Nigerian Banks Harp on Cybersecurity Measures at Resilience Workshop
Agnes Ekebuike
Amid growing concerns over cyber threats in the financial sector, the Chartered Institute of Bankers of Nigeria (CIBN) hosted a groundbreaking Cyber Resilience Table-Top Simulation Exercise for board members and executives.
The one-day workshop aimed to enhance the cybersecurity preparedness of Nigerian banks in the face of escalating global cybercrime trends.
Delivering the welcome address, the First Vice President of CIBN, Mr. Dele Alabi, representing Prof. Pius Deji Olanrewaju, praised EGT Europe Africa’s leadership under CEO, Mrs. Abigail Odufat for championing cybersecurity awareness. “Cybersecurity is no longer optional. As banking leaders, we must remain vigilant to mitigate cyber threats,” he emphasised.
Some of the alarming statistics highlighted at the session include: Global financial institutions that lost over $5.7 billion in average to cyberattacks in 2023, with 20 per cent of reported incidents targeting the financial sector. Phishing attacks, accounting for 41 per cent of global cybercrimes in 2022, have become more sophisticated with advancements in artificial intelligence (AI). Experts predict that by 2025, AI, Internet of Things (IoT) security, regulatory compliance, and evolving ransomware tactics will redefine cybersecurity landscapes.
In Nigeria, the stakes are particularly high. Notable incidents, including the Eroded Trojan attack in March 2024, which cost a local bank $3 billion, and an 8 per cent rise in malware targeting online banking in 2023, underscore the urgency of robust cybersecurity strategies. Nigerian banks reportedly faced 182 per cent more cyberattacks than their global counterparts, with over 4,750 incidents recorded last year.
The workshop’s centerpiece was a simulation exercise, offering participants hands-on experience in managing cyber incidents. According to Alabi, “This practical approach mirrors real-world scenarios, equipping leaders to respond effectively to cyber threats.”
The simulation was complemented by expert presentations, including one by GMD/CEO of Digital Jewels Africa, Adedoyin Odunfa, who discussed the role of AI in both advancing cybersecurity defenses and amplifying threats.
Odunfa also highlighted pressing challenges, including third-party risks, talent shortages in cybersecurity, and the vulnerabilities associated with IoT devices. She urged financial institutions to adopt proactive measures such as real-time vulnerability management and rigorous compliance with evolving regulations.
The workshop concluded with a call for collaborative efforts among industry leaders to fortify defenses and protect the integrity of Nigeria’s banking system. Participants left with actionable strategies and renewed resolve to confront the dynamic challenges of cybersecurity.
