First Bank of Nigeria is investing more than ₦6 billion every year in cybersecurity to protect its banking systems from cybercriminals, the bank’s Chief Executive Officer, Olusegun Alebiosu, has disclosed.
Alebiosu made the disclosure in Abuja during the 19th Annual Banking and Finance Conference organised by the Chartered Institute of Bankers of Nigeria (CIBN).
He said FirstBank operates 24-hour surveillance of its systems, allowing the bank to detect and take down millions of cyber threats every month. The bank has also established a command centre to monitor its operations globally and respond to emerging security threats.
The CEO said the bank plans to increase its cybersecurity spending as its business continues to grow, stressing the importance of protecting customers and banking operations from increasingly sophisticated attacks.
He also spoke about the growing role of Artificial Intelligence (AI) in banking. According to him, while AI has increased cybersecurity risks, it also has the potential to improve efficiency across the banking sector.
The development comes as Nigerian banks and other financial institutions face growing cyber risks, with the CBN also warning financial institutions to strengthen their cybersecurity and technology-risk controls.
