Embracing Innovation and Cybersecurity: Insights from Tobiloba Olusoga at Nigeria Fintech Week 2024
In an era where digital transformation is reshaping the financial landscape, the importance of innovation cannot be overstated. Tobiloba Olusoga, the Chief Operating Officer at i-invest, a prominent digital platform for treasury bills, stocks, and other investment services, recently underscored this sentiment at the Nigeria Fintech Week 2024. However, he also emphasized a critical caveat: financial institutions must prioritize cybersecurity to safeguard investor funds and avoid significant losses.
The Growing Threat of Cybercrime
During the event, industry experts gathered to discuss the escalating threats posed by fraud and cyber attacks within the financial ecosystem. The panel, themed “Dealing with Fraud and Cyber-Attacks: Barriers to an Expanding Digital Economy,” delved into emerging fraud trends, the pervasive nature of cybercrime, and the pressing need for robust data privacy regulations in today’s digital age. Olusoga’s insights were particularly poignant, as he highlighted the delicate balance that financial institutions must strike between innovation and security.
Innovation vs. Security: A Delicate Balance
Olusoga articulated a compelling argument for innovation, stating, “I’m a strong believer in the ‘fail fast – learn faster’ concept.” This philosophy encourages rapid experimentation and adaptation, which is essential in a fast-paced digital economy. However, he cautioned that in an environment rife with potential threats, it is imperative that financial institutions ensure the safety of their investments. “If you’re putting money into something, you don’t want to lose it,” he asserted, emphasizing the necessity of robust cybersecurity measures alongside technological advancements.
Embedding Security in the Product Lifecycle
One of Olusoga’s key messages was the importance of embedding security from the outset of product development. He argued that security should be integral to the product life cycle, risk management, and business development strategies. “Bypassing security to move faster will only lead to challenges down the road,” he warned. To stay ahead of cyber threats, he advocated for the use of advanced tools, such as artificial intelligence, to detect patterns and protect against potential attacks.
The Power of Collaboration
The discussion also highlighted the need for collaboration across the financial industry. Olusoga pointed out that with the vast amounts of data available, individual companies risk missing critical trends if they do not share information. “Collaboration can help protect against larger risks and ensure companies are better prepared to handle security threats,” he noted. This collective approach is vital for building a resilient financial ecosystem capable of withstanding the evolving landscape of cyber threats.
Perspectives from Industry Leaders
The panel featured a diverse array of speakers, including Oluwole Esomojumi, Chief Audit Executive of Wema Bank; Kari Tukur, Vice President & Head of Customer Solutions at Mastercard; Abiola Jimoh, CEO of XchangeBox; and James Edeh, Head of Compliance at FairMoney. Each shared their unique perspectives on managing cyber risks in an increasingly digital financial environment. Their collective insights reinforced Olusoga’s message about the necessity of proactive security measures and the importance of collaboration within the fintech community.
A Call to Action
As the session drew to a close, the panelists issued a clarion call for businesses to take proactive steps in implementing security measures. The message was clear: in order to thrive in the digital economy, financial institutions must not only innovate but also foster collaboration and prioritize cybersecurity. By doing so, they can better protect themselves and their customers against the ever-evolving threats posed by cybercriminals.
Conclusion
Tobiloba Olusoga’s insights at Nigeria Fintech Week 2024 serve as a crucial reminder of the dual responsibilities that financial institutions face in today’s digital landscape. While innovation is essential for growth and competitiveness, it must not come at the expense of security. By embedding robust cybersecurity measures into their operations and fostering collaboration across the industry, financial institutions can navigate the complexities of the digital economy while safeguarding investor interests. As the financial ecosystem continues to evolve, the lessons learned from this discussion will undoubtedly play a pivotal role in shaping a secure and prosperous future.