Inspector General of Police, Kayode Egbetokun, Issues Warning on Growing Cyber Threats to Financial Institutions
In a recent retreat held in Abuja, IG Kayode Egbetokun, raised alarm about the escalating risk of cyber attacks on financial institutions and businesses in Nigeria.
The police chief emphasized the urgent need for proactive measures to safeguard databases and provided comprehensive safety guidelines during the event.
Represented by Chief Superintendent of Police, Bashir Abdullahi, Egbetokun highlighted the increasing complexity and frequency of cyber threats, including phishing attacks, ransomware, DDOS attacks, and insider threats.
Abdullahi, who also serves as the Assistant Director of Forensics at the Nigeria Police Force National Cybercrime Center, underscored the importance of understanding adversaries and implementing effective defense strategies.
Egbetokun stressed the role of technology in transforming the financial landscape, presenting both opportunities and challenges. He urged stakeholders to prioritize employee education, technological fortification, customer awareness, and collaboration to build a resilient defense against the ever-evolving digital threats.
The police chief emphasized that adherence to regulations such as the Nigeria Data Protection Act, Gramm-Leach-Bliley Act, and Payment Card Industry Data Security Standard is crucial for financial institutions. Failure to comply may result in significant financial penalties, legal liabilities, and reputational risks.
In conclusion, Egbetokun called for a comprehensive and proactive approach to safeguarding the financial sector against cybercrime and fraud. Continuous adaptation to emerging risks and adherence to best practices, he emphasized, are crucial for maintaining the integrity and security of financial operations.
