Financial Crime World

Cybersecurity Threats in Finance: Ghana Takes a Bold Step to Protect Its Financial Sector

The Bank of Ghana has taken a significant step towards protecting its financial sector from cyber threats by establishing a Financial Industry Command Security Operations Centre (FICSOC). The project was undertaken by Virtual InfoSec Africa, a leading information security company in collaboration with the Central Bank.

What is FICSOC?

The FICSOC Project aims to enhance threat intelligence-sharing, industry situational awareness, and incident response among regulated financial institutions. Since its launch in April, all commercial banks have been connected to the FICSOC, which enables them to report cyber threats and receive alerts and advisories from the Centre.

Importance of Cybersecurity Infrastructure

Speaking at the opening ceremony of the centre, Vice President Mahamudu Bawumia emphasized the importance of a robust cybersecurity infrastructure for maintaining confidence in the financial sector. He noted that:

  • The use of digital technologies has transformed business models of financial institutions, offering new revenue and value-producing opportunities.
  • However, these digital technologies also pose key cyber risks among these institutions.

Cybersecurity Risks

Bawumia warned that cybersecurity risks could impair operational capabilities and threaten the viability of financial institutions. He emphasized that a severe cyber-attack could threaten the stability of the entire financial system.

Compliments to Bank of Ghana

The Vice President commended the Governor, board, and management of the Bank of Ghana for their efforts in protecting the financial sector. “The commissioning of this centre is a remarkable feat by the Bank of Ghana, which is likely to attract other central banks in the sub-region,” he said.

Responsibility for Cybersecurity Risk Management

However, Bawumia stressed that the responsibility for cyber and information security risk management ultimately lies with each regulated financial institution. He emphasized that:

  • The FICSOC is designed to complement each financial institution’s cybersecurity and information security management framework rather than replace it.
  • Financial institutions should take advantage of the FICSOC platform to enhance their cybersecurity defences and make informed decisions regarding response to emerging threats.

By establishing the FICSOC, Ghana has taken a bold step towards protecting its financial sector from cyber threats. The centre will play a crucial role in enhancing threat intelligence-sharing, industry situational awareness, and incident response among regulated financial institutions.