Build robust systems to forestall cybersecurity incidences - BoG warns banks

Pulse Staff

February 24, 2021 12:00 AM

The Bank of Ghana (BoG) has urged all banks in the country to build robust systems to forestall cybersecurity incidences in the financial sector amid the COVID-19 pandemic.

Governor of the Bank of Ghana, Dr. Ernest Addison

Governor of the Bank of Ghana, Dr. Ernest Addison highlighted three major risks that the COVID-19 pandemic has unearthed which must be efficiently managed by banks to avoid any unintended consequences.

Dr Addisson said these risks include cybersecurity, credit and operations.

He was speaking at a webinar on managing banking risks in uncertain times organised by the Ghana Association of Bankers (GAB).

Dr Addison said the pandemic has boosted the move towards digital transactions and financial inclusion; however, it has also brought in its wake a heightened sense of cyber attacks within the financial sector.

“The use of digital and mobile banking platforms to conduct banking transactions has increased since the outbreak of the COVID-19 pandemic. This is evidenced by peer-to-peer, bank-to-wallet, wallet-to-bank and wallet-to-bank transactions across all platforms.”

He added, “Banks have responded positively to this phenomenon and deployed sophisticated, yet user-friendly digital platforms to enhance the delivery of financial services. This trend is indeed welcome, as it broadly aligns with the overall objective of digitising the Ghanaian economy, and promoting financial inclusion and economic growth.”

He said the drive towards more digitisation “has heightened cyber risks and fraud, and therefore calls for effective cyber risk management policies and procedures by banks.”

He said, “The Bank of Ghana expects all banks to build robust systems to forestall such cybersecurity incidences. All the successes chalked in the digitisation of banking systems would be eroded if adequate investments are not made for effective protection of the information technology and security infrastructure.”

“The central bank has issued directives and guidelines such as the cybersecurity directive that banks must meet on an on-going basis to effectively manage cyber risk and fraud,” he added.

Pulse Staff

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