An attempt to hack into Guarantee Trust Bank’s website has reignited calls for tighter cybersecurity measures in Nigeria’s banking sector, industry experts have said.
The attempt on Thursday, which was unsuccessful, according to the financial institution, has raised concerns about the vulnerability of Nigerian banks to cyber threats.
According to the bank’s statement, an isolated incident occurred involving an attempt to compromise their website domain.
However, it reassured customers that its website had not been cloned.
Furthermore, the bank clarified that customer information was not stored on its website, and consequently, there was no compromise of customer data.
Cybersecurity Researcher at Kings’ College London, Madumere Chukwuka, told The PUNCH that the incident raised serious concerns about the security of customer data and the integrity of banking systems.
According to Chukwuka, as investigations continue and efforts to mitigate the damage are underway, this event highlights the urgent need for organisations across all sectors to strengthen their defences against similar threats.
“Organisations must prioritise cybersecurity not just as a technical concern, but as a fundamental aspect of their operational strategy. By learning from this incident and implementing the recommended precautions, businesses can better protect themselves and their customers from the ever-present risks of cybercrime,” he advised.
Meanwhile, there is growing concern that Nigerian banks may not be adequately disclosing cyberattacks.
This lack of transparency undermined trust in the banking system and weakened overall cybersecurity efforts, experts warned.
The International Monetary Fund reported that global banks suffered a $2.5bn loss due to cyberattacks over the past four years.
The IMF’s April 2024 Global Financial Stability Report also revealed that $12bn had been lost over the past 20 years to cyber-related incidents.
The IMF advised that central banks and authorities should develop comprehensive national cybersecurity strategies, supported by effective regulation and supervisory capacity.
The co-founder of Recital Finance, Bobola Ojo-Ami, pointed out to The PUNCH that much of the digital infrastructure used by African banks was located outside the continent.
He suggested that decentralisation could make it more difficult for hackers to target a single point of failure, making it a promising strategy for enhancing cybersecurity in the banking sector.
The CEO of the Internet eXchange Point of Nigeria, Mr Mohammed Rudman, advocated for Nigeria to prioritise keeping internet traffic local, highlighting the numerous benefits.
By hosting internet traffic locally, Rudman believed the country’s cybersecurity would be significantly enhanced, as data would no longer need to pass through international borders.
He said local hosting would ensure business continuity, reducing dependence on submarine cables for international hosting, which are vulnerable to natural disasters, like tsunamis that could disrupt communication flows.
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