FirstBank invests N6bn annually against cyber threats

First Bank of Nigeria, the country's largest bank, disclosed that it allocates over N6 billion annually towards cybersecurity measures to safeguard its systems from malicious actors. CEO Olusegun Alebiosu made this statement on Wednesday during the 19th Chartered Institute of Bankers of Nigeria Annual Banking and Finance Conference in Abuja.

Alebiosu explained that the bank maintains constant vigilance over its systems, effectively neutralizing millions of cyber threats on a monthly basis. The CEO further revealed plans to escalate cybersecurity investments as the bank's operations continue to expand, stating, "The bank has already established a command centre to monitor its franchise across the globe and counter emerging threats."

While addressing the increasing risks associated with Artificial Intelligence (AI) in banking, Alebiosu emphasized that AI also offers significant opportunities for efficiency. He pointed out that AI would provide quicker access to data and facilitate processes that traditionally took years to complete. He also cautioned that the threat environment could deteriorate if banks fail to implement effective risk management strategies.

Alebiosu highlighted that AI could potentially save weeks of work within a matter of seconds, revolutionizing fraud detection and financial systems.

In response to concerns about banks' lending practices to Micro, Small, and Medium Enterprises (MSMEs), Alebiosu criticized Nigeria's laws for not adequately supporting enterprise development. He emphasized the importance of trust in the business environment, stating that banks require collateral before granting loans to ensure their own protection. Jide, a seasoned journalist with over a decade of experience reporting on business-related matters, covered this story.