CBN prescribes framework for improved cybersecurity resilience in financial institutions

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Photo: CBN Gov Emefiele

The Central Bank of Nigeria (CBN) has released a  framework to protect Other Financial Institutions (OFIs) against cyber attack.

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The framework prescribes that the board of the OFIs should improve cybersecurity oversight and strict implementation of board-approved cyber-security policies by their management.

A memo by Nkiru Asiegbu, CBN’s Director, Other Financial Institutions Supervision Department, addressed to the OFIs, on Tuesday, said the framework was necessitated by the number and sophistication of cybersecurity threats and attacks against the OFIs.

“Due to the recent increase in the number and sophistication of cyber security threats and attacks on OFIs, it has become necessary and mandatory for the sub-sector to strengthen its cyber resilience if it is to remain safe and sound.

“Consequently, the CBN is releasing the draft framework and guidelines stipulating minimum requirements for enhancing cyber security,’’ she said.

She urged the OFIs to forward their input on the draft to the OFI supervision department of the apex bank.

The framework also recommends the appointment of a Chief Information Security Officer (CISO), vested with the responsibility of day-to-day cybersecurity and mitigation of cyber-security risks in the OFIs, amongst other provisions.

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