Stakeholders seek action against cyber attack on financial institutions

Internal Auditors and other stakeholders have emphasised the need for financial institutions to establish stiffer measures and proper monitoring to check incessant attacks on the cyberspace.For them, the organisations, particularly, financial institutions need to invest more in implementing additional security infrastructure and training of its personnel in cyber security.

The stakeholders, who gathered at the first stream of 2019 capacity building for Internal Auditors on Cyber Defence in Lagos, acknowledged the fact that cyber threats were emerging on daily basis, urging internal auditors to protect their cyber space against fraudsters.

They also tasked financial institutions on developing competencies in managing key aspects of cyber security threat, understanding the impact of cyber-attacks on the various IT tools and platforms, while analysing threats and risks within the context of the cyber security architecture, among other things.

The Chairman of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), Yinka Tiamiyu, said the cyber space is continuously evolving with its associated threats.“As Auditors, it is our duty to develop proactive approach to mitigate these threats, and provide assurance to our organisations in order to prevent loss of valuable assets and corporate image,” he said.

Tiamiyu who also is the Chief Audit Executive of Access Bank Plc, urged participants to make the best use of the opportunity describing the topic as a very vital and critical area that needs special attention, noting that the content is very enriching and would deliver the desired result if taken serious by the participants.

Besides, the three-day capacity building by the association in conjunction with Financial Institutions Training Centre (FITC) was hands-on based and focused on review of networks, applications, databases and IT infrastructures. As part of its policy of continuous capacity development, ACAEBIN organises at least two trainings every year for internal audit staff at no cost to member banks and at least one for Chief Audit Executives who by virtue of their position, are direct members representing their various banks.

Speaking in the same vein, the Second Vice Chairman and Head of the Emerging Issues Committee of the Association, Felix Igbinosa, told the participants that ‘‘given the ever changing cyber threat landscape and the unending battle in the cyberspace, there is the need for a 24/7 monitoring and response on technological platforms of organisations.

“As such, organizations need to invest more in implementing additional security infrastructure and training of its personnel in cyber security.’’
He assured the participants that his committee will evaluate the report of the training to determine the need for another stream, urging them to ensure they derive value for the huge investment the Association is making towards harnessing their skill set for better service delivery in the banking industry.

ACAEBIN, a sub-committee of the Bankers’ Committee of the Central Bank of Nigeria (CBN) is a 34-member not-for-profit organization, established primarily to foster corporation among Chief Audit Executives (CAEs), promote competence, ethical standards and professional behaviour among member organisations.