Financial institutions urged on strong cyber defence systems

As financial institutions fend off cyber attacks, experts say banks are vulnerable because they lack technologies that could be deployed to ensure transactions and customers’ assets are safe.

Speaking at a financial services cyber security workshop held in Lagos, Managing Director, ActivEdge Technologies, George Agu, said it is time banks deploy zero trust security to tackle attacks.

According to him, one of the ways to ensure that cyber attacks are minimal is to ensure that the gatekeepers are up-to-date with the various technologies that could be deployed to ensure that customers can carry out transactions with their eyes closed.

He added that at the minimum, cyber fraudsters have attacked every bank in Nigeria and often times, the people who are attacked do not even know until it is too late.

Agu said the cyber attacks are a wake-up call for financial institutions, especially the banking industry to invest more in cyber security and bolster its cyber defenses.

He said: “That is why we are focusing on what we call zero trust or security that are built on least privileges and deny all until verified.

“Zero trust is an architecture of security that is built on multiple layers. It is built on what is called least privileges. If it is possible, everybody should be denied access until they are verified and then you can grant access to what the person will access. That is how it works.”

He urged the government to get more involved in cyber security in a way that its impact could be measured through enforcing policies and monitoring, while urging organisations that handle customer’s data to put measures in place to protect their clients.

“It is not enough to just repay customers if they get defrauded or their money is taken. There should be no reason for customers to complain about their funds or assets. But unfortunately there is a lack of policies to ensure these things. If the government can be honest and have a strong will in ensuring that these things are put in place, then everyone will be fine.”

On his part, Biodun Adewoye who is the Channel account manager – West Africa of Fortinet urged financial institutions to incorporate the latest technology developments and trends to protect against what attackers are using to perpetrate their activities.

“Because if they just sit and operate in the past, it won’t go well for their customers and their images. These cyber attackers are as current as you can think. There is a need for financial institutions to open up themselves to more information on how they can be protected. These attackers come up with new skills and attempts on a daily basis so they need to up their game in acquiring knowledge and information on how they can be better protected.