BoG deepens cybersecurity collaboration, set to revise key directive at FICSOC stakeholder forum

The Bank of Ghana (BoG) is committed to improving cybersecurity in finance. This will be done through better collaboration and regulatory reform.

At the Financial Industry Command Security Operations Center (FICSOC) Stakeholders Forum in Accra, Dr. Zakari Mumuni spoke about this commitment. He is the First Deputy Governor of BoG. He highlighted the bank's partnership with the Cybersecurity Authority to protect financial institutions from digital threats.

“The Cyber Security Authority has named BoG as the Sectoral Computer Emergency Response Team (CERT) lead for finance,” Dr. Mumuni said. “This is not just a title; it’s a mandate for collective defense.”

He pointed out that the financial sector faces many evolving threats. These include insider breaches, digital fraud, and advanced persistent threats. As CERT lead, BoG will lead intelligence sharing and develop responses to cyber incidents.

“When we collaborate, we don’t fight alone,” he added. “We defend with shared purpose and tools.”

Dr. Mumuni also announced updates to the Cyber and Information Security Directive. This revision aims to address new digital risks. The updated framework will include guidelines on artificial intelligence, data privacy, cloud computing, and digital governance.

“The revised directive will be proportional and adaptive,” he explained. “It ensures all institutions can innovate while maintaining strong security standards.”

The forum gathered various stakeholders in finance and regulation. Attendees included central bank governors, regulatory body directors, CISOs, CIOs from banks, and senior officials from BoG. It was organized by FICSOC to promote collaboration and resource allocation across the financial ecosystem.