The Governor of the Central Bank of Nigeria, CBN, has tasked risk managers in financial institutions to employ the use of technology to identify and respond quickly to cyber risk.
Represented at the 2nd National Risk Management Conference organized by the Risk Management Department, CBN, in Lagos, by the Director, Financial Market Department, CBN, Dr. Angela Sere-Ejembi, Emefiele said, “Given how extensively technology has altered our world today, being technology savvy has become a crucial requirement for risk managers today.
“The potential of technology in risk management is vast, not only for the automation of tasks, but increasingly as a tool for making business decisions as well.
“The application of big data analytics and artificial intelligence to assess and predict human behaviour, for instance, can provide great value to businesses in terms of reducing risks.
“Considering these issues highlighted, there is a need for risk managers to be quick in identifying and responding to cyber risks.”
He noted that the lines between financial and non financial risk will continue to blur due to cyber attacks on financial institutions.
“To prepare for the unexpected, it is important to identify, measure, and prioritize risks with some precautionary measures if we hope to keep building our financial system.”
