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Ecobank boss recommends artificial intelligence for combating cyber-crimes

Artificial intelligence (AI) has been recommended as means of countering   cyber-attacks and preventing cyber threats on businesses and corporate organizations all over the world.

This position was canvassed by the managing director, Ecobank Nigeria, Patrick Akinwuntan while speaking at a webinar themed, “Cyber threat Landscape: Financial services, 2021 and beyond,” organised by Information Security Society of Africa, Nigeria (ISSAN). Akinwuntan said, as cyber-attacks continue to grow in intensity and frequency, Artificial Intelligence (AI) can be a game changer.

He said the manual and semi-automated techniques of monitoring and responding to systems issues of the past are grossly inadequate to take care of the risk of the future.

Akinwuntan regretted the renewed cyber-attacks on businesses globally occasioned by new technology and Covid 19 pandemic, stating that, “technology has evolved and has changed the way we operate. Covid 19 only further accelerated the adoption of technology.

“Artificial intelligence, automation, internet have all created the opportunities for business to unlock more values, but cyber threats have also increased both in complexity and volume. The new normal of working from home has further exposed institutions to cyber-attacks and data breaches. Endpoints for remote access must be secured or else institutions are exposed to attack by mismanaged endpoint. There is also the aspect of insider threat and exposure of password.”

Akinwuntan also identified other threats faced by financial institutions and organisations across the world to include cloud security threats and supply chain attack, stressing that, a breach on one vendor could have ripple effects on the organizations.

Deputy governor, financial systems stability, Central Bank of Nigeria (CBN), Aishah Ahmad, who was represented by the director of Information Technology (IT) at CBN, Rakiya Mohammed, said the conversation around cyber threat could not be more important than now, stressing that, the apex bank was committed to strengthening the security framework of financial institutions to prevent the proliferation of such threats.

In his presentation, US -based Cyber Security expert, Dr. Austen Ohwobote, advised that, as the pace of digital disruption accelerates and innovative new technology reach the market, organisations should put measures in place to check cybercrimes.

 

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