At the recently concluded Nigeria Fintech Week 2024, Tobiloba Olusoga, the Chief Operating Officer at i-invest, along with other industry experts, emphasized the critical need for industry-wide collaboration on cybersecurity. The panel, themed “Dealing with Fraud and Cyber-Attacks: Barriers to an Expanding Digital Economy,” focused on discussing the escalating threats posed by cybercrime and fraud, particularly as they pertain to the financial technology sector. With the rapid digitization of financial services, the discussions highlighted emerging trends in fraud and the paramount importance of data privacy regulations and protective measures to secure consumer and institutional data in an increasingly complex digital environment.
Olusoga, representing i-invest—a platform dealing in treasury bills, stocks, and other investment services—articulated a vision where innovation must coexist harmoniously with the protection of investor funds. While acknowledging the transformative potential of technological advancements, she stressed that financial entities must implement stringent cybersecurity systems to mitigate losses that could arise from cyberattacks. Her remarks suggested that while it is essential for businesses to embrace innovation, they cannot neglect the vital aspect of financial security, highlighting a need for a calculated approach that balances risk with reward.
The COO pointed out the inherent challenges facing businesses that desire to enhance their offerings through research and development but are simultaneously wary of financial losses. She advocated for a strong infrastructure for cybersecurity to be woven into the fabric of product development processes. According to her, security must be embedded from the product life cycle’s inception rather than treated as an afterthought. This perspective echoed the broader sentiment that hastening innovation without adequate security measures can lead to dire repercussions.
Moreover, Olusoga introduced the idea of leveraging artificial intelligence (AI) to anticipate and counter threats by recognizing patterns that might indicate malicious activities. She remarked on the copious amounts of data available and the risks companies face if they do not share critical information with one another. The notion of collaboration emerged as a central theme, where collective intelligence and data sharing would empower organizations to fortify their defenses against cyber threats and adapt more nimbly to evolving risks in the digital financial landscape.
The importance of collaboration was underscored by other panelists, including Oluwole Esomojumi, Chief Audit Executive of Wema Bank; Kari Tukur, Vice President & Head of Customer Solutions at Mastercard; Abiola Jimoh, CEO of XchangeBox; and James Edeh, Head of Compliance at FairMoney. Each contributed their perspectives, conveying a unified message about the necessity for concerted efforts in tackling cybersecurity challenges. They collectively acknowledged that the proliferation of digital services and financial products necessitates a cooperative stance to effectively combat fraud and cyberattacks that threaten both customers and the integrity of financial institutions.
In conclusion, the Nigeria Fintech Week 2024 served as a significant platform for sharing insights into the critical issues of fraud and cyber threats within the financial ecosystem. As the industry continues to evolve, the call for partnerships and collaborative strategies in cybersecurity remains paramount. Tobiloba Olusoga and her colleagues reaffirmed the notion that a cohesive approach, underpinned by robust security measures and shared intelligence, will play a vital role in safeguarding the digital economy and ensuring a resilient financial industry capable of overcoming the challenges that lie ahead.
