The Chartered Institute of Bankers of Nigeria (CIBN), in partnership with Digital Jewels Africa (DJA), organized a critical workshop to tackle the escalating cybersecurity challenges affecting Nigeria’s banking industry. Themed “A Cyber Resilience Table Top Simulation Exercise for Board Members and Executive Management of Banks,” the event aimed to equip senior bank executives and board members with the necessary strategies to navigate evolving cyber threats effectively. This initiative highlighted the pressing need for robust cybersecurity measures in the ever-expanding digital economy.
Representing the CIBN President, Prof. Pius Olanrewaju, the First Vice President, Mr. Dele Alabi, emphasized the proactive responsibility of banking sector leaders in addressing cyber risks. Alabi pointed out that the workshop was designed to provide insights and tools critical for enhancing cyber resilience within the sector. He underscored the importance of maintaining vigilance to safeguard the banking system against cyberattacks.
Mrs. Adedoyin Odunfa, Group Managing Director and Chief Executive Officer of Digital Jewels Africa, delivered a thought-provoking presentation on the rapidly evolving cyber risk landscape. Highlighting emerging threats like insider risks and third-party vulnerabilities, she referred to data as the “Digital Crown Jewels,” stressing the necessity of protecting these assets. Odunfa recommended practical measures to improve cyber resilience, including the implementation of automated controls and fostering sector-wide collaboration. Her insights underscored the significance of minimizing attackers’ gains while bolstering organizational defenses.
The workshop also delved into the implications of cutting-edge technologies like Artificial Intelligence (AI), focusing on mitigating associated risks, including job displacement, security vulnerabilities, and privacy concerns. Attendees discussed strategic governance, talent development, and fostering cooperation within the banking ecosystem as vital components of a resilient cybersecurity framework. The event marked a pivotal step in equipping Nigerian banking leaders with the knowledge and strategies essential to safeguarding trust and stability within the sector.