The growing threat to cybersecurity in the country’s fast growing online banking space in an age of cashless transactions was expected on the front-burner recently, when the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) held its 40th Quarterly General Meeting in Lagos recently.
In a statement the host, FBNQuest Merchant Bank, investment banking and asset management subsidiary of FBN Holdings Plc, called on audit executives of banks in Nigeria to, rather than shy way, take advantage of technological advancement to enhance cybersecurity resilience in the country.
Speaking on by the theme: “Cybersecurity: The Role of Audit Executives,” Funke Feyisitan Ladimeji, Head of Technology and Services at FBNQuest Merchant Bank, in her keynote speech, highlighted the important role of audit executives in influencing and facilitating organisational change by ensuring that robust cyber threat programs are implemented across businesses to mitigate risks.
According to her, businesses still make use oftraditional approaches in cyber vulnerability assessments and it is difficult for security units within organizations today to achieve complete ecosystem visibility across other functional units.
However, she continued, with emerging technologies and the commoditisation of data, cybersecurity has become undeniably more sophisticated and clearly a top board agenda.
Mrs. Ladimeji further stated, that audit executives must be part of the decision making process for organisations to ensure that compliance to cyber security standards are a key factor in business strategies. The internal audit function must be forward thinking, making a concerted effort to follow trends that will influence management implementation frameworks in line with the General Data Protection Regulation (GDPR) and future CBN guidelines.
In her conclusion, she encouraged all audit executives to be vigilant in identifying and monitoring cybersecurity programs within their respective organisations. “Audit Executives should continually provide assurance and consultation services, as necessary, to ensure cybersecurity is driven and elevated to the desired maturity level”.
The quarterly meeting brought together the Chief Audit Executives of Banks in Nigeria, key industryplayers, and members of the Press who met to deliberate on the Nigerian cybersecurity landscape and the major role of audit executives within an organization. The objective is to build and implement cyber risk programs that will protect businesses, spur confidence in digital banking in the country, and encourage other technological advancements in their various industries.
Photo caption: From left, Bello Azeez, Chief Audit Executive, FBNQuest Merchant Bank; Yinka Tiamiyu, Chairman ACAEBIN; Funke Feyisitan Ladimeji, Head, Technology & Operations, FBNQuest Merchant Bank; and Uduak N. Udoh, First Vice Chairman, Association of Chief Audit Executives of Bank in Nigeria (ACAEBIN), at the 40th Quarterly General Meeting of ACAEBIN, hosted by FBNQuest Merchant Bank.
