CBN Releases Agenda to Reinforce Cyber Security in OFIs

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The Central Bank of Nigeria (CBN) on Tuesday, August 17, released an agenda to safeguard Other Financial Institutions (OFIs) against cyber-attack.

This was contained in a press lease addressed by Nkiru Asiegbu, the apex bank’s Director, Other Financial Institutions Supervision Department, to the OFIs at the nation’s capital city, Abuja.

Asiegbu said that the agenda was required by the number and complexity of cybersecurity threats and attacks against the OFIs.

“Due to the recent increase in the number and sophistication of cybersecurity 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 cybersecurity,’’ Asiegbu said.

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

It was gathered that the agenda recommends the improvement of cybersecurity oversight by the board of the OFIs and strict application of board-approved of cyber-security policies by their management.

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




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