Police Chief Gives Financial Sector Tips Against Cyber Threat, Attacks

Inspector-general of police (IGP), Kayode Egbetokun, has listed measures financial sector and business owners can adopt to check growing sophistication of cyber threat and consequent attacks on their databases and businesses.

The IGP spoke through the chief superintendent of police (CSP), Bashir Abdullahi, at the recent Moniepoint Staff Retreat in Abuja.

Egbetokun urged the financial sector and business owners to take proactive steps in the protection of their databases and be ahead of potential hackers.

Presenting the safety tips on behalf of the IGP, Abdullahi, who is also the assistant director forensic, Nigeria Police Force National Cybercrime Centre (NPF-NCC), stressed the need for the stakeholders to know the impact of technology in the financial sector.

He listed the safety tips for the stakeholders as layered defence, employee training, collaborative cybersecurity culture, regulatory compliance, continuous monitoring and threat intelligence.

On the need for strong password policies, the IGP recommended multi-factor authentication (MFA), regular software updates and secure communication practices.

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.”

He also spoke on the sector’s vulnerability, saying that the development has led to digitization of financial transactions and centralized storage of sensitive customer information.

Egbetokun dwelled on the importance of cybersecurity, saying that it is 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.

On the growing threat of cybercrime, he mentioned the cyber threat landscape and listed types of cyber threats to include phishing attacks, ransomware, DDOS attacks and insider threats.

The IGP advised the stakeholders to know their enemies, saying that the common tactics used by cybercriminals are social engineering, malware and exploiting vulnerabilities

Regarding transaction vulnerabilities, he said the stakeholders must identify the weak points in financial processes and take note of regulatory challenges by balancing innovation with compliance.

Speaking on building a fortified defence, he urged the stakeholders to invest in robust network security with strong firewalls, intrusion detection systems, and encryption protocols.

On human firewall, he said, “Employees are often the first line of defence. Training programmes should be implemented to educate staff on threats and best practices and identifying and reporting suspicious emails including clear communication channels.”