Data Expert Advocates Stiffer Measures Against Cybercrime
Kemi Olaitan in Ibadan
A data analytics expert specialising in Advance Analytics and Applied Economics, Mrs. Oluwabusayo Bello, has advocated for robust cybersecurity and fraud prevention measures in financial institutions to prevent cyber criminals.
Bello who gave the advice while speaking with journalists in Ibadan, said the sophistication of financial fraud is rapidly evolving with cybercriminals continually devising new methods to exploit system weaknesses.
She noted that adopting strong and reliable technological measures would safeguard financial institutions against cyber fraud and financial crimes, stating that the critical purpose of enhanced cybersecurity measures was to protect financial institutions from the growing cyber threats.
The seasoned data analyst with Northern Trust, advocated for the adoption of proactive fraud detection systems capable of identifying and neutralising potential cyber threats in real-time, explaining that investing in robust cybersecurity is not just about safeguarding assets but also essential for maintaining customer trust and supporting the overall economy.
“Cybersecurity cannot be an afterthought; it must be an integral, ongoing process involving regular monitoring, timely updates to security protocols, and continuous risk assessments to detect and mitigate vulnerabilities,” Bello said.
To underscore the importance of cybersecurity, she referenced notable incidents such as the 2019 Capital One data breach, where a hacker gained unauthorised access to the personal information of over 100 million customers in the United States and Canada.
According to her, “This breach exposed sensitive data, including names, addresses, and credit scores, resulting in significant financial losses and reputational damage for the bank.
“Such cases illustrate a wider trend of increasing cybercrime targeting financial institutions, highlighting the need for advanced protective measures.”
Bello said investment in cybersecurity should not be the responsibilities of the developed nations alone, adding that developing nations where most of the fraud is orchestrated also need to invest in prevention of these global concerns.
She cited the case of a Nigerian, Rahmon Abbas (aka Hushpuppi), who was arrested and convicted for cybercrime in the United States.
“This case is part of a broader trend of cyber fraud involving Nigerian youth, raising significant concerns and underscoring the urgent need for robust cybersecurity investments both in Nigeria and the world generally.These cases highlight the persistent threat of cyber fraud in the financial sector and reveal critical vulnerabilities that can be exploited even amid global crises,” she said.
While drawing on her extensive experience in data modeling, advanced analytics and machine learning, Bello underscored the need to leverage these technologies to develop powerful fraud detection tools.
“By employing data analysis techniques such as time-series forecasting and anomaly detection, financial institutions can anticipate and thwart fraudulent activities in real-time, thus protecting their assets and customer information,” Bello stated.
She further advocated for comprehensive training programmes for financial professionals, emphasizing that awareness and education about cybersecurity risks are crucial, maintaining that
training programs and workshops can empower professionals with the necessary knowledge and skills to effectively safeguard financial systems from emerging threats.
She then called on financial institutions to prioritize cybersecurity by implementing comprehensive and adaptive tools, continuously updating their defenses and ensuring their teams are prepared to handle new and emerging threats, noting that these measures would ensure the resilience and integrity of the financial sector.
