BoG, CSA to improve cybersecurity in the banking sector

The Bank of Ghana (BoG) and the Cyber Security Authority (CSA) met on Tuesday at the BoG Head Office in Accra, to discuss collaborative ways to improve cybersecurity in the banking sector and to discuss various ways of collaborating to implement the Cybersecurity Act, 2020 (Act 1038).

The Bank of Ghana highlighted the proactive measures taken by the Bank prior to the promulgation of Act 1038, to address cybersecurity challenges in the banking sector.

The most notable of these initiatives was the issuance of the Cyber and Information Security Directive (CISD) in the year 2018 to regulate cybersecurity-related activities in the banking sector.

In 2021, the Bank established the Financial Industry Command Security Operations Centre (FICSOC), to provide real-time visibility into cyber threats and attacks targeting the banking sector.

The Parties recognised the importance of securing information assets in the banking sector which have been designated as Critical Information Infrastructure, pursuant to Section 35 of Act 1038.

They also recognised that the Cyber Security Authority (CSA) is a designated security sector institution and that elements of cybersecurity in the BoG’s activities are considered national security issues.

The Parties also recognised that under Section 3(c) of Act 1038, CSA has oversight of BoG’s Critical Information Infrastructure in respect of cybersecurity activities.

After successful deliberations, the BoG and the CSA agreed to collaborate more closely on cyber and information security-related matters and to provide each other with all the necessary assistance for the efficient performance of their respective functions.

The meeting concluded with a Joint Statement outlining the areas of cooperation; to improve information sharing and increase awareness for the benefit of the stakeholders of the BoG and the CSA.