As financial institutions fend off cyberattacks, experts say banks are vulnerable because they lack technologies that could be deployed to ensure customer transactions and assets are secure.
Speaking at a financial services cybersecurity workshop held in Lagos, Managing Director of ActivEdge Technologies, George Agu, said it was time for banks to deploy zero-trust security to combat against attacks.
According to him, one of the ways to ensure that cyberattacks are minimal is to ensure that guardians are up to date with the various technologies that could be deployed to ensure customers can transact with their eyes closed. .
He added that at a minimum, cyber crooks have attacked every bank in Nigeria and often those attacked don’t even know about it until it is too late.
Agu said cyberattacks are a wake-up call for financial institutions, especially the banking sector, to invest more in cybersecurity and strengthen its cyberdefences.
He said: “That’s why we focus on what we call zero trust or security which is based on least privilege and denies everything until it’s verified.
“Zero Trust is a security architecture that relies on multiple layers. It is built on what is called least privilege. If possible, everyone should be denied access until they are verified, then you can grant access to what the person will have access to. This is how it works.”
He urged the government to become more involved in cybersecurity so that its impact can be measured by enforcing policies and monitoring, while urging organizations handling customer data to put measures in place to protect their clients.
“It is not enough to simply reimburse customers if they are defrauded or their money is taken. Clients should have no reason to complain about their funds or assets. But unfortunately, there is a lack of policies to guarantee these things. If the government can be honest and have a strong will to make sure these things are put in place, then everyone will be fine.
For his part, Biodun Adewoye, Channel Account Manager – West Africa at Fortinet, urged financial institutions to incorporate the latest technological developments and trends to protect against what attackers use to perpetrate their activities.
“Because if they sit and operate in the past, it won’t do well for their customers and their images. These cyber attackers are as current as you might think. Financial institutions need to open up to more information on how they can be protected.These attackers develop new skills and new attempts on a daily basis, so they must up their game by acquiring knowledge and information on how they can be better protected.