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Monday, March 20, 2023

Cybersecurity: CBN Issues Guidelines For OFIs

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The Central Bank of Nigeria (CBN), has issued a Risk-based Cybersecurity framework and guidelines for Other Financial Institutions (OFI) to curb the increase in cybersecurity in the country.
The apex bank disclosed that cybersecurity resilience was crucial for enhancing financial intuition.
In its circular titled; EXPOSURE DRAFT OF RISK-BASED CYBERSECURITY FRAMEWORK AND GUIDELINES FOR OTHER FINANCIAL INSTITUTIONS, CBN explained  that cybersecurity resiliencies considers an organization’s ability to maintain normal operations despite all cyber threats and potential risk in its environment, providing the assurance of substantiality for the organization using its governance, interconnected network, and culture.
The circular which was signed by the Director, other Financial Institutions Supervision, NKIRU ASIEGU explained further that the bank (CBN) considered the dependency of financial institutions on Information and communication technology (ICT) in their daily operation and the rise in the cybersecurity threats and attacks against financial intuition; hence it was mandatory to implement a cybersecurity measure to mitigate those risks.
On the purpose, the CBN further explained that  the guidelines will create a safer and more secure cyber environment that supports information system security and promotes stability of the OFI sub-sectors.
According to the circular, the guidelines also aimed at contributing towards the prevention and combating of cybercrime in the OFI sub-sectors, while also to promote the adoption and implementation of best practices and appropriate cybersecurity standards by OFIs.
In the circular it also noted that the guidelines is to  promote and maintain public trust and confidence In the OFI sub-sectors, and to also promote a cybersecurity culture and awareness through continuous capacity building and skill development.
However, the apex stated in the circular that for a cybersecurity program to be successful, it must be fully integrated into their business goal and objectives and must be an integral part of the overall risk management process of the OFIs
“The framework provides a risk-based approach to managing cybersecurity risks. The document comprises six parts; Cybersecurity Governance and Oversight, Cybersecurity Risk Management system, Cyber resilience Assessment, Cybersecurity Operational Resilience, Cyber- Threat Intelligence and Metrics, Monitoring,” the circular explained.
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