CBN’s framework to strengthen cybersecurity resilience in Other Financial Institutions

*The Central Bank of Nigeria announces due to the recent increase in the number and sophistication of cybersecurity threats and attacks OFIs, the sub-sector needs to reinforce its cyber resilience to remain safe and sound in the Nigerian economy

Isola Moses | ConsumerConnect

In view of the recent increase in the number and sophistication of cybersecurity threats and attacks on banks as well as other financial institutions across the world, the Central Bank of Nigeria (CBN) has released a framework to protect the country’s Other Financial Institutions (OFIs) against cyberattacks.

ConsumerConnect reports the Bankers’ Bank, in a memo by Nkiru Asiegbu, Director of Other Financial Institutions Supervision Department at CBN and addressed to the OFIs, disclosed that the framework was necessitated by the number and sophistication of cybersecurity threats and attacks against the OFIs.

Asiegbu stated: “Due to the recent increase in the number and sophistication of cyber security threats an attacks 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.”

The OFIs to forward their input on the draft to the OFI supervision department of the apex bank, she noted in the memo.

The framework further prescribes improved cybersecurity oversight by the Boards of the OFIs and strict implementation of Board-approved of cybersecurity policies by their management teams.

The CBN also recommends the appointment of a Chief Information Security Officer (CISO), who is vested with the responsibility of day-to-day cybersecurity and mitigation of cybersecurity risks in the OFIs, among other provisions.