Of the many challenges banks face as we move into the second decade of the 21st century, dealing with cyber attacks is chief among them. Cyber security experts have predicted an increase in cyber crimes in 2014 in line with the growing usage of the internet.
The Central Bank of Nigeria’s report for the first half of 2013 indicated that there were 2,478 fraud and forgery cases involving Nigerian banks valued at over N20 billion. This represents an 8 percent increase over the previous year volume but a considerable increase in value of over 200 percent from 2012. Continue Reading