IGP Alerts Banks, Business Owners Over Impending Attack On Their Database By Hackers

The Inspector General of Police, Kayode Egbetokun, has alerted financial institutions and business owners in Nigeria to protect their databases from impending attacks by hackers.

The police boss expressed concerns over the increasing complexity of cyber threats and criminals’ subsequent attacks on people’s assets.

During a retreat in Abuja yesterday, the IGP emphasized the importance of taking proactive measures to safeguard databases from potential hackers.

Represented by Chief Superintendent of Police, Bashir Abdullahi, Egbetokun provided safety guidelines to combat cybercrime and fraud-related issues in the financial sector, Naija News understands.

Abdullahi, who also serves as the Assistant Director of Forensics at the Nigeria Police Force National Cybercrime Center, NPF-NCC, quoted Egbetokun’s statement highlighting the necessity for stakeholders to understand the impact of technology in the financial sector.

He said, “As technology transforms the financial landscape, it introduces unprecedented opportunities and challenges. The digitalisation of financial transactions has streamlined processes but also opened avenues for cyber threats. Cyberattacks are evolving in complexity and frequency.”

Egbetokun provided an extensive compilation of cyber threats, encompassing phishing attacks, ransomware, DDOS attacks, and insider threats.

Moreover, he offered guidance to the stakeholders within the financial sector, emphasizing the importance of understanding their adversaries.

He highlighted that cybercriminals commonly employ tactics such as Social Engineering, Malware, and Exploiting Vulnerabilities.

He said, “Employees are often the first line of defence on human firewalls. Training programmes should be implemented to educate staff on threats and best practices, as well as identifying and reporting suspicious emails, including clear communication channels.

“Financial institutions are subject to various regulations and standards, such as Nigeria Data Protection Act, Gramm-Leach-Bliley Act, and Payment Card Industry Data Security Standard, which require them to implement specific security controls to protect their information assets.

“Failure to comply with these regulations can result in significant financial penalties and legal liabilities, including reputational risks.

“In conclusion, safeguarding the financial sector against cybercrime and fraud requires a comprehensive and proactive approach.

“Financial institutions must prioritise employee education, technological fortification, customer awareness, and collaboration to build a resilient defense against the ever-evolving landscape of digital threats.

“Continuous adaptation to emerging risks and adherence to best practices will be crucial in maintaining the integrity and security of financial operations.”