FirstBank has taken a proactive stance in safeguarding businesses and customers against cyber threats by educating them on the latest advancements in payment technologies.
This initiative was highlighted at a cybersecurity webinar held on Thursday, where Mr. Harrison Nnaji, Chief Information Security Officer of FirstBank, emphasized the importance of equipping customers with essential strategies to protect themselves from cyber threats.
The webinar, themed “Unlocking Secure Convenience: Exploring the Future of Payments Technologies,” provided a platform for discussing innovative security features and best practices for digital banking.
Nnaji underscored that even practicing five to ten percent of the measures discussed in these quarterly webinars could significantly enhance customers’ protection against cyber threats.
In his presentation, “Banking on Safety: Innovative Security Features on FirstBank Digital Products,” Nnaji urged participants to become ambassadors of cybersecurity, utilizing and disseminating the information to their communities. He highlighted the vulnerabilities of customer data to both internal and external threats and advocated for robust firewalls and enhanced privacy measures.
Nnaji shared alarming statistics from Cybersecurity Ventures, predicting global cybercrime damage costs for 2024: $302,000 lost to hackers per second, $18 million per minute, $26 billion daily, and $9.5 trillion annually. He outlined best practices for secure digital banking and detailed FirstBank’s commitment to cyber threat prevention through multi-factor authentication, end-to-end encryption, and real-time fraud detection.
“Our dedication to maintaining the highest standards of security and privacy extends to every interaction and transaction. It underscores FirstBank’s pledge to be the bank customers can always rely on for the utmost protection of their financial safety and personal privacy,” Nnaji added.
He also stressed the shared responsibility between the bank and its customers in preventing financial losses, saying, “Our goal is to ensure your hard-earned money remains secure.”
Mr. Mayowa Adewumi, Cyber and Intelligence Regional Manager at Mastercard, discussed the evolution of the payment ecosystem and the associated risk factors due to technological advancements. He noted that prioritizing security over convenience is crucial to prevent unauthorized access to funds. “As a customer, you play a crucial role in maintaining security by adopting best practices and staying informed and vigilant as payment technologies evolve,” Adewumi advised.
Mr. Peter Ehizogie, Regional Manager of Product Sales, Cyber and Intelligence Solutions (West Africa) at Mastercard, explained backend security measures that require active customer participation. He highlighted the importance of choosing the best authentication options tailored to individual needs, such as password authentication with Multi-Factor Authentication instead of biometric options.
The webinar, moderated by Mr. Emmanuel Okoroji, Head of Threat Intelligence & Risk Management at FirstBank, provided valuable insights into the future of payment technologies, focusing on achieving secure and convenient transactions for businesses and consumers.
Through initiatives like these, FirstBank continues to demonstrate its commitment to fostering a secure financial environment, ensuring that customers are well-informed and adequately protected against the ever-evolving landscape of cyber threats.
