*Nigeria’s Bankers’ Bank says it is mandatory for institutions to strengthen their cyber defences to remain safe and sound in regard to recent increased sophistication of cybersecurity threats against financial institutions

Gbenga Kayode | ConsumerConnect

In view of the recent increase in the number and sophistication of cybersecurity threats against financial institutions, the Central Bank of Nigeria (CBN) has activated a new framework to check cybersecurity in Other Finical Institutions (OFIs) in the country.

Nkiru Asiegbu, Director of OFIs at CBN, in a statement issued in Abuja, FCT, said that the framework was informed by the latest surge in the number and sophistication of cybersecurity threats against financial institutions, especially the OFIs.

Asiegbu stated: “As a result of recent increase in the number and sophistication of cybersecurity threats against financial institutions, it has become mandatory for institutions to strengthen their cyber defences to remain safe and sound.”

The CBN Director of OFIs also said: “Consequently, the CBN hereby issues the attached risk-based cybersecurity framework and guidelines for the OFIs.”

These Asiegbu noted represents the minimum requirements to be put in place by all OFIs in Nigeria.

She said: “The effective date for full compliance of the provisions of the guidelines is January 1, 2023.

“All OFIs are expected to comply on or before that date.”