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Ghana banks asked to disclose cybersecurity policies

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Ghana banks have been instructed to publish their bank-specific cybersecurity policies. Speaking at the opening of the digital banking and cybersecurity summit, the Governor of the Bank of Ghana, Dr. Ernest Addison stated that banks must publish cybersecurity policies which are in accordance with provisions in the payment systems and services bill that is currently before the Parliament.

Bank of Ghana will continue to be involved in preparing regulatory policies. “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,” Addison said. “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 highlighted the cybersecurity threats revolving the banking sector of the country. According to him safe environment for online and e-payment transactions are the key factors to boost the sector. “Financial Institutions would also be required to implement an integrated approach to adopting enterprise-wide frameworks of cyber risk management in line with business objectives,” he pointed out. “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.”

A recent Kaspersky Lab and B2B International survey points that cybersecurity incidents in the financial and online banking services costs the organization an average of $1.75 million, which is twice the cost of convalescing from a malware incident in other sectors that stands at considerably skimpy $825,000. Also, the recovery cost from cyber attacks at the banking sector stands at $1.17 million, when it is $952,000 in other industries.

 

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