Leveraging Cybersecurity to Prevent Financial Losses in Institutions – Olusoga

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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 digital platform specializing in treasury bills, stocks, and other investment services—recently underscored this sentiment at the Nigeria Fintech Week 2024. During a panel discussion focused on the pressing issues of fraud and cyber-attacks in the financial ecosystem, Olusoga emphasized the critical need for financial institutions to embrace innovation while simultaneously prioritizing cybersecurity measures to mitigate potential losses.

The Growing Threat of Cybercrime

The panel, aptly themed “Dealing with Fraud and Cyber-Attacks: Barriers to an Expanding Digital Economy,” brought together industry experts to delve into the escalating threats posed by cybercriminals. With the rapid digitization of financial services, the risks associated with fraud and cyber-attacks have surged, making it imperative for institutions to adopt robust security protocols. Olusoga highlighted that while innovation is essential for growth, it must not come at the expense of investor safety.

Balancing Innovation with Security

Olusoga articulated a crucial point: the need to strike a balance between fostering innovation and safeguarding investor funds. He stated, “I’m a strong believer in the ‘fail fast – learn faster’ concept.” However, he cautioned that in the current environment, it is vital to ensure that investments are protected. Financial institutions often find themselves at a crossroads, eager to invest in research and development yet wary of potential financial losses. This dilemma necessitates a dual focus on advancing technology while simultaneously investing in cybersecurity measures, including strong security systems and threat detection capabilities.

Embedding Security in Product Development

One of the key takeaways from Olusoga’s address was the importance of embedding security into the product life cycle from the outset. He argued that security should not be an afterthought but rather a fundamental component of 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, companies must leverage advanced tools, such as artificial intelligence, to detect patterns and protect against potential attacks.

The Power of Collaboration

Collaboration emerged as a recurring theme during the panel discussion. Olusoga emphasized that the vast amounts of data available in the financial sector can be a double-edged sword. If not shared effectively, individual companies risk missing critical trends that could leave them vulnerable to cyber threats. “There’s so much data out there,” he noted, advocating for a collaborative approach to enhance security measures across the industry. By working together, companies can better prepare for and mitigate larger risks.

Insights from Industry Leaders

The panel featured other notable 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 valuable insights on managing cyber risks within an increasingly digital financial ecosystem. Their collective expertise underscored the need for a proactive approach to cybersecurity, highlighting the importance of continuous improvement and adaptation in response to evolving threats.

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: fostering collaboration within the fintech community is essential to staying ahead of the ever-evolving landscape of cyber threats. By prioritizing cybersecurity alongside innovation, financial institutions can not only protect their assets but also build trust with their customers in an increasingly digital economy.

In conclusion, Tobiloba Olusoga’s insights at Nigeria Fintech Week 2024 serve as a timely reminder of the delicate balance between innovation and security in the financial sector. As the digital landscape continues to evolve, it is imperative for financial institutions to embrace both technological advancements and robust cybersecurity measures to safeguard their operations and protect investor interests.

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