Bank Directors’ Association of Nigeria has said it is important for banks to share information on cybersecurity that will help to curb the incidence of hacking in the industry.
Some of the bank directors spoke during BDAN’s bank directors’ conference with the theme, ‘Cybersecurity in banks: The role of the board’, in Lagos.
The President, BDAN, Mrs Osaretin Demuren, said hacking was one of the top risks being faced, not just in the financial sector but in some other sectors.
She noted that the impact was more felt in the financial sector because once the system was hacked into, it could have its impact, which made it cogent for people to be aware of cyberrisk, cyberdamage to business and be accountable.
Demuren said, “Five years ago, nobody paid attention to it, but now, with the penalty that people will face if there is a breach with corporate governance, ignorance or lack of knowledge is not an excuse. So you need to be well equipped.
“Gone were the days when you needed to manage information. You need to share information so that we demystify what this is all about. Until we demystify the hackers, and people know what it is all about, because what they want is the financial benefit, they will find another area of attack.”
Partner & Head, Technology Advisory and Markets, KPMG Nigeria, Joseph Tegbe, mentioned some of the guidelines for managing cyber risk.
He said there was the need to establish accountability for cyberrisk, protect what mattered, assess the maturity of cybersecurity programme, manage third party cyberrisk, and prepare to effectively respond to cyber incidents.
“We are at a time in which effective board oversight of cyberrisk is a necessity; if digital innovations will deliver optimal value to the business,” he said.