Why Ghana is building a cybersecurity centre for banks and fintechs
The Bank of Ghana (BoG) recently launched the Financial Industry Command Security Operations Centre (FICSOC) Project, aimed at creating a secure cyber environment in the country's financial sector. The project, which took about three years to develop in collaboration with financial institutions, aims to address the security vulnerabilities posed by digital technologies in the banking industry.
Ghana's Vice President, Mahamudu Bawumia, highlighted the importance of cybersecurity in the face of the increasing use of digital technologies by financial institutions. He emphasized that cyber risks could impair operational capabilities and threaten the stability of the financial system due to the interconnectedness of the industry.
The FICSOC Project, initiated by BoG in 2019, provides threat intelligence-sharing, situational awareness, and incident response among regulated financial institutions. By April 2023, all commercial banks in Ghana were connected to the FICSOC, and cyber threat intelligence is being communicated through FICSOC alerts and advisories.
It is important to note that FICSOC is not meant to compete with or replace existing cybersecurity risk management measures of regulated institutions. Instead, it complements the cybersecurity frameworks of financial institutions. The responsibility for managing cyber and information security risks ultimately lies with each regulated financial institution, rather than with FICSOC operators or the Bank of Ghana.
Prior to the FICSOC project, BoG had issued the Cyber and Information Security Directive (CISD) in 2018, which required banks and other regulated financial institutions to implement Information Security Management Systems (ISMS) controls. The implementation of the directive was phased over 36 months and closely monitored and supervised by BoG.
Overall, the FICSOC Project represents a significant step in enhancing cybersecurity measures in Ghana's financial sector, aiming to protect against cyber threats and maintain the stability of the industry.
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