LAPO Microfinance Bank, a leader in the financial sector, participated in the 5th Corporate Media Roundtable organized by the Online Reporters Association of Nigeria (ORAN), focusing on the crucial topic of cybersecurity in financial institutions. The event, held recently, brought together key stakeholders, including media professionals, regulators, and representatives from various financial entities.
In his opening remarks, Shehu Tijani, President of ORAN, emphasized the importance of online security, urging attendees to protect their information to mitigate cyber threats. The address by Oluremi Akande, Director of Marketing and Corporate Communications at LAPO, highlighted the escalating risk of cybercrime, particularly in the financial sector, where losses exceeded ₦20 billion (~$25 million) in 2022-2023 alone.
Akande elaborated on the historical evolution of cybersecurity, tracing its roots back to the 1970s. He noted that as technology has advanced, so too has the sophistication of cybercriminals, making cybersecurity a top priority for financial institutions.
“Cybersecurity is no longer a peripheral concern; it is central to the integrity and trustworthiness of financial systems globally,” Akande stated. He underscored the necessity for collaboration among stakeholders, including regulatory bodies like the Central Bank of Nigeria (CBN), which has recently implemented a Risk-Based Cybersecurity Framework aimed at enhancing the security measures of financial institutions.
At LAPO, we take our commitment to cybersecurity seriously. The bank is ISO 27001 compliant and has established a dedicated team led by a Chief Information Security Officer (CISO). Our investment in advanced security infrastructure, including biometric verification systems, demonstrates our proactive stance against unauthorized access and fraud.
Moreover, LAPO recognizes that technology alone cannot combat cyber threats. Human factors often represent the weakest link in cybersecurity. With over 1.3 million phishing attempts detected in Nigeria in the first half of 2023, we have instituted comprehensive training programs to equip our staff and customers with the knowledge to recognize and mitigate potential threats.
The role of media in this ecosystem is vital. As educators and communicators, journalists can empower the public by promoting safer digital practices and raising awareness about cybersecurity threats. Akande acknowledged the media’s responsibility not just to report incidents but to foster understanding and vigilance.
In conclusion, LAPO Microfinance Bank is committed to creating a secure and trustworthy financial environment. As we navigate the evolving landscape of cybersecurity, we invite all stakeholders to collaborate in building a resilient financial ecosystem that prioritizes safety and integrity.
For more information on LAPO Microfinance Bank’s initiatives and cybersecurity measures, please visit our website or contact our media relations team.
However, Online Reporters Association of Nigeria have been organizing this forum to inform , reorient, correct the illness of the society within and outside the corporate world .
