CBN issues directives to financial institutions to improve cybersecurity

The Central Bank of Nigeria (CBN) of Nigeria has released guidelines for enhanced cyber security in the Nigerian financial industry, particularly among the Other Financial Institutions (OFIs).

In a recently sent circular, Mrs. Nkiru Asiegbu, Director of OFI's Supervision Department, made this disclosure.

The regulator emphasized that operating in a secure environment was essential for the safety and stability of OFIs in order to minimize dangers to their reputation and financial well-being, among other things.

The document noted how risks like ransomware, targeted phishing, and advanced persistent threats (APT) have proliferated, necessitating that financial institutions, particularly OFIs, fortify their cyber resilience and take preventative measures to safeguard their vital data assets.

It added that institutions must reinforce their cyber defenses if they want to remain secure due to a recent rise in the numbers and complexity of cybersecurity threats targeting financial institutions, particularly Other Financial Institutions (OFIs).

“In recent times, threats such as ransomware, targeted phishing attacks and Advanced Persistent Threats (APT) have become prevalent, demanding that financial institutions, including OFIs strengthen their cyber resilience and take proactive steps to secure their critical information assets to ensure their safety and soundness,” the bank said.

As a result, the CBN released the Risk-Based Cybersecurity Framework and Guidelines for OFIs that serve as the minimum standards that all OFIs must implement. The central bank further stated that full compliance with the guidelines will become effective on January 1, 2023.

The recommendations lay out the specifications that the OFIs were asked to follow while developing and putting into practice strategies, policies, processes, and other relevant actions targeted at decreasing cyber risks.

It was required to develop a cybersecurity strategy in order to lower the risks given the dependence of financial institutions ICT for daily operations as well as the growth of cybersecurity threats and attacks against these institutions.  To lower the risks, it is essential to adopt a cybersecurity plan.

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