Business Hilights

Tracking Nigeria's Headline Business News Online

Fidelity BDAN

Bank Directors’ Association of Nigeria, cybersecurity and future

Ad 2
Ad 3

Leading interest groups and opinion leaders in the nation’s financial circle have continued to rise up to the inevitable challenge of technology disruptions and join in the build up to safe digital banking revolution.
The latest is the Bank Directors’ Association of Nigeria (BDAN), who met in Lagos Thursday to chat a strategic and sustainable future for safe adoption of Financial Technology (FinTech) in order to maintain relevance in global and national banking space.
BDAN by structure is a non-profit organisation, limited by guarantee. It was inaugurated at the 13th Annual Bank Directors Seminar held in Abuja in June 1997, about 22 years ago.
Pundits say constant update of knowledge and the competence of Bank Directors, aimed at promoting honorable practice within the Banking Industry in Nigeria were identified as a major need. The Financial Institution Training Centre (FITC), using its vantage position in the industry, supported by both the Central Bank of Nigeria (CBN) and Nigeria Deposit Insurance Corporation (NDIC), was instrumental to the setting up of the Bank Directors Association of Nigeria.
Though key Vision of BDAN is to be an effective forum for representing the interests of Bank Directors in Nigeria, technological disruptions have forced the Association to rise up to the challenge of joining in drawing sustainable roadmap for digital safety in the industry.
Business Hilights also gathered from research that the leading mission of the group is to promote sustainable banking best practices within banks and financial institutions in Nigeria, and collaborate with regulatory agencies and other stakeholders to ensure the public interest.
In the last few years, BDAN has fused the importance of digital security and safety from cyber attacks into its mission in Nigeria.
Recall that before now, the internal IT departments within the banking industry are working continually and diligently to monitor and protect their systems from cyber attacks.
Already, blue chip corporations and specifically, banking institutions are joining forces to establish cybersecurity principles that will serve as a model for the industry to improve cybersecurity across the board within the industry that is now facing digital disruption.
In March 2016, Zayne Tweed, an associate in the McLean office of Hunton & Williams LLP and leading global expert in corporate and regulatory representation of commercial banks, holding companies, and other financial institutions, had given a roadmap on how banks can be safe adopting digital technology and the role of bank directors in the process especially in needed timely approvals to save situations of attacks.
The BDAN meeting is coming on the wake of recent reports establishing that the major targets for cyber attacks remains the financial service sector and banks in particular.
Business Hilights gathered that the far reaching decisions reach at the Thursday meeting were sealed from public consumption with the aim of transmitting same to the to consider while advancing the safety of financial institutions from cyber attacks in future regulations and operational guidelines in Nigeria.

Business Hilights is an online news channel conceptualized and structured to report and track on a daily basis; latest developments in critical business sectors to serve as a one stop news gateway for governments, foreign and indigenous investors.