FirstBank Allocates ₦6bn Annually for Cybersecurity

FirstBank of Nigeria invests more than ₦6 billion annually in cybersecurity to enhance its defenses against sophisticated cyber threats. CEO Olusegun Alebiosu made this announcement on September 10 during the 19th Chartered Institute of Bankers of Nigeria Annual Banking and Finance Conference in Abuja.

He stated that the bank operates a 24-hour surveillance system to identify and neutralize millions of cyber threats monthly. Alebiosu emphasized that as FirstBank's business expands, its investment in cybersecurity will also increase.

The bank has established a command center to monitor global operations and respond to emerging threats. He noted that the rise of artificial intelligence in banking has led to more sophisticated cybersecurity threats, but if managed properly, AI could significantly improve efficiency.

Alebiosu remarked that criminals are adapting to the digital environment as financial transactions move online, stating, “Money is in the sky; people are going to the sky with AI to harvest it.”.