How to achieve effective internet banking security – Polaris MD

The Managing Director, Polaris Bank Limited, Mr Adekunle Sonola, has underscored the need to address the fundamental issues of human capital, technology and third-party stakeholders to ensure security of the internet banking space. Delivering the keynote address at the 54th quarterly meeting of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) at […]

The Managing Director, Polaris Bank Limited, Mr Adekunle Sonola, has underscored the need to address the fundamental issues of human capital, technology and third-party stakeholders to ensure security of the internet banking space.

Delivering the keynote address at the 54th quarterly meeting of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) at the weekend in Lagos, Sonola said the issues of skill gaps, information sharing, and effective engagements with law enforcement agencies and regulators on speedy conclusion of investigations, apprehension of suspects and prosecution of those found culpable are important to achieving a safe and sustainable financial services sector.

The theme of the meeting was “Cybersecurity threats and the challenges of building a sustainable financial sector: The way forward”.

He said cyber risks represent a major threat affecting the banking industry today and thus the need for the chief audit executives and other stakeholders to rise up to the challenges.

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According to him, a direct consequence of pervasive adoption of technology is the increase in sophistication and frequency of cyber incidents with cyber threats everywhere and always changing, making it appear, in many instances, almost impossible to prepare for all threats, or to keep up to date with best practices in cybersecurity.

Sonola, who was represented by the Executive Director, Lagos Business of Polaris Bank, Mr Segun Opeke, noted that with the increase in frequency and sophistication of cyber-attacks, the task of building a sustainable and resilient financial institution is becoming more challenging.

He listed the challenges to include the high cost associated with maintaining an efficient cyber security programme and issues around attraction and retaining skilled technical resources, stressing that managers in financial services industry face hard choices.

He also identified three broad categories of risks facing the financial services sector to include the people factor, third-party risk factor and technology factor.

“The people factor remains a formidable threat agent for the survivor of any organization and its cyber resiliency.

“An emerging issue around people is the current high rate of staff attrition occasioned mainly by “japa” syndrome and the attendant difficulty in resourcing to fill human capital vacancies,” Sonola said.

The chairman, of ACAEBIN, Mr Felix Igbinosa, said the association will continue to seek ways of enhancing the existing relationships through constant engagement and collaboration with all stakeholders.