Dr. Ernest Addison, the Governor of the Bank of Ghana (BoG), has announced that the central bank is collaborating with the Cyber Security Authority to enhance cybersecurity measures in the banking sector.
The focus of this collaboration is on the implementation of the Cybersecurity Act, 2020 (Act 1038) within the sector.
During the official commissioning of the Financial Industry Command Security Operations Center (FICSOC), Dr. Addison explained that in October 2018, the Bank of Ghana issued the Cyber and Information Security Directive (CISD) for banks and other financial institutions regulated by the BoG.
The directive required these institutions to implement Information Security Management Systems (ISMS) controls to ensure a safer digital financial industry. The implementation of the directive has been phased over 36 months, with ongoing monitoring and supervision by the BoG.
As the regulated institutions worked towards full compliance with the directive, it became evident that the BoG needed to establish a Security Information and Event Management (SIEM) system to enable institutions implementing SIEMs to send logs, alerts, and aggregate information.
Thus, the BoG initiated the FICSOC project, which is now completed and operational. The FICSOC provides threat intelligence reports and alerts to banks, helping them enhance their incident response mechanisms.
Dr. Addison highlighted the importance of cybersecurity in the financial sector, acknowledging the increased risks associated with digital technology.
He also mentioned the ongoing collaboration between the BoG and the Cyber Security Authority in improving the cybersecurity posture of the banking sector, specifically in implementing the Cybersecurity Act, 2020.
The FICSOC project plays a crucial role in addressing cybersecurity challenges, providing real-time visibility into cyber threats and attacks targeting the banking sector. Dr. Addison expressed his gratitude to the attendees and implementation partners for their commitment to the success of the project.