Sunday, January 23, 2022

Ghana’s central bank launches cyber security tools for banks

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Fred Dzakpata
Fred Dzakpata is a Ghanaian journalist who specializes in business reporting in Africa.
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Ghana’s central bank on Monday rolled out cyber security directive for financial institutions in the country.

The move according to the Bank of Ghana is to help address the increase in cyber fraud which has become alarming in recent times.

First deputy governor of the Bank of Ghana Dr. Maxwell Opoku Afari said he is hopeful the menace will reduce with effective collaboration from stakeholders.

“For Ghana the threat is growing, a recent study in 2016 reveals the more than four hundred thousand malware incidents, forty four million spam incidents and two hundred and eighty thousand botch incidents in the financial industry,” he said.

Afari also noted how important it is that “the central bank take steps to counter” identified threats to protect the integrity of the financial institutions.

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Work on Ghana’s National Cyber Security Policy and Strategy stated in 2011. It followed actual and anticipated threats from cyber crime.

The latest national responses strategy hopefully should address the identified  security issues.

A National Cyber Security Inter-Ministerial Advisory Council (NCSIAC) is in place to facilitate ongoing efforts. A National Cyber Security Technical Working Group (NCSTWG) is also in place.

All these bodies are supporting Ghana’s communication Ministry to secure Ghana’s cyber space.

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