Ghana is setting up a cybersecurity platform for Banks and Fintechs

With cyberattacks on the rise, African countries face a growing demand to safeguard cyberspace against hackers and scammers. Last week, Techloy reported that Nigeria witnessed a significant increase in data breaches, with 82,000 leaked accounts recorded in Q1 2023.

To protect financial institutions in Ghana against this risk, The Bank of Ghana (BoG) has announced the launch of the Financial Industry Command Security Operations Centre (FICSOC) Project, aimed at establishing a secure cyber environment within the country's financial sector.

The FICSOC Project, initiated by the BoG in 2019, serves as a platform for sharing threat intelligence, enhancing industry-wide situational awareness, and facilitating incident response among regulated financial institutions.

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Prior to the FICSOC project, the BoG had introduced the Cyber and Information Security Directive (CISD) in 2018, mandating banks and other regulated financial institutions to implement Information Security Management Systems (ISMS) controls.

The phased implementation of the directive over 36 months, coupled with effective monitoring and supervision by the BoG, aimed to ensure a safer digital financial industry.

With the establishment of FICSOC and the ongoing efforts to enhance cybersecurity measures, Ghana's financial sector aims to mitigate cyber risks, safeguard operational resilience, and promote a secure digital environment for financial services.