The Bank of Ghana (BoG) and Cyber Security Authority (CSA) have held a meeting to improve cybersecurity issues in the banking sector.
The meeting which took place on June 21, by the two institutions discussed among others collaborative ways of improving cybersecurity in the banking sector and the implementation of Cybersecurity Act 202, Act 1038
The discussions were led by the First Deputy Governor of BoG, Dr. Maxwell Opoku-Afari and the Acting Director-General of CSA, Dr. Albert Antwi-Boasiako.
Revealing measures put in place by the BoG, Dr. Opoku-Atari said after the act was passed, BoG issued the Cyber and Information Security Directive (CISD) in the year 2018 to regulate cybersecurity related activities in the banking sector.
He said last year, the Bank established the Financial Industry Command Security Operations Centre (FICSOC), to provide real-time visibility into cyber threats and attacks targeting the banking sector.
The two parties recognized the importance of securing information assets in the banking sector which have been designated as Critical Information Infrastructure, pursuant to Section 35 of Act 1038.
They also recognised that the CSA is a designated security sector institution and that, elements of cybersecurity in the BoG’s activities are considered national security issues.
They also recognised that under Section 3(c) of Act 1038, CSA has oversight of BoG’s Critical Information Infrastructure in respect of cybersecurity activities.
After successful deliberations, BoG and CSA agreed to collaborate more closely on cyber and information security matters and to provide each other with all the necessary assistance for the efficient performance of their respective functions.
BoG and CSA both agreed to improve information sharing and to increase awareness for the benefit of the stakeholders of the BoG and the CSA, reaffirmed their commitment to work together in Improving collaboration and timely information flow to facilitate incident reporting and information sharing on cybersecurity issues.
The two institutions pledged to interrogate and review the CISD 2018 to align with Act 1038, CSA to pay a working visit to FICSOc as they seek to promote cybersecurity response and that CSA will rely on the BoG for timely provision of information on cybersecurity incidents relating to the banking sector.
Collaborate to interrogate and assessment the present CISD 2018 to align with Act 1038; The CSA can pay a working go to to the FICSOC as BoG and the CSA search to advertise cybersecurity incident response and coordination;
BoG will proceed to be a key member of the Joint Cybersecurity Committee (JCC), pursuant to Section 13 of Act 1038; Going ahead, the CSA will rely on the BoG for well timed provision of knowledge on cybersecurity incidents regarding the banking sector;
Leverage on the National Cyber Security Awareness Month in October, to organise programmes that can profit the stakeholders of the BoG and the monetary sector at giant; and
Develop a framework and execute a Memorandum of Understanding to information the Parties on the main areas of collaboration.
