InfoData, CyberKnight proffer solutions on handling cyber threats in banks, other institutions

Cybersecurity experts have cautioned against using old template in confronting cybercriminals, citing the rapid evolution of cyber threats and stressing the importance of robust security measures in dealing with them.

Nigerian banks have faced severe threats from cybercriminals, with financial losses estimated at N53.4 billion in nine months of 2024, according to the Fraud and Forgery Report by the Financial Institutions Training Centre (FITC).

Chika K. Udensi, Country Manager at Infodata, a cyber security software company, said cybersecurity goes beyond product deployment. He said it is rooted in a strategic and proactive framework, which he described as WADI (Workshop, Assessment, Design, and Implementation.)

According to Udensi, while speaking at the sideline of the Committee of Chief Information Security Officers of Nigerian Financial Institutions (CCISONFI) Annual Conference held in Uyo, Akwa Ibom State, the approach enables his form to deliver fit-for-purpose solutions, tailored to real-world use cases, evolving threats, and emerging regulatory expectations.

He explained: “We begin with deep-dive workshops that bring together stakeholders — CISOs, IT teams, compliance leads — to uncover specific challenges, current-state architectures, and institutional goals. These sessions are collaborative, and they help identify both risk areas and innovation opportunities early on.”

InfoData-2 — *Cross section of participants at the CCISONFI conference*

Udensi said assessments is done by analyzing maturity of existing controls, threat exposure, and technology gaps. “This is where we align with frameworks such as NIST, ISO, and local compliance mandates. The results give us clear visibility into where protection is needed most — whether it’s around data, endpoints, cloud environments, or privileged access.”

He said their team co-designs solutions that reflect actual use cases faced by financial institutions — from insider threats and fraud prevention to secure cloud adoption and regulatory compliance.

“Finally, we implement with agility and precision, backed by skilled engineers and OEM support. We also ensure knowledge transfer and post-deployment optimization, enabling our clients to sustain protection long after go-live,” he said.

Yaadhna Singh Gounden, Regional Sales Director at CyberKnight, an international cybersecurity firm, noted that the cybersecurity landscape evolves hourly, with threats rising.

“For instance, 20 years ago, an organisation probably needed seven or eight solutions in their markets. Today, organisations have 30, 50 even more solutions. So, CISOs and organisations are faced with challenges, not just of threats that are coming into the market, but also of being able to integrate these multiple solutions that can work in their environment,” she said.

Ms Gounden explained that CyberKnight works closely with the vendor community in selecting key solutions for various markets to enhance and elevate their cyber resilience, especially in the banking and finance market.

“Our solutions are uniquely tailored to ensure that a customer can derive multiple solutions from one technology. Consolidation is something we do quite well, and that’s how we are helping our customers by consolidating their requirements and maximising their existing investment.”

She urged the CISO community to work closely with InfoData in dealing with cyber threats.