Bank auditors tasked to enhance cybersecurity to curb attacks
Stakeholders have called on the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) to take the lead in enhancing cybersecurity efforts to curb the rising wave of cyberattacks in the banking sector. Hamid Joda, Managing Director/CEO of TAJBank, made this call while presenting the keynote address at the 61st quarterly general meeting of ACAEBIN, held in Lagos. Joda, who was represented by Adekunle Wonder, chairman of the Board Audit Committee of TAJBank Limited, noted that the role of bank auditors has evolved beyond detecting financial irregularities. Today, auditors are expected to play a crucial role in cybersecurity and information technology within their organizations. Speaking on the theme ‘Enhancing Cyber Resilience: The Auditor’s Role in Combating Financial System Breaches,’ Wonder stated auditors must now act as ‘technology risk assessors, cyber hygiene advocates, data governance inspectors, business continuity watchdogs, and, more importantly, partners in digital trust.’ He emphasized that cyber resilience should no longer be viewed as the sole responsibility of IT departments, but rather a critical component of enterprise-wide risk management. Internal audit functions should act as the conscience of that framework. In her remarks, Aina Amah, Chairperson of ACAEBIN, highlighted the increasing frequency and complexity of cyber threats facing the banking industry. She emphasized the need for auditors to be proactive in addressing these challenges. Amah pointed out that audit executives are uniquely positioned to ensure institutions not only meet compliance requirements but also embed resilience into the core of their operations. She stated that the role of auditors should shift from retrospective evaluation to proactive advocacy, anticipating vulnerabilities, challenging weak control environments, and ensuring that organizations are not only compliant but truly secure.
