Business News Wed, 6 Oct 2021

Design mechanisms to counter possible cyber threats – Financial institutions tasked

• The BoG has tasked financial institutions to invest in cybersecurity mechanisms and measures

• This, according to Dr. Opoku-Afari, is necessary to counter possible cyber threats

• The financial sector has been recording incidents of cyber-related fraud

Dr. Maxwell Opoku-Afari, first deputy Governor of the Bank of Ghana has tasked financial institutions to examine design appropriate mechanisms to counter possible cyberattacks.

According to him, regulatory compliance by itself cannot be defined as cybersecurity hence the onus lies on financial institutions to implement these mechanisms.

“Regulatory compliance by itself is not cybersecurity. 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 these cybersecurity 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.”

“Today’s world is completely different from a decade ago, as changes in information and communication technology increase exponentially. As a result, it is important for institutions to undertake cybersecurity-related due diligence and assessments, identify proper detective controls, and enforce third party and insider risk programs to protect and safeguard their working environments from cyber-related activities that are not conducive for growth. I believe we will all delve into some of these critical issues that are associated with our drive towards digitization,” he added.

Dr Maxwell Opoku-Afari said this at the launch of the Cybersecurity Authority and the Critical Information Infrastructure Directive.

Meanwhile, a 2020 Banking Industry Fraud report showed a staggering increase in the value of cyber-related fraud in Ghana’s financial sector.

The sector recorded an over 400 percent increase from 2019 to 2020 in cyber fraud activities.

Banks and Specialized Deposit-Taking Institutions recorded about GH¢1 billion in the value of cyber-related fraud in 2020.

Out of the reported amount, the value of attempted cyber and email fraud amounted to over GH¢270 million for the period.

But in 2020, the banking industry fraud report showed a loss in the value of approximately GH¢1.05 million.
Source: www.ghanaweb.com
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