FirstBank has organised a cybersecurity webinar to educate business owners and customers on the latest advancements in payment technologies to protect them from loosing their funds to hackers.
Mr Harrison Nnaji, Chief Information Security Officer of the FirstBank, at a cybersecurity webinar, on Thursday, said that it was imperative to keep the bank’s customers knowledgeably equipped with essential strategies to safeguard themselves from cyber threats.
FBN Holdings confirms Alebiosu as First Bank MD
The webinar which has the theme: “Unlocking Secure Convenience: Exploring the Future of Payments Technologies”.
Nnaji said that customers would be protected from cyber threats if they practiced five to 10 per cent of measures from the quarterly webinar.
Speaking on the topic, “Banking on Safety: Innovative Security Features on FirstBank Digital Products”, he appealed to participants to become ambassadors who would utilise the information and pass the knowledge to their communities.
He highlighted the vulnerabilities of customer data to both internal and external threats and advocated for robust firewalls and enhanced privacy measures.
He said that breakdown of global cybercrime damage costs predicted by Cybersecurity Ventures for 2024 indicated that 302,000 dollars would be lost to hackers per second, 18 million dollars per minute, 26 billion dollars daily and 9.5 trillion dollars a year.
He outlined best practices for secure digital banking and detailed FirstBank’s commitment to cyber threat prevention through multi-factor authentication, end-to-end encryption, and real-time fraud detection.
“Our dedication to maintaining the highest standards of security and privacy extends to every interaction and transaction.
“It underscores FirstBank’s pledge to be the bank customers can always rely on for the utmost protection of their financial safety and personal privacy,” he added.
Nnaji also stressed the shared responsibility between the bank and its customers in preventing financial losses. “Our goal is to ensure your hard-earned money remains secure,” he said.
Mr Mayowa Adewumi, Cyber and Intelligence Regional Manager, Mastercard, discussed the evolution of the payment ecosystem and the associated risk factors due to technological advancements.
He noted that it was imperative to prioritise over convenience, to prevent unauthorised access to funds.
“As a customer, you play a crucial role in maintaining security by adopting best practices and staying informed and vigilant as payment technologies evolve,” Adewumi advised.
Mr Peter Ehizogie, Regional Manager Product Sales, Cyber and Intelligence Solutions (West Africa) at Mastercard, explained backend security measures that require active customer participation.
He highlighted the importance of choosing the best authentication options tailored to individual needs, such as password authentication with Multi-Factor Authentication instead of biometric options.
Mr Emmanuel Okoroji, Head of Threat Intelligence & Risk Management, FirstBank, moderated the webinar, which provided valuable insights into the future of payment technologies, focusing on achieving secure and convenient transactions for businesses and consumers.
What is Cybersecurity?
According to Cisco, Cybersecurity is the practice of protecting systems, networks, and programs from digital attacks. These cyberattacks are usually aimed at accessing, changing, or destroying sensitive information; extorting money from users via ransomware; or interrupting normal business processes.
Implementing effective cybersecurity measures is particularly challenging today because there are more devices than people, and attackers are becoming more innovative.
A successful cybersecurity approach has multiple layers of protection spread across the computers, networks, programs, or data that one intends to keep safe. In an organization, the people, processes, and technology must all complement one another to create an effective defense from cyber attacks. A unified threat management system can automate integrations across select Cisco Security products and accelerate key security operations functions: detection, investigation, and remediation.
