Expert Highlights Security Challenges in Digital Banking at CIO Awards

Agnes Ekebuike

Chairman of Wema Bank, Dr. Yemisi Olurunshola, has warned against the rise of cyberattacks on digital banking, despite the opportunities that digital banking brings. 

Olurunshola gave the warning while delivering a keynote speech on the evolving landscape of financial services and the increasing need for robust security measures in the face of digital transformation, during the CIO and C-Suites awards night, which held in Lagos, recently.

Represented by the Chief Compliance Officer at Wema Bank, OluwatoyinKarieken, the bank chairman discussed the rapid advancements in banking technology and the vulnerabilities that the innovations have introduced.

Although Olurunsholaemphasised how digital platforms such as mobile apps, peer-to-peer lending, digital wallets, and blockchain-based solutions were revolutionising the financial services sector, she however warned that while these innovations are enhancing accessibility and efficiency, they could also bring with them increased risks, particularly in cybersecurity.

“Cybercrime is rising, and digital forms of attack are becoming more sophisticated. From phishing scams targeting unsuspecting users to API vulnerabilities that expose platforms, fintechs are under constant threat,” she stated.

She highlighted how cybercriminals were not just targeting individual institutions but the entire ecosystems of interconnected digital platforms. She explained that as financial services evolve, so do the methods of those seeking to exploit the systems for personal gain. 

Her speech delved into several key security risks, including phishing, data breaches, and fraudulent transactions. She said the threats would not only result in financial losses, but also have significant legal and reputational consequences for institutions involved.