Experts Seek New Investments, Frameworks For Banks, Fintechs As Cyber Threats Heighten

Experts in the banking and technology sectors have called for new regulatory and cybersecurity frameworks and investments to address the rising cybersecurity threats affecting the financial services industry.

 The stated this at a one-day a cybersecurity roundtable to explore the future of Cybersecurity and Artificial Intelligence (AI) with the theme ‘Cybersecurity in the Age of Artificial Intelligence (AI)’ organised by Signal Alliance Consulting, an enterprise technology solution company and a subsidiary of Signal Alliance Technology Holding.

Speaking at the executive business panel, CEO/MD of Nova Merchant Bank, Mr. Nath Ude, highlighted that regulatory issues and cybersecurity concerns are the top challenges faced by businesses, particularly in the financial industry, especially fintech, and banks.

He stressed the need for proactive measures and information sharing among banks to combat cyber attacks effectively, as institutions try to protect their reputation, by referring to threats and cyber attacks as network glitches or technological breakdowns.

The country manager, Microsoft Nigeria & Ghana, Mrs. Ola Williams emphasized the exponential growth of Internet of Things (IoT) devices and the lack of cybersecurity coverage for a significant portion of these devices. She advocated that investing in AI can enhance cybersecurity measures, reducing up to 95 per cent in cyber attacks.

The executive business panel, moderated by Mr. Collins Onuegbu, chairman of Signal Alliance Technology Holding, discussed the opportunities and challenges of cybersecurity in the age of AI. This panels included Mr. Kingsley Osaghale, country manager of Checkpoint Nigeria.

The technical panel, moderated by Mr. Kenneth Ufomba, director at Signal Alliance Consulting, too a deep dive into the major technical considerations of the subject whilst x-raying practical use cases.

The panel highlighted the need for a robust cybersecurity framework to address AI-enabled threats and the future of fraud, citing “Voice spoofing” as an example.

The chief security officer of First Bank Nigeria Ltd, Mr. Harrison Nnaji, discussed emerging threats, the impacts of AI in cybersecurity, and the importance of responding to internal threats with knowledge and appropriate actions.

The technical panel discussed ongoing innovations such as cloud-based solutions, generative AI tools, and advanced machine learning algorithms to mitigate cyber threats associated with AI whilst emphasising consolidation, collaboration, and the use of cloud and AI-driven solutions in enterprise organisations.

The executive discussants expressed a sense of urgency, advocating for collaboration, research, and the establishment of security centers of excellence in organisations; they stressed the importance of collaboration between organisations, policymakers, cybersecurity experts, and AI researchers.

They also called for infrastructural support from the government, policy regulations, and cyber assurance from original equipment manufacturers (OEMs) to combat cyber attacks effectively.

In conclusion, the discussions elevated a sense of action rather than panic for enterprise businesses. Though the use cases showed a lot of threats, clear-cut strategies, well-defined threats, and risk management measures, and adequate investments in innovative and tested solutions were some of the high points proffered on the subject as crucial steps to be taken to mitigate the challenges of cybersecurity.