The Inspector General of Police (IGP), Kayode Egbetokun, has counselled financial sector and business owners to protect their database against growing sophistication of cyber threat and possible attacks.
The IGP, who also urged the financial sector and business owners to take proactive steps in protecting of their databases, listed safety tips in combating cybercrime and fraud related issues in the financial sector.
Presenting the safety tips at a retreat for Moniepoint Staff, recently in Abuja, the police boss who was represented by an Assistant Director, Forensic, Nigeria Police Force National Cybercrime Center (NPF-NCC, CSP Bashir Abdullahi, said there was the need for stakeholders to know the impact of technology in the financial sector.
He said, “As technology transforms the financial landscape, it introduces unprecedented opportunities and challenges.
“The digitalisation of financial transactions has streamlined processes but also opened avenues for cyber threats. Cyberattacks are evolving in complexity and frequency.”
The IGP also spoke on the financial sector vulnerability, stating that the development has led to digitisation of financial transactions and centralised storage of sensitive customer information.
While harping on the importance of cybersecurity, he said it was important for the financial sector 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 and prevent financial losses.
Similarly, the police boss who also spoke on the growing threat of cybercrime, noted that the cyber threat landscape and listed these threats to include: phishing attacks, ransomware, DDOS attacks, and Insider threats.
He further advised the stakeholders to know their enemies, stating that the common tactics used by cybercriminals were social engineering, malware and exploiting vulnerabilities.
Regarding transaction vulnerabilities, he said the stakeholders in the financial sector must identify the weak points in financial processes and take note of regulatory challenges by balancing innovation with compliance.
On why the financial sector was a prime target the police boss disclosed that the goldmine for cybercriminals was data, saying that valuable financial data remained personal information and transaction history.
He therefore listed the following safety tips for the stakeholders: layered defense; employee training: collaborative cybersecurity culture; regulatory compliance; continuous monitoring and threat intelligence.
He urges the stakeholders to build a fortified defense by investing in robust network security with strong firewalls, intrusion detection systems, and encryption protocols.
“In conclusion, 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 defense 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,” he declared.
