Banks overhaul firewall servers over threat of cyber-attacks

The alleged cyber-attacks on the Central Bank of Nigeria (CBN) and other public institutions during the #EndSARS protests, has caused apprehension in the financial service industry with Information Technology (IT) personnel and top executives in banks and other financial services working to upscale the firewall of the servers.

According to reliable sources, a threat by Anonymous, a network of global hacktivists, which launched a campaign in solidarity with #EndSARS protesters about two weeks ago, had exposed banks’ vulnerability to cyber-attack.
It was also learnt that many of the banks were deploying new cutting-edge security software to protect their servers.

The Blueprint reported that many banks have, in the past two weeks, sent messages informing depositors that they were halting online operations to enable them effect system upgrade.

A day after the CBN was reportedly attacked, a second-generation bank grounded its online platforms for 48 hours for a “system upgrade.”

Even after the 48 hours elapsed, it sent another message apologizing for the “inconvenience” it caused its customers while it was yet to resume online operation.
According to a source in one of the Tier-1 banks, the IT guys worked with hired external experts “under strict instruction from the managing director” who warned repeatedly that cybersecurity must not be compromised.

Another source at a new generation bank said his bank was not threatened in any way because “it is considered as a small bank.” The source, however, said the bank did a system upgrade shortly before Anonymous struck.

According to cybersecurity experts, the porous status of Nigeria’s cyberspace and ineffective implementation of the Cybercrime Act 2015 was responsible for the country’s high vulnerability.