Banks have become vulnerable to cyber attacks - Dep. BoG Governor

First Deputy Governor of the Bank of Ghana, Dr Maxwell Opoku-Afari has noted that the expansion of banking operations on digital platforms has led to banks in the country becoming vulnerable to cyberattacks.

First Deputy Governor of the Bank of Ghana, Dr Maxwell Opoku-Afari

Speaking at the official launch of the National Cybersecurity Awareness Month 2021, Dr. Opoku-Afari said it “has become more important than ever and policymakers need to internalise this fact in their discourse”.

“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 digitise their operations and in the process have become vulnerable to cyberattacks” Dr Opoku-Afari noted at the event which happened on Friday, October 1.

He also added that Ghana’s inability to put in place policies to protect the infrastructure of banks from attacks can prevent any form of destruction of the banking sector.

He said regulating and close monitoring of cyber activities in the banking sector, has become “an important critical role for the central bank”.

“While we pursue this agenda, we need to recognise that regulatory frameworks alone may not be enough to protect the nation’s critical information infrastructure,” he warned.

Also speaking at the event, Minister of Communications, Ursula Owusu-Ekuful, indicated that, a successful economy is hinged on a secured, safe and resilient national digital ecosystem.

"Cybersecurity is, therefore, very critical to the economic development of the country and essential to the protection of the rights of individuals within the national digital ecosystem."

The Cyber Security Authority (CSA) has been established by the Cybersecurity Act, 2020 (Act 1038) to regulate cybersecurity activities in the country; to promote the development of cybersecurity in the country and to provide for related matters.


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