ISSAN Caution Banks, Other Financial Institutions on Rising Cyber Attacks

The Information Security Society of Africa – Nigeria (ISSAN), a not-for-profit organization dedicated to the protection of Nigeria’s cyberspace has called on banks and other financial institutions in the country to embark on deliberate efforts to train and retrain their employees to spot cybersecurity red flags. This development according to ISSAN, will help check and reduce the rising wave of cyber-attacks in the country.

Speaking at its monthly meeting recently, ISSAN’s President, Dr. David Isiavwe advised organizations to enforce the use of approved connections and devices, stressing that clear protocols must be established with clients, and that they create necessary awareness and sensitize their suppliers as customers.

“Sustainability and profitability of businesses, especially financial institutions now depend heavily on how much these organizations can keep cyber thieves from exploiting their assets and information systems as well as the resilience of systems. We have seen how daring the cybercriminals could be, targeting data of organizations and individuals. Over the past few weeks, we saw different kinds of digital frauds as well as attempts by the bad guys to take advantage of unsuspecting victims. Early vulnerability remediation, continuous awareness, trainings and layered security remain key to strengthening every organization’s security posture.” He stated.

Dr. Isiavwe who is also a General Manager at Ecobank Nigeria further emphasized that banks and other organizations must be proactive in risk identification and mitigation, adding that artificial intelligence, machine learning and robotics are also important to check cyber-attacks.

Local and foreign cyber security experts also made presentations at the ISSAN monthly meeting which is basically to review happenings in cyberspace and to take stock of what went wrong and possible solutions. ISSAN provides a platform for information, collaboration and exchange of ideas on cyber security.