Banks, regulators urged to strengthen cybersecurity defense

Financial institutions, regulators, technology partners, and law-enforcement agencies have been urged to prioritize cybersecurity and responsible innovation amid the rapid advancements in banking technology. This call to action was made at the ACAEBIN's 65th Quarterly General Meeting, held in Lagos and themed "Auditing the Future: Governing AI, Cyber Risks and Digital Trust in an Era of Intelligent Banking."

Wema Bank Plc's Managing Director/Chief Executive Officer, Mr. Moruf Oseni, emphasized that the industry's transformation, driven by AI, analytics, digital platforms, automation, and evolving technologies, introduces new risks such as AI-enabled fraud, deepfakes, identity manipulation, cyberattacks, API vulnerabilities, data breaches, and business email compromise.

These risks are no longer hypothetical but pose a tangible threat that demands immediate attention from boards, management, regulators, and assurance functions. Oseni highlighted the crucial role of Internal Audit in evolving from a retrospective assurance function to a proactive, technology-driven, and insight-oriented role that helps anticipate risks, challenge assumptions, and support informed decision-making.

ACAEBIN's Chairperson, Mrs. Aina Amah, stressed the need for innovation to be balanced with robust governance, effective controls, cyber resilience, and accountability. She further noted that ACAEBIN has been proactive in engaging with the Nigerian Police Force's National Cybercrime Centre to address cybercrime, fraud trends, and the importance of collaboration between law enforcement, financial institutions, and the internal audit community.

The association remains committed to supporting members in navigating the evolving regulatory landscape, particularly as the Central Bank of Nigeria (CBN) issues and updates regulatory requirements and initiatives. Chisom Odobeatu, Senior Manager of Information Technology (IT) & Control Assurance at Deloitte Nigeria, emphasized the growing technological dependency of the banking industry and the need for assurance providers and audit executives to adapt by embracing emerging technologies and upgrading their skills to remain relevant in the intelligent banking environment.