Cybersecurity Threats in Finance: Bank of Ghana Warns Public Against Fake Reports
Fake Reports Debunked
The Bank of Ghana has issued a statement dismissing reports circulating on social media that it is introducing a one percent cybersecurity levy. The central bank urges the general public to ignore these false reports and confirms that they are not accurate.
Regulator’s Commitment to Safety and Soundness
Governor of the Bank of Ghana, Dr Ernest Addison, has emphasized the regulator’s commitment to ensuring the safety and soundness of the banking system. He warns that the Bank will take action against financial institutions found to be in breach of regulatory guidelines.
Breaches of Regulatory Guidelines
Despite the commitment to safety and soundness, Dr Addison revealed that banks have continued to breach guidelines set to prevent various forms of financial crime, including:
- Money laundering
- Fraud
- Terrorist financing
- Corruption
- Market manipulation
- Insider dealings
- Cybercrime
The Bank of Ghana will continue to be vigilant in its oversight operations to ensure that banks comply with regulatory requirements and build trust and confidence in the financial system.
Rapid Evolution of the Banking Sector
Dr Addison highlighted the rapid evolution of the banking sector, driven by advances in financial technology. The emergence of fintechs has led to the delivery of innovative financial products and services, supporting the financial inclusion agenda. However, this development also presents new cybersecurity threats that require a proactive approach from regulators and financial institutions alike.
Cybersecurity Threats in Finance
Concerns are growing over the increasing frequency and severity of cyberattacks in the finance sector in Ghana. With the country’s banking system playing a critical role in economic growth and development, it is essential that all stakeholders prioritize cybersecurity to ensure the integrity and stability of the financial ecosystem.
Conclusion
The Bank of Ghana remains committed to ensuring the safety and soundness of the banking system, while also addressing new cybersecurity threats posed by the rapid evolution of the sector. The regulator’s stance on cybersecurity comes as concerns grow over the increasing frequency and severity of cyberattacks in the finance sector in Ghana.