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Ecobank Nigeria chief canvasses use of artificial intelligence to curb security threats

By on April 4, 2021 0 227 Views

Ecobank Nigeria Managing Director, Patrick Akinwuntan has advocated the use of artificial intelligence (AI) to predict security threats and proffer solutions.

Akinwuntan who made this assertion at a webinar themed, “Cyber threat Landscape: Financial services, 2021 and beyond.”organised by Information Security Society of Africa, Nigeria (ISSAN) said as cyber-attacks continue to grow in intensity and frequency, AI can be a game-changer, stressing that the manual and semi-automated techniques of monitoring and responding to systems issues of the past are grossly inadequate to take care of the risk of the future.

He regretted the renewed cyber attacks on businesses globally occasioned by new technology and Covid 19 pandemic, “Technology has evolved and has changed the way we operate. Covid 19 only further accelerated the adoption of technology.

“Artificial intelligence, automation, internet have all created the opportunities for business to unlock more values, but cyber threats have also increased both in complexity and volume,” Akinwuntan stated.

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He noted that; “The new normal of working from home has further exposed institutions to cyber-attacks and data breaches. Endpoints for remote access must be secured or else institutions are exposed to attack by mismanaged endpoint. “There is also the aspect of insider threat and exposure of password.”

Akinwuntan identified other threats faced by financial institutions and organisations across the world to include cloud security threats and supply chain attacks, stressing that a breach on one vendor could have ripple effects on the organizations.

Central Bank of Nigeria (CBN) Deputy Governor, Financial Systems Stability, Aishah Ahmad, said the conversation around cyber threat could not be more important than now, stressing that the apex bank was committed to strengthening the security framework of financial institutions to prevent the proliferation of such threats.

Ahmad,who was represented by the Director of Information Technology (IT) at CBN, Rakiya Mohammed noted that “The financial sector is particularly susceptible to cybercrime, given its crucial roles in financial intermediation in a highly connected financial system.

CBN, she said is committed to strengthening its regulatory and supervisory framework for cyber risk and vulnerability testing for the banking sector.

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