Aina Amah, chairperson of the Association of Chief Audit Executives of Banks in Nigeria, has warned that outdated banking systems are exposing financial institutions to rising cyber attacks.
Speaking at the association’s annual retreat in Lagos, she stressed the urgent need for banks. To fully decommission old servers instead of keeping them as backups, as they often become easy targets for hackers.
Cyber Attacks Now Top Risk for Banks
However, Amah described cyber attacks as the biggest technology-driven risk facing Nigeria’s financial sector today.
With increasing digital banking adoption, fraudsters are becoming more sophisticated—exploiting weak systems. Outdated infrastructure, and security gaps to gain unauthorized access to sensitive financial data.
Push for Stronger Cybersecurity Measures
Also, The call to phase out legacy systems is part of a broader push to strengthen cybersecurity across Nigerian banks.
Experts say financial institutions must invest in modern infrastructure, regular system upgrades, and advanced threat detection to stay ahead of cybercriminals.
However, As banking goes more digital, outdated systems could become the weakest link. Making urgent upgrades critical to protecting customers and the financial system.
In other news Alo360 reported that The Central Bank of Nigeria has signaled a gradual economic comeback. Pointing to a sharp drop in inflation and renewed investor confidence.
According to Sidi Hakama, Nigeria’s headline inflation fell from 34.8% in late 2024 to 15.06% by February 2026 — a major improvement attributed to ongoing monetary reforms.
She noted that the policies introduced under CBN leadership are beginning to deliver real, measurable results… Continue reading
