Cybersecurity: BoG to deploy security setup providing real-time visibility into cyber threats and attacks on the financial sector
First Deputy Governor of the Bank of Ghana (BoG), Dr Maxwell Opoku-Afari, has disclosed that the Central Bank is currently working on deploying a security setup that allows for real-time visibility into cyber threats and attacks on the country’s financial sector.
“Section 44 of the Cybersecurity Act, 2020 (Act 1038) further provides the legal basis for BoG to lead the Sectoral Computer Emergency Response Team (CERT) for the financial sector, and I must say that as far as this is concerned work has already started to ensure the deployment of a security setup that provides realtime visibility into cyber threats and attacks targeting the financial sector,” he stated.
Making the disclosure at the official launch of the National Cyber Security Awareness Month at the Conference Room of the National Communications Authority (NCA) on October 1, 2021, Dr Opoku-Afari averred given the increasing spate of cyber-attacks on the financial sector worldwide and its sophistication in recent times, it has become imperative to protect and enhance the security of the country’s financial sector.
The Deputy Governor, speaking at the event noted the Central Bank since 2018 has been issuing cybersecurity-related directives in a bid to enhance and protect the security of the nation’s critical financial sector.
According to him, the BoG over the last three years has introduced a number of initiatives and directives to strengthen and secure the information security architecture of banks and to ensure that the systems at banks are robust and resilient. Some of the initiatives he highlighted include;
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- Banks reporting their cyber and information security incidents to the Bank of Ghana on monthly basis.
- Facilitating safer digital transformation with the adoption of cloud technologies
- Preparation of a banking sector Cyber and Information Security guidelines to protect consumers and create a safer environment for online and e-payments products among others.
Speaking on the way forward, Dr Opoku-Afari stated that it is important for banks to undertake cyber security-related due diligence and assessments, identify proper detective controls, and enforce third party and insider risk programmes to protect and safeguard their working environments from cyber-related activities that are not conducive for growth.
“The onus lies on banks to examine the state of their security systems, identify gaps and design appropriate mechanisms to counter possible cyber threats. In addition to the already introduced cyber security regulations, financial institutions will also be required to implement an integrated approach by adopting enterprise-wide frameworks of cyber risk management in line with business objectives,” remarked Dr Opoku-Afari.
“We at the Central bank will continue to draw strength from Act 1038, which is intended to further promote and improve collaborative efforts between the Cyber Security Authority and the Bank of Ghana. The Central Bank will work closely with the Cyber Security Authority to monitor trends of cybersecurity issues in the financial sector and ensure collaborative response to cybersecurity incidents,” he added.
Read below details of the Deputy Governor’s speech:
1st Deputy Governor’s Speech -Official Launch of National Cyber Security Awareness Month 2021 by Fuaad Dodoo on Scribd
