First Bank of Nigeria Limited invests more than N6 billion annually in cybersecurity to protect its systems and customers from cybercriminals, its Chief Executive Officer, Mr Olusegun Alebiosu, has said.
Alebiosu disclosed this on Wednesday in Abuja on the sidelines of the 19th Chartered Institute of Bankers of Nigeria Annual Banking and Finance Conference.
He said the bank operates 24-hour surveillance of its systems, enabling it to detect and take down millions of cyber threats monthly.
According to him, the bank plans to increase its cybersecurity investment as its business continues to grow.
“The bank has already established a command centre to monitor its franchise across the globe and counter emerging threats,” he said.
On the use of Artificial Intelligence (AI) in banking, Alebiosu said while AI had heightened cybersecurity risks, it also offered significant opportunities to improve efficiency.
He said AI could provide more opportunities than threats in banking if its associated risks were properly managed, adding that it could improve efficiency and facilitate data gathering within a short period.
“We can get data in seconds and things that could take us years to do; we could do them in weeks with AI,” he said.
Alebiosu, however, warned that the threat environment could worsen if banks failed to take appropriate measures to manage AI-related risks.
He said the key priority was to adopt measures that would protect customers, adding that the banking sector had made significant progress, particularly through the instant payment system.
On concerns about banks’ lending to Micro, Small and Medium Enterprises (MSMEs), Alebiosu said Nigeria’s laws did not sufficiently support enterprise development.
He said discussions about banks’ financing of MSMEs should also consider how the legal system had helped to build trust in the business environment.
“I cannot grant a loan to somebody who would defraud me and the law would not protect me to return my money.
“The law, legal system, judiciary and government must invest in the trust environment. I ask for collateral before I can give you a loan to secure myself,” Alebiosu said.
