This is a call for policymakers in different institutions, cybersecurity experts, chief information officers, and artificial intelligence (AI) researchers to establish a collaborative community that addresses the growing concerns of cybercrimes in organisations.

Kingsley Osaghale, country manager of West Africa, Checkpoint said this at the Signal Alliance Consulting event on July 21, 2023. He was on a panel with Nath Ude, managing director/CEO at NOVA Merchant Bank Ltd, and Ola Williams, country manager of Nigeria & Ghana Microsoft.

According to Osaghale, there are a lot of attacks going on in every organisations, but this organisation believes that if they share with other organisation it will be used against them and they intend to keep their brand safe.

He said, “If countries and regions can come together to fight cybercrimes, then businesses and enterprises should do the same, to avoid others being affected.”

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Ude, during the panel discussion on “Cyber security in the age of AI: Panic or Act said that information sharing in the banking sector, particularly in cybersecurity, is almost non-existent. Banks are hesitant to share their experiences with other banks, as they wish to hide their vulnerabilities.

“For instance, if there is information sharing, many banks will not have to undergo major attacks that were experienced by the other, but because they don’t want their co-banks to see their weakness they tend to weep it under the carpet.”

According to him, most of the organisation mishap that occurs which many institutions claim to be network glitches and technological breakdown can be linked to cyberattacks, but in other to safeguard the brand reputations they term to cover them up.

Responding to how organizations can mitigate these attacks, Williams emphasised more investment in using artificial intelligence (AI).

“As technology advances, we began to embrace the introduction of the Internet of Things, cloud computing, operational technologies, and many others. Signifying that the attack space that bad actors (cybercriminals) can leverage to unleash their attack has significantly increased.”

“However, with the introduction of AI, we have a 95 percent chance of detecting an attack before it happens,” she said.

According to her, the more organisation get involved with the adoption of AI, the easier it get to mitigate cybercrime risk. To achieve this, partnering with companies that offer AI services can effectively combat cybercrime and minimize its impact.

“Sharing information, investing in AI, and forming partnerships are crucial steps to protect against cyberattacks and safeguard brand reputations,” she said.

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