The Bank of
Ghana has reinforced its commitment to combatting cyber threats across the
financial sector through enhanced collaboration under the Financial Industry
Command Security Operations Centre (FICSOC). Speaking at a high-level
stakeholder engagement in Accra, the First Deputy Governor Dr. Zakari Mumuni
emphasized the urgent need for collective action against escalating digital
risks.
Dr. Mumuni
revealed alarming trends, citing the Bank's 2024 Fraud Report which documented
GH₵10 million in cyber-related losses – an 11% increase from 2023. "Cyber
risks are borderless and adaptive," he warned. "A single
vulnerability can cascade into systemic crises, threatening the entire
financial ecosystem."
The Deputy
Governor highlighted Ghana's proactive measures, including the 2018 Cyber and
Information Security Directive (CISD) which transformed sector-wide
cybersecurity postures from reactive to predictive. This framework enabled the
establishment of FICSOC, now recognized as the financial sector's Computer
Emergency Response Team (CERT) by the Cyber Security Authority.
"Cybersecurity
must be democratized," Dr. Mumuni
asserted. "From multinational banks to rural financial cooperatives,
every institution deserves robust protection tools."
The address
concluded with a call for sustained public-private collaboration, positioning
Ghana's financial sector as a regional model for cyber resilience amid rapid
digital financial inclusion.
By: Nana Appiah Acquaye
