BoG 1st Deputy Governor Calls for Coordinated Response to Cybersecurity Threats in Financial Sector
The First Deputy Governor of the Bank of Ghana, Dr Zakari Mumuni, has issued a strong call for greater cross-sectoral collaboration to tackle the growing threat of cyber risk in the country’s financial system, warning that a single institutional weakness could ripple across the entire sector.
Speaking at a stakeholder engagement event with the Financial Industry Command Security Operations Centre (FICSOC) in Accra on Wednesday, May 7, Dr Mumuni described cyber risks as “stealthy, adaptive, and borderless”, underscoring the need for collective resilience in an increasingly digitalised and interconnected banking environment.
“A breach in one part of our financial ecosystem could compromise operations, security, and the privacy of stakeholders across multiple institutions — regulators, partners, vendors, and customers alike,” Dr Mumuni said.
While noting that digitalisation has significantly enhanced financial inclusion and operational efficiency, the Deputy Governor cautioned that it has also introduced complex vulnerabilities that cannot be addressed in isolation. “No single institution, no matter how large or well-resourced, can face these threats alone,” he added.
Dr Mumuni emphasised the imperative for intelligence-sharing, harmonisation of security standards, and the building of resilient infrastructure across the financial industry. He noted that the Bank of Ghana has made considerable investments in cybersecurity infrastructure, not merely for compliance purposes, but to foster a “foundation of trust and resilience for collective progress.”
Highlighting the dynamic nature of cybersecurity risk, Dr Mumuni revealed that the central bank is in the process of revising its Cyber and Information Security Directive. The updated framework is expected to address emerging risks associated with artificial intelligence, cloud computing, digital governance, and data privacy.
The new directive, he said, will take into account the principle of proportionality — tailoring regulatory requirements to reflect the operational capacities of different institutions while continuing to support financial innovation.
“We are not resting on our success story,” he said. “Cybersecurity is never static. It evolves — and so must we.”
The intervention comes as financial systems globally face escalating threats from cybercriminals and state-sponsored actors. As Ghana deepens its digital financial infrastructure, the challenge for regulators is to ensure that technological advancement does not outpace the systems designed to safeguard it.
