Cybersecurity is essential, Tobiloba Olusoga stressed at Nigeria Fintech Week 2024, urging financial institutions to prioritise it.
He emphasised the need to balance innovation with security, warning that without strong protections, financial losses are inevitable.
At the Nigeria Fintech Week 2024, Tobiloba Olusoga, Chief Operating Officer of i-invest, emphasised the critical role of cybersecurity in protecting financial institutions from losses.
Speaking at a panel titled; “Dealing with Fraud and Cyber-Attacks: Barriers to an Expanding Digital Economy,” Olusoga, along with other industry experts, discussed the growing threat of cybercrime in the financial sector.
Olusoga highlighted the need to balance innovation with security.
While technological advancements are key to staying competitive, he cautioned that they must not come at the cost of security.
“Innovation is vital,” Olusoga noted, “but financial institutions must invest in robust cybersecurity systems to prevent losses.”
He explained the importance of embedding security at every stage of a product’s lifecycle.
Read Also: Daba Finance Wins Big At Ecobank Fintech Challenge 2024
According to Olusoga, rushing through development without proper cybersecurity can lead to costly challenges down the road.
He encouraged the use of AI and other advanced tools to detect and prevent potential cyberattacks, ensuring that companies stay ahead of evolving threats.
In addition to Olusoga’s insights, the panel featured input from key figures such as Oluwole Esomojumi of Wema Bank and Kari Tukur from Mastercard.
They echoed Olusoga’s call for collaboration across the industry, stressing that sharing data and insights can help businesses better prepare for cyber risks.
The session concluded with a strong call to action: businesses must not only invest in cybersecurity but also work together to protect the financial ecosystem from the ever-growing threat of fraud and cyberattacks.
