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.  

The session highlighted alarming statistics: global financial institutions faced $5.7 billion in average cyberattack costs in 2023, with 20% of reported incidents targeting the financial sector. Phishing attacks, accounting for 41% 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.  

The workshop’s centerpiece was a simulation exercise, offering participants hands-on experience in managing cyber incidents. According to Mr. 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