CIBN BLAMES INSIDER COMPLICITY FOR RISING BANK CYBERCRIME

 

Lagos, Lagos State – By Prime Brief Media

The Chartered Institute of Bankers of Nigeria has identified insider complicity as a major factor in the escalating wave of cybercrime targeting the nation's banking sector, revealing that billions of naira were recently stolen from two major financial institutions.

Outgoing CIBN President, Prof. Pius Olanrewaju, made the disclosure at the institute's annual general meeting in Lagos on Thursday. He said investigations had shown that sophisticated cyberattacks often succeeded because of the active collaboration of bank employees who provided access credentials and bypassed security protocols.

"Cybercrime is not just an external threat. The greatest danger comes from within, disgruntled staff, poorly vetted personnel, and those compromised by financial inducements. Billions of naira have been lost in recent incidents, and the full scale is probably underreported," Olanrewaju stated.

He called for enhanced background checks, continuous staff monitoring, and mandatory rotation of personnel in sensitive positions. The CIBN also urged the Central Bank of Nigeria to mandate stricter internal controls and accelerate the adoption of AI-driven fraud detection systems.

The Nigeria Data Protection Commission recently disclosed that the country records over 4,000 cyberattacks weekly, with annual financial losses estimated at N12 billion.

Prime Brief Media is monitoring digital security channels and will report on any additional breaches or advisories.

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