Home Accountant Wema Bank MD advises accountants on cybersecurity, data protection –

Wema Bank MD advises accountants on cybersecurity, data protection –

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Managing Director and Chief Executive of Wema Bank Plc, Ademola Adebise, advised accountants to store data securely and protect it from cybersecurity threats and other criminal offences.

Adebise said this on Tuesday at the 16th Institute of Chartered Accountants of Nigeria (ICAN) Western Accountants Conference on “Digital Economy: Where the Professional Accountant is Going” held in Ijebu-Ode, Ogun State.

The Managing Director/General Manager, who emphasized the importance of data storage and security, said that accountants in the digital age must be flexible and skilled in saving data to on-site storage devices or in the cloud.

He also noted that in case of data loss or corruption, the 21st century accountant must be aware of the Disaster Recovery Plan (DRP) to mitigate the losses.

Adebise explained that “a large amount of data is stored. As accountants, we need to protect our storage and be in control of data recovery and business continuity planning in the event of data loss or corruption.

“The accountant must be aware of contemporary cybersecurity issues – ensuring that digital information is safe and secure, at all times. Going digital exposes you to the risk of hackers. So, as an accountant, you must have a thorough understanding of cyber security and must be familiar with the various data and information security standards to audit the environment.

In addition to being security conscious and storing data securely, the DG/CEO further noted that modern accountants should understand the changes taking place in the profession, including the evolution of traditional methods of data gathering.

He said: “This includes the use of enterprise resource planning systems that are interconnected to process data from production, distribution, marketing and sales. The accountant must therefore be skilled in understanding the complexities, the transaction flows of new ways of doing things and understanding what the data is saying.

In Nigeria, the most popular forms of cybercrime that accountants and other professionals in the financial services industry are likely to include fraudulent emails, identity theft, hacking, cyber-harassment, spam and Identity theft by ATMs.

Most important, however, are fraudulent emails. The Nigeria Electronic Fraud Forum (NeFF) revealed that bank customers lost N3.6 billion to cyber fraud in two years (2017 and 2018).

Data released by the Nigeria Inter-Bank Settlement System (NIBSS) also showed that fraud attempts in 2018 alone were around N9 billion.