Banks in Nigeria in Danger as UK Warns of Potential Cyber Attack Sponsored by Russia

Banks in Nigeria in Danger as UK Warns of Potential Cyber Attack Sponsored by Russia

  • The United Kingdom has raised the alarm that Russia might retaliate with cyber attacks on banks if the West applies sanctions against in the event it attacks Ukraine
  • Two bank CEOs in the UK have said they have received a letter from financial regulators asking them to strengthen security in case of any impending attack
  • UK's foreign secretary, Liz Truss said the United Kingdom should widen the scope of sanctions against Russian including seizures of mansions belonging to oligarchs.

In the event that Russia attacks Ukraine, the resulting effect will be that the United Kingdom will apply pressure and sanctions including the seizure of properties linked to Russian oligarchs who have ties with Vladimir Putin, the Russian President.

This could result in Russia targeting financial institutions in Europe and around the world with vicious cyber-attacks, including Nigerian banks.

Bank hackers targets banks in Europe and beyond
Bank hackers targets banks in Europe and beyond Credit: Rapeepong Puttakumwong
Source: Getty Images

Bank managers warned to brace up

Two bank CEOs who got a letter from UK’s Financial Authority, said big banks in the UK have been warned about the dangers posed by Russia’s possible invasion of Ukraine as it masses up close to 100,000 troops near the country, according to a report by the Financial Times.

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Those who received the letter said the regulators had warned that if an attack on Ukraine results in penalties against Russian firms or oligarchs, the financial sector might be targeted in retaliatory attacks.

What they are saying about the potential cyber attack

According to UK’s foreign secretary, Liz Truss, strong measures and broad sanctions should be implemented against Russians who own businesses in the UK including the seizure of assets and London mansions owned by Russian billionaires.

According to her, the UK has received formal warnings about Ukraine but companies should be bracing up anyway and do not need to require promptings from regulators, a recipient of the letter said. He said his bank had already conducted training to test responses to cyber attacks.

Access Bank hacker nabbed by the EFCC has reported that An Access Bank hacker who went gloating in a viral video on social media has been caught by the Economic and Financial Crimes Commission (EFCC).

An investigator with the anti-graft body, Adewunmi Omotosho told Ikeja Magistrate Court on Monday, February 7, 2022, how Chris Ihebuzo was arrested by the EFCC.

A report by the News Agency of Nigeria (NAN) said that Ihebuzo claimed in a viral video to have accessed the bank’s servers and database and obtained the data of over 2,000 customers of the bank.


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