Dr Maxwell Opoku-Afari, first Deputy Governor of the Bank of Ghana, has averred that cyber-attacks, attacks on information and communication technology systems, have emerged as a global threat to financial stability and the way of life.

The first Deputy Governor noted that successful cyber-attacks on computer systems and networks supporting critical national assets and infrastructure could cause significant havoc to the way of life, cause financial loss, undermine public confidence, and cause major disruption to local economy.

“I am therefore encouraged that all the major stakeholders are putting in efforts aimed at creating cyber security awareness to combat the rising threats posed by cyber-attacks and cyber-crimes. It is my hope that the steps we are taking as a country, will be sustained to promote confidence in the financial system and also ensure financial inclusion.”
Maxwell Opoku-Afari

He stated 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.”

Meanwhile, Dr Opoku-Afari has embraced the new norm of working remotely, transferring resources across financial platforms, purchasing goods and services online, noting that it is gradually changing the face of the economy. He argued that Ghana needs to position herself in readiness for the threats that come along with this changing lifestyles and doing business.

However, Dr Maxwell Opoku-Afari identified some ways in which the pandemic has also impacted cybersecurity in various ways, including:

“Bringing to the fore a rapidly evolving cybersecurity threat landscape that has rendered traditional or conventional cybersecurity safeguards inadequate; and Increased cybersecurity exposure for Critical Information Infrastructure.

“These new and emerging threats have left nations and organizations exposed and vulnerable to cyber-attacks. Current trends in cybersecurity point to significant increases in attacks against Critical Information Infrastructure and related organizations that are drivers of national economies. For many organizations today, the concern is no longer ‘if or when the organization is hacked’, but rather, ‘the organization is likely hacked, we just don’t know how and when it happened’.”
Maxwell Opoku-Afari

Addressing cyber security risks, Dr Opoku-Afari said, it has become more important than ever and policy makers need to internalize this fact in their discourse. In what follows, he discussed regulatory regimes that are being followed through to enhance cybersecurity awareness in the banking sector. “We are all aware that the banking sector is one critical institution whose role is to support growth.”

“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; Regulating and close monitoring of cyber activities.”
Maxwell Opoku-Afari

Dr Opoku-Afari opined that the banking sector has been playing an important critical role for the central bank. For this reason, he highlighted the importance of cyber security awareness, including on cyber hygiene as a means of confronting head-on cyber security risks.

“Globally, cyber-attacks on digitized payment products are increasingly becoming sophisticated, especially on financial institutions with insecure IT systems.

“We have witnessed global cyber-attacks which resulted in disruptions to some critical financial services and destroyed financial assets and savings. It is important therefore to ensure that the security of electronic banking products and services are not compromised.”
Maxwell Opoku-Afari

While Ghana pursues this agenda, there is the 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.