Mojisola Ologe shares cybersecurity strategies for organisations

Enterprise Risk and Compliance Leader Mojisola Ologe outlines essential cybersecurity strategies to help organisations mitigate technology risks. Learn how proactive risk assessments, advanced threat detection, robust access controls, and comprehensive employee training can secure your business in today’s digital landscape. — Mojisola Ologe

The rapid advancement of technology has transformed cybersecurity, leading to an alarming increase in breaches and fraudulent activities. In 2023, global losses attributed to cybersecurity threats reached a staggering $8 trillion, with the most targeted companies being healthcare, financial services, and manufacturing. As organizations increasingly rely on digital platforms and data-driven operations, the potential for cyberattacks has grown exponentially, making it imperative for businesses to adopt comprehensive strategies to safeguard their assets, maintain consumer trust, and sustain their competitive advantage.

Enterprise Risk and Compliance Leader, Mojisola Ologe, has emphasized the importance of proactive measures that can help global brands navigate these technological advancements while mitigating the associated risks. With nearly two decades of experience in Enterprise Risk Management, Regulatory Compliance and Governance, Cybersecurity and Information Security, and Strategic Risk Assessment, Ologe has successfully led risk management and compliance teams across various sectors, including finance, hospitality, and consulting. Her extensive background and qualifications equip her with the required expertise to guide organizations in developing robust risk management frameworks.

One of the foundational strategies Ologe advocates for is routine risk assessments. This process is essential for organizations to identify and evaluate potential vulnerabilities within their cybersecurity framework. Ologe states, “Regular risk assessments allow organizations to stay ahead of potential threats, ensuring that vulnerabilities are addressed before they can be exploited by malicious actors. This can be achieved by combining automated tools and manual evaluations, to gain a comprehensive understanding of the risk landscape. This proactive approach enables them to anticipate and prepare for emerging threats, as well as allocate resources efficiently to address the most critical risks. It also helps in ensuring compliance with industry regulations and standards, safeguarding sensitive data, and maintaining the trust and confidence of customers and stakeholders.

She further states, “In addition to these assessments, utilizing advanced threat detection tools significantly enhances an organization’s cybersecurity posture. These tools leverage artificial intelligence and machine learning to identify and respond to potential threats in real-time and enable organizations to proactively monitor their systems for unusual activity, allowing them to respond to threats before they escalate into full-blown incidents.”

Implementing robust access controls is another critical strategy highlighted by Ologe. Effective access controls limit access to sensitive information and ensure that users have the appropriate permissions based on their roles within the organization. Ologe explains, “Adopting a principle of least privilege ensures that employees have access only to the information necessary for their job functions and minimizes the risk of unauthorized access and potential data breaches. But this is not enough – regular review and update of user access rights based on roles and responsibilities, security awareness training to educate employees about the importance of safeguarding their credentials, and monitoring and analyzing user activities to detect any suspicious behavior that could indicate unauthorized access attempts are steps to robust access control mechanism.”

Ologe’s career progression reflects her commitment to enhancing risk management practices. She currently serves as the Chief Risk Officer at a financial technology company dedicated to addressing payment challenges for aspiring businesses, with a vision to build Africa’s most powerful business services network. Before her current role, she served as the Group Head of NIB Conduct and Compliance as well as the Head of IT Risk and Control at Sterling Bank Plc. In these positions, she spearheaded the design and implementation of a comprehensive compliance framework, ensuring alignment with regulatory bodies such as the Central Bank of Nigeria (CBN), the Nigeria Financial Intelligence Unit (NFIU), and international guidelines including FATF and Basel.

Her experience also includes significant roles as an IT Risk Analyst at Boston Residential Concierge in Massachusetts, a Senior Risk Analyst at Zatum Grand in Michigan, and an IT Risk Assurance Consultant at Phillips Consulting Limited. Each of these positions has contributed to her deep understanding of the complexities of risk management and compliance, allowing her to develop effective strategies that organizations can implement to protect themselves against cyber threats.

Another crucial strategy is to invest in employee training and awareness, as employees frequently fall victim to traps set by cybercriminals says Ologe: “There are several lines of defense against cyberattacks, and employees are the first. Cybersecurity is not solely the responsibility of the IT department; it requires a collective effort from all employees. Regular training sessions that educate staff about the cyber threats and best practices for safeguarding sensitive information should be prioritized. When employees are aware of potential risks and understand their role in maintaining cybersecurity.”

An effective risk management framework is incomplete without an incident response plan, Ologe asserts, “An incident response plan outlines the steps to be taken in the event of a cyber incident, ensuring a swift and coordinated response. Having a well-defined incident response plan allows organizations to minimize the impact of a cyberattack and recover more quickly. It is essential to regularly test and update these plans to adapt to the evolving threat landscape.”

Ologe’s credentials further underscore her expertise in the field. She is a Fellow of Chartered Accountants (FCA) and holds several certifications, including Certified Risk and Information Systems Control (CRISC), Certified Information Systems Auditor (CISA), and Associate Certified Chief Information Security Officer (C|CISO). Her academic background includes a Master of Science in Business Analytics from Hult International Business School in Boston, MA, a Master of Business Administration from Nexford University in Washington, DC, and a Bachelor of Science in Accounting from the University of Ilorin in Nigeria.