How cybersecurity can help financial institutions avoid losses – Olusoga 

Tobiloba Olusoga, chief operating officer at i-invest, a digital platform for treasury bills, stocks and other investment services, has stressed the importance of innovation while urging financial institutions to embrace cybersecurity measures to avoid losses.

He said this at the Nigeria Fintech Week 2024, where industry experts convened to discuss the growing threats of fraud and cyber attacks in the financial ecosystem, providing key insights into tackling these challenges. The panel, themed “Dealing with Fraud and Cyber-Attacks: Barriers to an Expanding Digital Economy,” addressed emerging fraud trends, cybercrime, and the importance of data privacy regulations in today’s digital age.

Olusoga, highlighted the importance of striking a balance between innovation and safeguarding investor funds. According to Olusoga, innovation is crucial, but financial institutions must be cautious to avoid losses, emphasising the need for robust cybersecurity measures while driving technological advancements.

Read also: Cybersecurity and the financial sector: Protecting West Africa’s digital economy

“I’m a strong believer in the ‘fail fast – learn faster’ concept,” Olusoga said. “But in an environment like ours, it’s crucial to ensure that if you’re putting money into something, you don’t lose it. Businesses are often at a crossroads: they want to invest in research and development, but they also can’t afford to lose money. This requires investment in cybersecurity—strong security systems and threat detection—while simultaneously pushing forward with product development.”

Olusoga stressed the need for embedding security from the start. “Security should be part of the product life cycle, risk management, and business development strategies. Bypassing security to move faster will only lead to challenges down the road. Companies need to stay ahead of cyber threats by utilising tools like AI to detect patterns and protect against potential attacks.”

Other key speakers echoed Olusoga’s sentiments, emphasising the importance of collaboration across the industry. “There’s so much data out there,” said Olusoga. “If it’s not shared, individual companies may miss critical trends, leaving them vulnerable. Collaboration can help protect against larger risks and ensure companies are better prepared to handle security threats.”

Read also: LIST: 200 Nigerian politicians, security officers own $1bn properties in Dubai

The panel also featured Oluwole Esomojumi, Chief Audit Executive of Wema Bank; Kari Tukur, Vice President & Head, Customer Solutions, Mastercard; Abiola Jimoh, CEO of XchangeBox; and James Edeh, Head of Compliance at FairMoney, all of whom shared their perspectives on managing cyber risks in an increasingly digital financial ecosystem.

The session concluded with a call to action for businesses to proactively implement security measures and continue fostering collaboration within the fintech community to stay ahead of evolving cyber threats.