Banks to publish bank-specific cyber security policies soon – BOG

The Governor of the Bank of Ghana, Dr. Ernest Addison has disclosed that banks in Ghana will soon be required to publish bank-specific cyber security policies.

Publication of the bank-specific cyber security policies according to the central bank’s governor, is in line with provisions in the Payment Systems and Services Bill which is currently before Parliament.

Speaking at the opening of the digital banking and cyber security summit organized by the Standard Chartered Bank Ghana Limited, the Governor of the Bank of Ghana, Dr. Ernest Addison said, BOG will continue to exercise firm oversight of the payment system, monitor risks associated with digital innovation and develop appropriate regulatory responses without stifling innovation.

“As policymakers and regulators, we will continue to exercise firm oversight of the payment system, monitor risks associated with digital innovation and develop appropriate regulatory responses without stifling innovation.

So far, the Bank has prepared a banking sector Cyber and Information Security guidelines to protect consumers and create a safer environment for online and e-payments products.

Among others, the guidelines seek to create a secure environment for transactions within the cyberspace and guarantee trust and confidence in ICT systems, provide an assurance framework for the design of security policies in compliance to global security standards and best practices by way of cyber and information security assessments, and protect banks, customers and clients against the potentially devastating consequences of cyber attacks.”

He disclosed that the current banking sector Cyber and Information Security guidelines is expected to protect consumers and create a safer environment for online and e-payments products.

Mr. Addison also pointed out that, “Financial Institutions would also be required to implement an integrated approach by adopting enterprise-wide frameworks of cyber risk management in line with business objectives.

It is anticipated that the integrated approach to cyber security management, would support financial institutions achieve both business and security focused objectives, as well as regulatory compliance in an efficient and effective way.”

The Standard Chartered Bank is currently leading the way in bringing together stakeholders on the subject matter of digital banking and cyber security to discuss and share best practice in combating cyber-crime and lead the way in enhancing cyber security for digital financial channels in digital revolution in Ghana.

The summit comes at the heels of a time that, fraud within the financial or banking sector seem to be on the high, as cyber security experts have warned that Ghana stands to lose some US$100 million from cyber-crime in 2018, if pragmatic measures are not put in place to minimize it the threat.

The Managing Partner at cyber security firm, Delta 3 International, Del Aden, told the press that, the incident of cybercrime in Ghana will continue to rise unless businesses especially the financial sector put effective counter measures in place.

Identity fraud and fraudulent transactions are major risks in the global banking system, and that is why financial institutions go to great lengths in trying to insulate banks from cybercrime and other fraudulent activities.

In fact, PwC’s Global Economic Crime Survey 2016 revealed that cybercrime has now jumped to the second most-reported crime globally, and that 54% of organisations have been hit with cybercrime in the last two years. One of the main targets for cybercrime is without a doubt, banks. Banks from all over the world have been hit by hackers.

Recognising this present danger, the West African Monetary Institute (WAMI) is collaborating with central banks in the West African Monetary Zone (WAMZ) to launch the Bank Verification Number (BVN) which records the fingerprints and a facial photograph of clients.