Ghana establishes a cybersecurity hub its financial sector

With the cyberattacks getting worse by the day, a number of African countries are working hard to put in measures of protection against online hackers and scammers. With 82,000 accounts leaked in Q1 2023 in Nigeria, Techloy said the country has been suffering from a large rise in data breaches.

Working to protect Ghana’s financial institutions from this danger, the Bank of Ghana (BoG) revealed the launch of the Financial Industry Command Security Operations Centre (FICSOC) Project, aiming to create a safer cyber environment in the country’s financial sector.

The bank launched the FICSOC Project back in 2019, and it is working as place that allows regulated financial institutions to share threat information, improve industry-wide situational awareness, and make it easier to respond to incidents.

Prior to the FICSOC project, the BoG had passed the Cyber and Information Security Directive (CISD) in 2018, and that required banks and other controlled financial institutions to implement Information Security Management Systems (ISMS) controls.

This order was implemented in 36 months, and the bank then monitored and supervised it well to ensure the digital financial industry was safer.

The country’s financial sector is working to reduce the level of cyber risks, protect operating resilience, and promote a safe digital environment for financial services by setting up FICSOC and workiång to improve cybersecurity measures.

Main Image: Medium