In November 2023, MTN Nigeria, the country's largest mobile network operator, was the victim of a cyber-attack that resulted in the theft of millions of dollars from its mobile money subsidiary, MoMo Payment Service Bank. The attack is believed to have been carried out by an insider, who was able to exploit a vulnerability in the company's systems to gain access to customer funds.

The MTN Nigeria cyber-attack is a wake-up call for the Nigerian financial industry. It shows that even the largest and most sophisticated financial institutions are vulnerable to cyber-attacks. It also highlights the need for stronger cyber security measures to be implemented across the industry.

These are the 3 lessons that the Nigerian financial industry can learn from the MTN Nigeria cyber-attack:

Insider threats are a serious risk. Employees who have access to sensitive data and systems can pose a significant threat to organizations.
No organization is immune to cyber-attacks. Even the largest and most sophisticated organizations are at risk.
Cyber security is essential for the financial industry. Financial institutions must invest in strong cyber security measures to protect customer data and assets.

To my pieces of advice, here are 5 steps that the Nigerian financial industry can take to improve its cyber security posture:

Implement Multi-Factor Authentication (MFA). MFA adds an extra layer of security to accounts by requiring users to provide two or more factors of authentication, such as a password and a one-time code.
Educate Employees About Cyber Security. Employees should be trained on how to identify and avoid cyber threats.
Monitor Systems for Suspicious Activity. Financial institutions should implement security monitoring solutions to detect and respond to cyber-attacks in a timely manner.
Have a Cyber-Incident Response Plan in Place. Financial institutions should have a plan in place for responding to cyber-attacks in order to minimize the damage.
Have a zero trust. Don’t trust anyone who comes near your server or even has access to it.

To me, MTN Nigeria's cyber-attack is a reminder that the Nigerian financial industry needs to take cyber security seriously. By implementing strong cyber security measures, financial institutions can help to protect customer data and assets from cyber-attacks.