Chartered Institute of Bankers of Nigeria (CIBN) in partnership with Digital Jewels Africa (DJA), a leading IT Governance, Risk, and Compliance (GRC) firm, organized a high-impact workshop on Thursday, December 5, 2024, at the Black Diamond Hotel, Victoria Island, Lagos.
The workshop Themed “A Cyber Resilience Table Top Simulation Exercise for Board Members and Executive Management of Banks,” aimed to tackle the increasing cybersecurity challenges in Nigeria’s banking industry. It equipped senior executives and board members with effective tools and strategies to combat evolving cyber threats.
In his address, the First Vice President of CIBN, Mr. Dele Alabi, FCIB (representing the President and Chairman of Council. Prof. Pius Deji Olanrewaju, Ph.D,FCIB, emphasized the critical role of cybersecurity in today’s digital economy. “As leaders in the banking sector, it is our responsibility to stay proactive in identifying and mitigating cyber risks. This workshop provides the tools and insights necessary to strengthen our cyber resilience,” he stated.
Also speaking at the workshop, The Group Managing Director and CEO of Digital Jewels Africa, Mrs. Adedoyin Odunfa, delivered an engaging presentation highlighting critical issues in the ever-changing cyber risk landscape. She discussed emerging threats, including third-party vulnerabilities and insider threats, and stressed the importance of safeguarding data, which she referred to as the “Digital Crown Jewels” of modern organizations. “Enhancing our cyber resilience posture is essential to making it harder for attackers and minimizing their rewards,” she noted.
Mrs. Odunfa further proposed actionable strategies to bolster resilience, such as adopting automated controls and fostering collaboration within the banking ecosystem. “This initiative represents a major leap in empowering Nigeria’s banking leaders with the knowledge and skills necessary to protect their institutions, ensuring continued trust and stability in the financial sector,” she added.
Participants engaged in dynamic discussions about the implications of emerging technologies like Artificial Intelligence (AI) and explored strategies to address AI challenges, including job displacement, privacy concerns, and security risks. The workshop emphasized the importance of strategic governance frameworks, talent development, and collaborative efforts to fortify defences against cyberattacks.
The 2nd part of the session involved a closed door immersive incident response simulation which provided deep insights and practical actionable next steps in handling cyber incidents within Banks.
