By Nse Anthony-Uko
(Sundiata Post) — FBNQuest Merchant Bank, the investment banking and asset management subsidiary of FBN Holdings Plc has called on audit executives of banks to take advantage of information technology (IT) advancement to enhance cybersecurity resilience in the country.
The bank made this known at the 40th Quarterly General Meeting of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) with the themed ‘Cybersecurity: The Role of Audit Executives’, held in Lagos,
Head of technology and services at FBNQuest Merchant Bank, Funke Ladimeji highlighted the important role of audit executives in influencing and facilitating organisational change by ensuring that robust cyber threat programs are implemented across businesses to mitigate risks.
According to her, businesses still make use of traditional approaches in cyber vulnerability assessments and it is difficult for security units within organisations today to achieve complete ecosystem visibility across other functional units. However, with emerging technologies and the commoditization of data, cybersecurity has become undeniably more sophisticated and clearly a top Board agenda.
Ladimeji further stated, that audit executives must be part of the decision making process for organisations to ensure that compliance to cyber security standards are a key factor in business strategies. The internal audit function must be forward thinking, making a concerted effort to follow trends that will influence management implementation frameworks in line with the General Data Protection Regulation (GDPR) and future CBN guidelines.
She encouraged all audit executives to be vigilant in identifying and monitoring cyber security programs within their respective organisations, saying that “audit executives should continually provide assurance and consultation services, as necessary, to ensure cybersecurity is driven and elevated to the desired maturity level.”
The quarterly meeting brought together the chief audit executives of banks, key industry players, among others who met to deliberate on the Nigerian cybersecurity landscape and the major role of audit executives within an organisation.
The objective is to build and implement cyber risk programs that will protect businesses, spur confidence in digital banking in the country, and encourage other technological advancements in their various industries.