BoG plans reviews of banks’ cybersecurity compliance

The Bank of Ghana (BoG) has announced plans to conduct thematic reviews of banks' adherence to its updated Cyber and Information Security Directive. This move comes as concerns escalate over digital fraud, cyber threats, and other risks linked to digital financial services. BoG Governor Dr. Johnson Pandit Asiama revealed this during the 43rd Annual General Meeting of the Ghana Association of Banks held in Accra.

Asiama highlighted that cybersecurity, data protection, cloud computing, third-party dependencies, and operational resilience are receiving heightened supervisory scrutiny. He pointed out that digitalization is revolutionizing financial services, enhancing efficiency, convenience, and financial inclusion. However, it has also introduced new avenues for risk emergence.

The BoG has been collaborating with the Ghana Association of Banks and industry stakeholders to support the implementation of the revised Cyber and Information Security Directive. Asiama urged bank boards and senior management to acknowledge cybersecurity and operational resilience as core business risks, rather than perceiving them as mere technological concerns.

In light of the evolving financial landscape, institutions must bolster their risk management frameworks to confront emerging threats. Regulatory and supervisory frameworks must also adapt alongside technological advancements and the increasing interconnectedness of financial risks. The scheduled reviews are part of the BoG's broader efforts to enhance the resilience of financial institutions amidst the digitalization of the banking sector.

The meeting also inaugurated the sixth edition of the GH Bankers' Voice magazine, further underscoring the BoG's commitment to fostering a secure and robust banking environment.