CSA, GAB to ensure digital ecosystem for financial sector

The Cyber Security Authority (CSA) and the Ghana Association of Banks (GAB) met on April 7 2022, at the Cyber Security Authority head office in Accra together with some representatives from the Information Security Office of the Bank of Ghana (BoG) to discuss the role of banks in ensuring a secure and resilient digital ecosystem for the financial sector.

They discussed how best they can strengthen cybersecurity and practice a strategy way for implementing the Cybersecurity Act  2020 (Act 1038), a possible revision to BoG’s Cyber and Information Security Directive, among various issues of mutual interest.

The parties acknowledged the importance of securing the banking sector especially critical systems as they have been designated as critical information infrastructure (CII) pursuant to Section 35 of the Cybersecurity Act, 2020.

Furthermore, they recognised that the Bank of Ghana (BoG) is the regulator of the banking and financial services sector and that the Cyber Security Authority (CSA) only regulates owners of CII with respect to cybersecurity activities as provided in Section 3 (c) of Act 1038.

They agreed that security in the Banking sector could be improved if there is effective collaboration and partnerships with other institutions like the Financial Intelligence Centre (FIC), the Economic Organised Crime Office (EOCO), the Criminal Investigations Department (CID), and the Cyber Security Authority, amongst others.

After bringing up the ideas and solutions, the Cyber Security Authority (CSA) agreed with the Ghana Association of Banks (GAB) to collaborate more closely on certain critical areas and provide each other with all the necessary assistance for the efficient performance of their functions.