Expert urges financial institutions on strong cyber defence systems.

As financial institutions fend off cyber-attacks, experts say banks are vulnerable because they lack technologies that could be deployed to ensure transactions and customers’ assets are safe.

Speaking at a financial services cyber security workshop held in Lagos, Managing Director, ActivEdge Technologies, George Agu, said it is time banks deploy zero trust security to tackle attacks.

According to him, one of the ways to ensure that cyber-attacks are minimal is to ensure that the gatekeepers are up-to-date with the various technologies that could be deployed to ensure that customers can carry out transactions with their eyes closed.

He added that at the minimum, cyber fraudsters have attacked every bank in Nigeria and often times, the people who are attacked do not even know until it is too late.

Agu said the cyber-attacks are a wake-up call for financial institutions, especially the banking industry to invest more in cyber security and bolster its cyber defenses.

Amen J Kantiyok