Stakeholders have reiterated the need for the House of Representatives to ensure the passage of the Financial Information Bill. Speaking at the forum of the Organized Financial Professionals of Nigeria, Mr. Christopher Uzoma Asonze, a financial compliance specialist, presented a paper on the theme “Effect of adopting AI to explore Big Data on Personally Identifiable Information (PII) for financial and economic data transformation”, explaining the emerging importance of Artificial intelligence for securing Bank’s information and customer’s PII, that are at high risk, and the need to invest in artificial intelligence to promote financial and economic data transformation.
Also speaking, he mentioned that his team led by Mr. Samuel Olabanji carried a comprehensive sample survey of 532 professionals in the financial sector to evaluate key risk metrics relating to the financial loss among key stakeholders, Mr. Olabanji and other team members also analyzed the sample using multiple regression analysis and discovered that a significant increase in stakeholder’s loss were caused by data breaches and customer negligence. Ditching out personal information to close relations, trusted people accounted for a larger part of personally identifiable information (“PII”) breaches. The team also advocated for the use of strict and long passwords, regular password updates, use of encryption keys, reducing unauthorized access to confidential documents, and ensuring more restricted access options would minimize personal identifiable information theft by 85% across the margin of error.
He further stated that Artificial Intelligence (AI) is the way forward to a secure financial system.
He advocated that financial institutions should embrace the adoption of AI to explore Big Data security on Personally Identifiable Information (PII) of customers.
It is the responsibility of everyone to protect their Personal information while acknowledging that a larger part of our Personal Identifiable Information (PII) is warehoused in larger institutions such as Banks, Investment firms, Immigration offices, and Hospitals, etc., and such establishments are expected to invest more in data security through artificial intelligence (AI), data centres, etc.
According to him, society may be afraid to adopt AI because of its negative impact, such as job loss, but we could minimize the negative impact of AI through the passage of the Financial Information Bill and the review of the Freedom of Information Act.
