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Nigeria ranked among top global sources of cyber-attacks — Union Bank CEO
By Peter Egwuatu
Nigeria has been ranked among top global sources of cybercrime given the reported huge losses in 2023.
The Managing Director/ CEO, Union Bank Nigeria, Mrs.Yetunde Oni, revealed this during the 63rd Quarterly General Meeting, QGM, of the Association of Chief Audit Executives of Banks in Nigeria, ACAEBIN, held in Lagos over the weekend.
Represented by Mrs Olufunmillola Aluko, Chief Brand and Marketing Officer and Head Customer Experience, Union Bank of Nigeria, in her speech, with the theme ‘Navigating the Next Wave: Audit Resilience Amid Emerging Risks and Regulatory Complexity’, said: “Nigeria’s cybercrime exposure remains significant. With reported losses exceeding N100 billion in 2023 alone, and with the country ranked among top global sources of cyber-attacks, the risk landscape has fundamentally changed”.
She added that cybersecurity is no longer an IT issue; “it is an enterprise-wide resilience issue. And internal audit must play a leading role in validating, challenging, and strengthening our controls”.
Continuing, Oni stated: “We are in a period where multiple waves of disruption intersect: Macroeconomic pressures that test balance sheets and liquidity; Exchange rate volatility that destabilises projections; Expanding digital ecosystems that accelerate innovation but introduce new risk vector.
Cybersecurity incidents that grow in scale and sophistication; Heightened regulatory expectations; and Rising demand for sustainability and transparent governance.
Against this backdrop, your roles as Chief Audit Executives have expanded dramatically.
Commenting as well, Mr Isiaka Arowolo, the Chief Audit Executive, Union Bank of Nigeria, said, “It is a distinct honour for us at Union Bank to host the esteemed members of the ACAEBIN, regulaors and stakeholders for the association’s 63rd Quarterly General Meeting. By welcoming this crucial forum, we are reaffirming Union Bank’s legacy commitment to fostering financial integrity and robust governance across the industry. This collaboration among audit leaders is vital; it ensures that the collective Nigerian banking sector remains resilient, transparent, and absolutely trustworthy in the eyes of our stakeholders and regulators.”
Meanwhile, in her welcome address, Aina Amah, Chairperson, ACAEBIN, stated that the world is moving faster than ever testing institutional agility and demanding even greater professional courage.
The post Nigeria ranked among top global sources of cyber-attacks — Union Bank CEO appeared first on Vanguard News.
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