Why banks should engage Audit Executives on cybersecurity decisions – Expert

Directors and other top rank decision makers of financial and investment institutions have been urged to engage audit executives in the decision-making process on compliance with cybersecurity standards as a factor in business strategies.

Audit Executives also been urged to take advantage of technological advancement to enhance cybersecurity resilience in their various financial institutions.

These calls were made at the 40th Quarterly General Meeting of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), themed “Cybersecurity: The Role of Audit Executives”, recently in Lagos.

Funke Feyisitan Ladimeji, Head of Technology and Services at FBNQuest Merchant Bank, who made the call in her keynote address explained that robust cyber threat programs have to be implemented across businesses to mitigate risks and audit executives must be engaged to make its implementation effective.

Ladimeji explained note without revealing that businesses still make use of traditional approaches in cyber vulnerability assessments in Nigeria noting that it is difficult for security units within organisations to achieve complete ecosystem visibility across other functional units.

However, with emerging technologies and the commoditisation of data, cybersecurity has become undeniably more sophisticated and clearly a top Board agenda, she said.

An internal audit must be forward thinking, to be able to influence management implementation frameworks in line with the General Data Protection Regulation (GDPR) and future Central Bank of Nigeria’s guidelines.

“Audit Executives should continually provide assurance and consultation services, as necessary, to ensure cybersecurity is driven and elevated to the desired maturity level.

“Building and implementing cyber risk solutions that will protect businesses, spur confidence in digital banking in the country, and encourage other technological advancements in the sector is a matter importance,” she added.

The quarterly meeting brought together the Chief Audit Executives of Banks in Nigeria, key industry players, and members of the press.