Inspector General of Police (IGP), Kayode Egbetokun, has counselled the financial sector and business owners on growing sophistication of cyber threat and consequent attacks on their databases and enterprises.

Addressing the Moniepoint Staff Retreat in Abuja, the IGP, who was represented by Assistant Director Forensic, Nigeria Police Force National Cybercrime Center, NPF-NCC, CSP Bashir Abdullahi, urged the sector and business owners to take proactive steps in protecting their databases and be ahead of potential hackers.

Egbetokun also listed safety tips in combating cybercrime and fraud-related issues.

He stressed the need for stakeholders to recognise the impact of technology on the sector.

The IGP said:  “As technology transforms the financial landscape, it introduces unprecedented opportunities and challenges. The digitalisation of financial transactions has streamlined processes and also opened avenues for cyber threats. Cyberattacks are evolving in complexity and frequency.”

Dwelling on financial sector vulnerability, he noted that the development has resulted in digitisation of transactions and centralised storage of sensitive customer information.

On the importance of cybersecurity to the financial landscape, Egbetokun stated that it was to protect their customers’ data and ensure their trust.

He added that the financial sector and business owners must safeguard their financial assets and stability, as well as prevent losses.

The IGP listed cyber threats to include phishing, Ransomware, DDOS and insider attacks.

He charged the stakeholders to know their enemies, saying the common tactics of cybercriminals are social engineering, malware and exploiting vulnerabilities
relating  to transactions

Egbetokun said the players must identify the weak points in financial processes and take note of regulatory challenges by balancing innovation with compliance.

On why the sector is a prime target, the police boss noted that the goldmine for cybercriminals is data, stating that valuable financial data remains personal information and transaction history.

He, therefore, advised them to invest in robust network security with strong firewalls, intrusion detection systems and encryption protocols.

The IGP concluded: “Safeguarding the financial sector against cybercrime and fraud requires a comprehensive and proactive approach.

“Financial institutions must prioritise employee education, technological fortification, customer awareness, and collaboration to build a resilient defence against the ever-evolving landscape of digital threats.

“Continuous adaptation to emerging risks and adherence to best practices will be crucial in maintaining the integrity and security of financial operations.”