CBN issues New Cybersecurity Guidelines to OFIs

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MFBs, Others Contributed N2.79 trillion of Banking Industry Credit in 2021
CBN Governor Godwin Emefiele

The Central Bank of Nigeria (CBN) has published a new framework to assess cyber security in Other Financial Institutions (OFIs), in order to build a safer and more secure online environment that would promote information system security. 

Nkiru Asiegbu, Director, OFIs, CBN, made a statement containing this information.

Six sections make up the 41-page document: cyber governance and oversight, cybersecurity risk management system, cyber resilience assessment, cyber operational resilience, cyber-threat intelligence and metrics, monitoring, and reporting.

The framework, according to Asiegbu, was developed in response to the recent rise in the quantity and complexity of cyber security threats facing financial institutions, particularly the OFIs.

“As a result of the recent increase in the number and sophistication of cyber security threats against financial institutions, it has become mandatory for institutions to strengthen their cyber defenses to remain safe and sound.

“Consequently, the CBN hereby issues the attached risk-based cyber security framework and guidelines for the OFIs, which represents the minimum requirements to be put in place by all OFIs.

“The effective date for full compliance with the provisions of the guidelines is Jan. 1, 2023.

“All OFIs are expected to comply on or before that date,’’ she said.

Source: TechEconomy NG

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