Banking: Famuwagun Harps On Critical Role of IT professionals in Combating Cybercrimes

Mary Nnah

The banking sector’s increasing adoption of technology to enhance customer experience and operational efficiency has simultaneously exposed it to countless cyber threats.

Disclosing in a media statement, Rotimi Famuwagun, seasoned IT expert and Chief Information Officer at First City Monument Bank (FCMB), he noted that IT professionals play a vital role in protecting the integrity, confidentiality, and availability of banking information systems.

He explained that Cybercrime in the banking sector manifests in various forms, including phishing attacks, ransomware, data breaches, hacking, social engineering, DDoS attacks, card skimming, insider threats, and fraudulent transactions. He stated that with the rise of sophisticated hacking techniques, banks need to stay one step ahead of cybercriminals.

He noted, “Employing IT staff with integrity is crucial in combating cybercrime, especially in sectors like banking where trust and security are paramount.

IT professionals are responsible for conducting thorough risk assessments to identify vulnerabilities within the bank’s IT system. By understanding potential weak points, they can prioritize risks and implement measures to fortify defenses.”

Famuwagun stated that regular vulnerability assessments and penetration testing, helps in staying proactive against emerging threats.

He noted that IT professionals also leverage cutting-edge technologies such as artificial intelligence (AI), machine learning, and biometric authentication to enhance the bank’s capabilities to detect anomalies and respond swiftly to suspicious activities.

He stated, “A significant aspect of cybersecurity involves human factors. IT professionals conduct training and awareness programs for staff to educate them on recognizing potential threats and adhering to security protocols. By fostering a culture of cybersecurity awareness, banks can empower employees to become the first line of defense against cybercrime.

At FCMB, we recognize the importance of investing in skilled IT talent to ensure robust cybersecurity measures that protect our customers’ assets and preserve the trust they place in us.” He added.