Nigerian banks have been enjoined to collaborate and share information and experiences to curb cybercrime and improve security of funds in the financial industry.
Speaking at the 2019 Bank Directors’ Association of Nigeria (BDAN) Conference in Lagos, bank directors, operators in the financial technology space and security experts stressed the need for banks to share information on attempted and successful attacks as a way to mitigate the effectiveness of hackers.
Osaretin Demuren, president of BDAN and chairman of the Board of Guaranty Trust Bank Plc, noted that sharing information would help the industry demystify the activities of hackers and cyber criminals thereby making them less effective in the financial sector.
Noting that in corporate governance, the board is the first line of defence, she said “ignorance or lack of knowledge is not an excuse so we need to be well equipped. Gone are the days when you have to manage information. We need to share information so that we demystify what this is all about”.
Demuren pointed out that cyber security is among the top risks bedevilling not just the financial sector, but across all sectors of the economy.
“The impact is more felt in the financial sector; because once you hack into one, all the others are open. So it is very important that people are aware of cyber risk and the damage it can do businesses,” she stated.
Ademola Adebise, managing director and chief executive officer of Wema Bank Plc, called for more collaboration to ensure that all participants including banks and customers are well boarded up against the activities of cyber criminals.
He noted that when information is shared with other banks by a bank that has been affected, other banks can trace the trend and avoid being victims of the same crime.
On his part, Austin Okere, managing director and chief executive officer of Computer Warehouse Group, decried the attitude of banks who hide details of an attack whether it was successful of not.
He noted an attitude of hiding details would only allow the same hackers to perpetrate the same attack on other banks, thereby creating an industry wide issue.
Going forward, Demuren charged members of the association on the need to share their experiences as a way of improving competition in the industry.
“Yes, somebody has to be at the top but we need banks for a country as large as Nigeria, there is no way one bank or even five banks will adequately meet the needs of this nation. So, it is nice for people to share so that banking as a whole resin relevant and we as Bankers can still be in existence to serve our customers,” she stated.
ISRAEL ODUBOLA
