The Inspector General of Police, Kayode Egbetokun, has counselled financial institutions and business owners over the growing sophistication of cyber threats and consequent attacks on their databases and businesses.
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The IGP spoke over the weekend at the Moniepoint Staff Retreat in Abuja, urging those in the financial sector and business owners to take proactive steps towards the protection of their databases from potential hackers.
Egbetokun, who was represented at the event by a Chief Superintendent of Police, Bashir Abdullahi, listed safety tips for combating cybercrime and fraud-related issues in the financial sector.
Abdullahi, who is also the Assistant Director Forensic, Nigeria Police Force National Cybercrime Center, NPF-NCC, quoted Egbetokun as saying that there was a need for stakeholders to know the impact of technology in the financial sector.
He said, “As technology transforms the financial landscape, it introduces unprecedented opportunities and challenges. The digitalisation of financial transactions has streamlined processes but also opened avenues for cyber threats. Cyberattacks are evolving in complexity and frequency.”
Egbetokun listed the various types of cyber threats to include phishing attacks, ransomware, DDOS attacks, and insider threats.
He further advised the stakeholders in the financial sector to know their enemies, saying the common tactics used by cybercriminals are Social Engineering, Malware and Exploiting Vulnerabilities
On human firewall, he said, “Employees are often the first line of defence. Training programmes should be implemented to educate staff on threats and best practices; identifying and reporting suspicious emails including clear communication channels.
“Financial institutions are subject to various regulations and standards, such as Nigeria Data Protection Act, Gramm-Leach-Bliley Act, and Payment Card Industry Data Security Standard, which require them to implement specific security controls to protect their information assets.
“Failure to comply with these regulations can result in significant financial penalties and legal liabilities including reputational risks.
“In conclusion, safeguarding the financial sector against cybercrime and fraud requires a comprehensive and proactive approach.
“Financial institutions must prioritise employee education, technological fortification, customer awareness, and collaboration to build a resilient defense against the ever-evolving landscape of digital threats.
“Continuous adaptation to emerging risks and adherence to best practices will be crucial in maintaining the integrity and security of financial operations.”
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