FirstBank invests N6bn annually against cyber threats

First Bank of Nigeria has said that it invests more than N6bn annually in cybersecurity to protect its systems from cybercriminals. The bank’s Chief Executive Officer, Mr Olusegun Alebiosu, disclosed this on Wednesday in Abuja.

Alebiosu spoke on the sidelines of the 19th Chartered Institute of Bankers of Nigeria Annual Banking and Finance Conference. He said the bank was on 24-hour surveillance of its systems, enabling it to take down millions of cyber threats monthly.

The CEO said the bank would increase its cybersecurity investment as its business continued to grow. “The bank has already established a command centre to monitor its franchise across the globe and counter emerging threats,” he said.

On Artificial Intelligence in banking, Alebiosu said that although cybersecurity threats were widespread and AI had heightened the risks, banks should also consider its potential to create massive efficiency.

He noted that AI would provide more opportunities than threats in banking if the associated risks were properly managed. According to him, AI could improve banking efficiency and facilitate data gathering within a short period.

He, however, noted that the threat environment would worsen if banks failed to take appropriate measures to manage the risks.

“We can get data in seconds and things that could take us years to do; we could do them in weeks with AI. Fraud has always been part of the financial system anyway. When money was underground, people went underground to fetch it, while those kept in boxes attracted armed robbers.

“Now money is in the sky; people are going to the sky with AI to harvest it. So, wherever there is money, people will go,” he said.

Alebiosu said the important thing was to adopt measures to protect customers, which mattered most. He said the banking sector had achieved significant progress, particularly with the instant payment system.

On debates about banks’ lending to Micro, Small and Medium Enterprises, the CEO regretted that Nigeria’s laws did not sufficiently support enterprise development. He said discussions about banks not financing MSMEs should first consider how laws have helped to build trust in the business environment.

“I cannot grant a loan to somebody who would defraud me and the law would not protect me to return my money. The law, legal system, judiciary and government must invest in the trust environment. I ask for collateral before I can give you a loan to secure myself,” Alebiosu said.