Report on Interest
under logo

CBN releases new cybersecurity framework for banks

By Esther Kalu

The Central Bank of Nigeria (CBN) has released a new framework to check cybersecurity across all financial institutions in the country.

The framework was said to have been informed by the recent increase in the number and sophistication of cybersecurity threats against financial institutions, especially the OFIs.

Through a statement released by the Director, OFIs, CBN, on Monday, in Abuja, Nkiru Asiegbu, said that as a result of recent increase in the number and sophistication of cyber security threats against financial institutions, it has become mandatory for institutions to strengthen their cyber defences to remain safe and sound.

She said that CBN expects that the new framework would be implemented across all financial institutions to further strengthen cybersecurity.

“Consequently, the CBN hereby is
sues the attached risk-based cybersecurity framework and guidelines for the OFIs, which represents the minimum requirements to be put in place by all OFIs.” She said.

According to her, the effective date for full compliance of the provisions of the guidelines is Jan. 1, 2023 and all OFIs are expected to comply on or before that date.

Leave A Reply

Your email address will not be published.

%d bloggers like this: