in the country.

In her keynote speech, Funke Feyisitan Ladimeji, Head of Technology and Services at FBNQuest Merchant Bank, highlighted the important role of audit executives in influencing and facilitating organisational change by ensuring that robust cyber threat programs are implemented across businesses to mitigate risks.

According to her, businesses still make use of traditional approaches in cyber vulnerability assessments and it is difficult for security units within organizations today to achieve complete ecosystem visibility across other functional units. However, with emerging technologies and the commoditisation of data, cybersecurity has become undeniably more sophisticated and clearly a top Board agenda.

Mrs Feyisitan Ladimeji further stated, that audit executives must be part of the decision making process for organisations to ensure that compliance to cyber security standards are a key factor in business strategies. The internal audit function must be forward thinking, making a concerted effort to follow trends that will influence management implementation frameworks in line with the General Data Protection Regulation (GDPR) and future CBN guidelines.

In her conclusion, she encouraged all audit executives to be vigilant in identifying and monitoring cyber security programs within their respective organisations. “Audit Executives should continually provide assurance and consultation services, as necessary, to ensure cybersecurity is driven and elevated to the desired maturity level”.
The quarterly meeting brought together the Chief Audit Executives of Banks in Nigeria, key industry players, and members of the Press who met to deliberate on the Nigerian cybersecurity landscape and the major role of audit executives within an organization. The objective is to build and implement cyber risk programs that will protect businesses, spur confidence in digital banking in the country, and encourage other technological advancements in their various industries.