BoG strengthens cybersecurity push, unveils plan to revise directive

The Bank of Ghana (BoG) is stepping up efforts to protect the financial sector from cyber threats. At the FICSOC Stakeholders Forum in Accra, First Deputy Governor Dr. Zakari Mumuni announced key reforms and deeper collaboration with the Cybersecurity Authority.

He revealed that the Authority had named the BoG as the lead Computer Emergency Response Team (CERT) for Ghana’s financial sector. This role gives the central bank the mandate to lead joint cybersecurity efforts across financial institutions. “This is more than a title; it means we must drive collective defense in the sector,” Dr. Mumuni stated.

He warned that financial institutions face serious risks, including insider breaches, digital fraud, and sophisticated cyberattacks. As the CERT lead, the BoG will coordinate intelligence sharing and lead joint responses to cyber incidents. “When we collaborate, we don’t fight alone, we defend together with shared tools and purpose,” he added.

Dr. Mumuni also shared that the BoG plans to revise its Cyber and Information Security Directive. The new version will address emerging risks tied to artificial intelligence, cloud computing, data privacy, and digital governance. “We want a directive that adapts to the times and supports innovation without compromising security,” he said. “It will be flexible enough for institutions of all sizes.”

The forum gathered top officials from the central bank, regulatory bodies, banks, and financial institutions. Organized under the Financial Industry Command Security Operations Center (FICSOC), the event focused on strengthening risk response and improving cybersecurity collaboration across the industry.