Olusoga: Cybersecurity is Non-Negotiable for Investor Protection

Chief Operating Officer at i-invest, Tobiloba Olusoga, has reiterated the importance of striking a balance between innovation and safeguarding investor funds.

I-invest is a  prominent digital platform for treasury bills, stocks and other investment services.

Speaking at the Nigeria Fintech Week 2024, where industry experts convened to discuss the growing threats of fraud and cyber attacks in the financial ecosystem, providing key insights into tackling these challenges,   Olusoga said  innovation is crucial.

However,  he said   financial institutions must be cautious to avoid losses, emphasising   the need for robust cybersecurity measures while driving technological advancements.

  The panel, themed “Dealing with Fraud and Cyber-Attacks: Barriers to an Expanding Digital Economy,” addressed emerging fraud trends, cybercrime, and the importance of data privacy regulations in today’s digital age.

Olusoga said: “I’m a strong believer in the ‘fail fast – learn faster’ concept.But in an environment like ours, it’s crucial to ensure that if you’re putting money into something, you don’t lose it. Businesses are often at a crossroads: they want to invest in research and development, but they also can’t afford to lose money.“ 

“This requires investment in cybersecurity—strong security systems and threat detection—while simultaneously pushing forward with product development.”

 He stressed the need for embedding security from the start.

He added: “Security should be part of the product life cycle, risk management, and business development strategies. Bypassing security to move faster will only lead to challenges down the road. Companies need to stay ahead of cyber threats by utilising tools like AI to detect patterns and protect against potential attacks.”

 Other key speakers echoed Olusoga’s sentiments, emphasising the importance of collaboration across the industry.

“There’s so much data out there,”if it’s not shared, individual companies may miss critical trends, leaving them vulnerable. Collaboration can help protect against larger risks and ensure companies are better prepared to handle security threats.”

 The panel also featured Chief Audit Executive of Wema Bank, Oluwole Esomojumi; Vice President & Head, Customer Solutions, Mastercard, Kari Tukur; Chief Executive Officer of XchangeBox, Abiola Jimoh, and Head of Compliance at FairMoney, James Edeh, all of whom shared their perspectives on managing cyber risks in an increasingly digital financial ecosystem.

 The session concluded with a call to action for businesses to proactively implement security measures and continue fostering collaboration within the fintech community to stay ahead of evolving cyber threats.