Dr. Maxwell Opoku-Afari, First Deputy Governor of the Bank of Ghana, has assured the Cyber Security Authority of the Bank’s readiness to collaborate in monitoring trends of cybersecurity issues in the financial sector and ensure collaborative response to cybersecurity incidents.
In a Policy Directive Speech during the Official Launch of the National Cyber Security Awareness Month;(NCSAM) 2021, the First Deputy Governor highlighted that the Central bank will;continue to draw strength from the new Cybersecurity Act, 2020 (Act 1038) which is intended to further promote and improve collaborative;efforts between the Cyber Security Authority and the Bank of Ghana.
“The Central Bank will work closely with the Cyber Security Authority to monitor trends of cybersecurity;issues in the financial sector and ensure collaborative response to cybersecurity incidents. The Bank of Ghana will also play an active role in the implementation of the Cybersecurity Act, 2020 through our representation on the Joint Cybersecurity Committee (JCC) pursuant to Section 13 of Act 1038. We will endeavor to provide all support available to ensure smooth formulation of policies in this area”.
Dr. Maxwell Opoku-Afari
Need to undertake cyber security-related due diligence
Dr. Opoku-Afari stated that today’s world is completely different from a decade ago as changes;in information and communication technology has increased exponentially. As a result, it is important for institutions to undertake cyber security-related due diligence and;assessments, and to identify proper detective controls.
The First Deputy Governor therefore, advised that institutions must enforce third party and insider risk programs to protect and;safeguard their working environments from cyber related activities that are not conducive for growth. Thus, he called for a collaborative effort by all stakeholders in ensuring cyber security in the country.
“I believe we will all delve into some of these critical issues that are associated with our drive towards digitization”.
Dr. Maxwell Opoku-Afari
Furthermore, Dr. Opoku-Afari acknowledged that the COVID-19 pandemic, and issues emanating from it, has accelerated the adoption of digitalization in Ghana and “this is progressing at top speed”. However, he lamented that this comes along with several threats as a result of its impacts on lifestyles and doing business.
According to Dr. Opoku-Afari, these new and emerging threats have left nations and organizations exposed and vulnerable to cyber-attacks. Moreover, he noted that current trends in cybersecurity point to significant increases in attacks against Critical Information Infrastructure and related organizations that are drivers of national economies.
Rapidly evolving cybersecurity threat
The pandemic, he said, has also impacted cybersecurity in various ways. One of this, according to him, is the rapidly evolving cybersecurity threat landscape that has rendered traditional or conventional cybersecurity safeguards inadequate.
“Addressing cyber security risks has become more important than ever and policy makers need to internalize this fact in their discourse”.
Dr. Maxwell Opoku-Afari
The Deputy Governor provided details on the regulatory measures put in place to enhance cybersecurity awareness in the banking sector. He indicated that the banking sector is one critical institution whose role is to support growth.
Dr. Opoku-Afari averred that over the years, banks have progressively moved to digitize their operations and in the process have become vulnerable to cyberattacks.
“Our inability to put in place policies to protect the infrastructure of banks from attacks could result in the destruction of the very foundation of growth and this has national security implications”.
Dr. Maxwell Opoku-Afari
Role of the central bank
Regulating and close monitoring of cyber activities in the banking sector, according to the Deputy Governor, has become a critical role for the central bank. Yet, he warned that in the pursuit of this agenda, “we need to recognize that regulatory frameworks alone may not be enough to protect the nation’s critical information infrastructure. Regulatory frameworks must be followed by actionable steps to lock-in potential intentions”.
Dr. Opoku-Afari further stated that the Government of Ghana recognizes the threat cyberattacks and cybercrimes pose to critical information infrastructure as well as the damage it can cause to the trust and confidence in our financial system.
As a result, the Government has responded swiftly through regulatory measures. Some of which include the Data Protection Act, 2012 (Act 843) and the Cybersecurity Act, 2020 (Act 1038). Additionally, he stated that the government is also supporting directives and other related legislation to enforce provisions of the law across all sectors of the economy.
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