As financial institutions brace for 2025, the focus on cybersecurity is set to remain a critical agenda, with stakeholders committed to building a more resilient banking sector against cyber adversaries. Recent reports indicate a troubling rise in cyberattacks target ing banks, including ransomware incidents, data breaches, and phishing scams aimed at compromising customer information.
As digital banking continues to grow, ensuring the security of sensitive financial data has become a top priority for industry leaders. In light of increasing cyber threats and challenges faced by the banking sector, industry stakeholders convened recently to discuss and develop effective strategies to enhance cybersecurity measures across financial institutions.
The workshop, held in Lagos Chartered Institute of Bankers of Nigeria (CIBN) in partnership with Digital Jewels Africa (DJA), a leading IT Governance, Risk, and Compliance (GRC) firm, brought together representatives from banks, cybersecurity firms, and financial technology companies.
The workshop themed: “A Cyber Resilience Table Top Simulation Exercise for Board Members and Executive Management of Banks,” aimed to tackle the increasing cybersecurity challenges in Nigeria’s banking industry. It equipped senior executives and board members with effective tools and strategies to combat evolving cyber threats.
Speaking, the First Vice President of CIBN, Mr. Dele Alabi, FCIB (representing the President and Chairman of Council. Prof. Pius Deji Olanrewaju, Ph.D,FCIB, emphasised the critical role of cybersecurity in today’s digital economy.
“As leaders in the banking sector, it is our responsibility to stay proactive in identifying and mitigating cyber risks. This workshop provides the tools and insights necessary to strengthen our cyber resilience,” he stated. Also speaking, the Group Managing Director and CEO of Digital Jewels Africa, Mrs. Adedoyin Odunfa, highlighted critical issues in the ever-changing cyber risk landscape.
She discussed emerging threats, including third-party vulnerabilities and insider threats, and stressed the importance of safeguarding data, which she referred to as the “Digital Crown Jewels” of modern organizations. “Enhancing our cyber resilience posture is essential to making it harder for attackers and minimising their rewards,” she noted. Odunfa further proposed actionable strategies to bolster resilience, such as adopting automated controls and fostering collaboration within the banking ecosystem.
“This initiative represents a major leap in empowering Nigeria’s banking leaders with the knowledge and skills necessary to protect their institutions, ensuring continued trust and stability in the financial sector,” she added.
Participants engaged in dynamic discussions about the implications of emerging technologies like Artificial Intelligence (AI) and explored strategies to address AI challenges, including job displacement, privacy concerns, and security risks. They expressed optimism that by fostering collaboration and investing in advanced cybersecurity practices, the banking sector can better protect itself and its customers against the evolving landscape of cyber threats.
The workshop emphasised the importance of strategic governance frameworks, talent development, and collaborative efforts to fortify defences against cyberattacks. With the upcoming legislative session on cybersecurity regulations, industry leaders are hopeful that proposed measures will align with the strategies discussed, paving the way for a safer banking environment in the digital age.
