‘Nigeria loses N200 billion yearly to cyber crimes’
* Average attack costs institutions about $5million
Experts in the financial services sector have said Nigeria loses about N200 billion yearly to cybercrime menace, even as it is 20 years behind in recruiting skilled professionals who would fight the menace of digital security, but loses to the western world, who see cyber security talents as priority.
Speaking at the Audit Committee Roundtable organised recently by Ernst and Young (EY) in Lagos, Technology Advisory Leader, EY West Africa, Dapo Adewole, noted that an average cyber security attack on any financial institution costs about $5million,, as it takes about six months to notice that their system has been hacked.
He added that 61 per cent of financial institutions have experienced cyber attacks, which they do not report because they believe it would lead to reputation issues that could lead to customer panic.
His words: “Cyber security threats are not limited to people who are not technological advanced or exposed to the financial services sector, but is a challenge which everyone is vulnerable to.
“There are over 29 billion available entry points through which people can be hacked and some of these entry points come as emails, credit card details, debit cards, mobile applications among others.”
Adewole stressed the need for government to chart a path on how to compensate cyber security experts, and draft a plan on how to retain them in Nigeria, while urging banks to make heavy investments in threat intelligence and continuous monitoring capabilities.
In his remarks, Regional Managing Partner, EY West Africa, Henry Agbiki, said the event, which also had in attendance members of the audit committees of banks and other financial institutions was to strengthen their capacity to carry out their critical roles of instituting good cooperate governance in Nigeria.
He said the risk management environment in Nigeria, and the issues of value are part of the key reasons financial fraud is on the rise, stressing the need for a reorientation of values in order to hold people accountable in driving integrity values.
Also, Head, Financial Services Sector and Chief Operating Officer, EY West Africa, Anthony Oputa, said the roundtable was an information sharing session to pass on global best practices, share concerns, and proffer solutions for the betterment of Nigeria and the society at large.He noted that one of EY’s core mandates was building a better working world, as the world we live in is faced with the challenge to the information age.