Evolve Bank, a financial institution, has recently experienced a cybersecurity breach, resulting in the compromise of customer data. The breach occurred on [date], and the bank is currently working with cybersecurity experts to investigate the incident. The exact number of affected customers is unknown at this time. Evolve Bank has taken immediate action by notifying the affected customers and is implementing measures to enhance its security protocols. This breach serves as a reminder of the ongoing threat of cyber attacks and underscores the critical importance of robust cybersecurity measures within the banking industry.
The Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) has urged banks to establish an assurance community comprising Information Security, Internal Audit, Internal Control/Systems Control, Compliance, and Risk Management departments to enhance cybersecurity measures within the banking sector. This recommendation was made during ACAEBIN’s Annual General Meeting and Retreat held in Abuja. The retreat focused on addressing challenges and exploring opportunities within the banking sector, with discussions on the implications for the economy and the Central Bank of Nigeria's efforts to stimulate economic growth. ACAEBIN Chairman, Prince Akamadu, emphasized the proactive role of the Internal Audit Function in supporting the Central Bank's initiatives and highlighted the importance of equipping banking professionals with essential skills to serve as both gatekeepers and advisors. The retreat also addressed foreign exchange challenges and curbing fraudulent activities through enhanced Know Your Customer mechanisms.
Stakeholders in the financial services industry have called for the adoption of innovative technologies in digital banking to address the escalating threat of cybercrime. The Chairman of the Committee of e-Business Industry Heads, Celestina Appeal, emphasized the need for AI adoption to curb fraud in the industry. Cybercriminals are causing financial losses of $500 million annually in Nigeria. The Nigerian Communications Commission has issued security alerts to warn about the dangers of cybercrime. The Federal Government amended the Cybercrime Act to put an end to the exploitation of Nigeria's digital space. Industry leaders discussed the integration of advanced technologies, such as AI, into cybersecurity practices to enhance consumer confidence in online banking. The General Manager of the Lagos State Consumer Protection Agency highlighted successful implementations of advanced technologies in protecting digital banking consumers.
The Certification Authority (CCA) in Bangladesh recently hosted a Public Key Infrastructure (PKI) drill to enhance digital security. The event was attended by representatives from the Department under the ICT Division, licensed Certifying Authorities, and critical information infrastructure of the government. The drill aimed to ensure the highest level of security in the exchange of online information using digital signatures. Mohammad Shamsul Arefin, the Chief Guest, emphasized the importance of building a smart nation for Digital Bangladesh. ATM. Ziaul Islam, the Controller of Certifying Authorities, highlighted the role of digital signatures in authenticating services, maintaining transparency and accountability in government activities, and building a cashless society. The drill underscores the government's commitment to digital security and its efforts to create a secure and trustworthy digital environment.
Islami Bank Bangladesh also organized a training workshop on 'Cyber Security Protection' for agent banking officials. The workshop was held virtually and attended by officials from Dhaka Central, Cumilla, Khulna, and Sylhet zones. Mohammad Jamal Uddin Majumder, Deputy Managing Director of the Bank, addressed the program as the chief guest. AKM Mahbub Morshed, Executive Vice President, presided over the program. The workshop aimed to enhance the knowledge and skills of the participants in cybersecurity.
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