FITC Tasks Banks on Framework to Mitigate Digital Risk

By Adedapo Adesanya

The Financial Institutions Training Centre (FITC) has advised banks to adopt the Central Bank of Nigeria’s cybersecurity framework against cybercrime.

The advice was given by FITC’s Managing Director/CEO, Mr Chizor Malize, during the third edition of ThinkNnovation Cybersecurity Conference held recently in Lagos, themed Accelerating the adoption Cybersecurity: Reimagine, Simplify, Grow.

Mr Malize attributed the high spate of digital risks in Nigeria to the digitisation of banking services.

The CBN recently revised the Risk-Based Framework and Policy Guidelines and mandated banks and other financial institutions to comply with its provisions latest by January 1, 2023.

According to Mr Malize, digital risk is one of the biggest risks the world has faced since the COVID-19 pandemic. And that’s because digitisation enables cybercrime.

“Digital risk is one of the topmost risks in the world today, post-pandemic, and is being fueled by the rise in the digitization of banking services. Over the past few years, there has been an increase in cyber threats due to the post-pandemic global acceleration of digitization across the financial services sector.

“This unprecedented increase in cyber threats has resulted in significant financial losses to both corporate entities and individuals globally.

“Digitalization offers a large playing field for the growth of cybercrime.

“The risks continue to grow high, the threats continue to grow, the attacks become ceaseless, and every single one of us is prone, and while organizations drive the goals to digitize and automate operations, cyber risks proliferate. Every aspect of the digital enterprise has important cybersecurity implications,” he said.

FITC’s Board Chair and CBN’s Deputy Governor in charge of Financial System Stability, Mrs Aishah Ahmad, used to occasion to task organizations to start administering cybersecurity policy at the board level, conducting desktop exercises, and sharing threat intelligence.

She said, “Financial institutions should be mindful of smaller unlicensed third-party service providers. They should also look at the employees and users of financial institutions to create awareness.”