IGP Urges Banks to fortify database against hackers

The Inspector General of Police, Kayode Egbetokun, gave a strict warning to financial institutions and business owners regarding the escalating threat of cyber attacks on their databases and operations.

Speaking at the Moniepoint Staff Retreat in Abuja over the weekend, Egbetokun, represented by Chief Superintendent of Police Bashir Abdullahi, emphasized the need for proactive measures to safeguard against potential hackers.

Abdullahi, who also serves as the Assistant of Director Forensics at the Nigeria Police Force National Cybercrime Center, shared safety tips outlined by the IGP to combat cybercrime and fraud in the financial sector

Egbetokun stressed the impact of technology on the financial landscape, acknowledging the opportunities it brings but also highlighting the challenges posed by cyber threats.

The IGP identified various types of cyber threats, including phishing attacks, ransomware, DDOS attacks, and insider threats. He urged stakeholders to be aware of their adversaries and familiarize themselves with common tactics employed by cybercriminals, such as Social Engineering, Malware, and Exploiting Vulnerabilities.

Highlighting the crucial role of employees as the first line of defence, Egbetokun recommended implementing training programs to educate staff on threats and best practices, emphasizing the identification and reporting of suspicious emails through clear communication channels.

Financial institutions were reminded of their obligation to adhere to regulations and standards like the Nigeria Data Protection Act, Gramm-Leach-Bliley Act, and Payment Card Industry Data Security Standard. Non-compliance, the IGP warned, could result in severe financial penalties, legal liabilities, and reputational risks.

Egbetokun in conclusion also emphasized the necessity for a comprehensive and proactive approach to safeguard the financial sector against cybercrime and fraud. Prioritizing employee education, technological fortification, customer awareness, and collaboration were underscored as crucial elements in building a resilient defence against the continually evolving landscape of digital threats. Continuous adaptation to emerging risks and adherence to best practices, he concluded, are essential for maintaining the integrity and security of financial operations.