• About Us
  • Privacy Policy
  • Contact Us
Sunday, June 15, 2025
MyPublisher24
No Result
View All Result
  • Home
  • News
  • Business
  • Entertainment
  • Politics
  • Sports
  • Crime
  • Health
  • World News
  • Features & Opinions
  • Home
  • News
  • Business
  • Entertainment
  • Politics
  • Sports
  • Crime
  • Health
  • World News
  • Features & Opinions
No Result
View All Result
Morning News
No Result
View All Result
Home Business

Bawumia Commissions BoG Cybersecurity infrastructure 

Osumanu Al-Hassan by Osumanu Al-Hassan
May 24, 2023
in Business
0
Bawumia Commissions BoG Cybersecurity infrastructure 
0
SHARES
154
VIEWS
Share on FacebookShare on TwitterWhatsapp

The Vice President Dr Mahamudu Bawumia has commissioned a Financial Industry Command Security Operations Centre (FICSOC).

The move is part of broad, ongoing measures to strengthen the cyber security landscape for the banking and financial services industry in Ghana.

READ ALSO

GRA postpones GH₵1 fuel levy implementation

BoG’s cocoa reserve use dangerous precedent — Banking expert

The facility is to prevent, rapidly detect, share information and respond to cyber threats aimed at the industry and ultimately the entire nation.

Work on the cybersecurity infrastructure said to be the first of such infrastructure funded and owned by a Central Bank in Africa – began in November 2019, is in furtherance of the Cyber and Information Security Directive (CISD) issued by the Bank in October 2018.

The edifice largely defines the industry’s approach to cybersecurity defense and response.

The project was undertaken by Virtual InfoSec Africa (VIA), a wholly-owned Ghanaian information security company in collaboration with the Bank.

Speaking at the commissioning on Wednesday Vice President Mahamudu Bawumia underscored the importance of a robust cybersecurity infrastructure for maintaining confidence in the financial sector, especially as it adapts to the growing influence of digital technology in the provision of financial services.

“The use of digital technologies continues to transform business models of financial institutions with new revenue and value-producing opportunities. Whilst these digital technologies support banking services and enable banking strategies, the underlying security vulnerabilities pose key cyber risks among these institutions.

“Cybersecurity risks may impair operational capabilities and threaten the viability of financial institutions. Likewise, the contagion of cyber risk in a financial system is heightened by the extent of interconnectedness and therefore, any severe cyber-attack could threaten the stability of the financial system,” he noted.

The Bank of Ghana initiated the FICSOC Project in 2019 aimed at threat intelligence-sharing, industry situational awareness and incident response among its regulated financial institutions. Officials of the BoG say as of April 2023, all commercial banks had been connected to the FICSOC and reporting of cyber threat intelligence in the form of FICSOC alerts and FICSOC advisories is being communicated to these banks.

Vice President Bawumia commended the Governor, Board and Management of the Bank of Ghana for their foresight and leadership of Ghana’s financial sector, evidenced in the design and implementation of policies aimed at safeguarding the sector and ensuring growth.

“The commissioning of this important edifice and infrastructure, which I understand is the first of its kind funded and owned by a Central Bank in Africa, is a remarkable feat by the Bank of Ghana. It is without doubt that very soon, other central banks in the sub-region will visit the Bank of Ghana to understudy your approach to cybersecurity defense in the financial sector.”

Congratulating the Bank for its proactive actions, Vice President Bawumia charged financial industry players to take full advantage of the capabilities of the FICSOC, while continually strengthening in-house security operations.

“My expectation and that of Government is that financial institutions will be better equipped to deal with severe and emerging cyber threats targeting the banking industry, including zero-day threats and advanced persistent threats and exploits, and allow them to make informed decisions regarding the response to those threats.

“I wish to stress that the FICSOC platform is neither in competition with nor a replacement for regulated institutions’ cybersecurity risk management (including the SOC operations) but rather complements each financial institution’s cyber and information security management framework. Hence, the responsibility for cyber and information security risk management ultimately lies with each regulated financial institution, not FICSOC operators or the Bank of Ghana.”

 

Related Posts

GRA, fuel levy
Business

GRA postpones GH₵1 fuel levy implementation

June 14, 2025
Cocoa,Dr. Richmond Atuahene,BoG,
Business

BoG’s cocoa reserve use dangerous precedent — Banking expert

June 10, 2025
Business

CPI eases to 18.4% in May as Cedi gains, fiscal measures drive stability

June 8, 2025
Rektron Group
Business

Canada’s Rektron Group to acquire 60% Stake in AT Ghana

June 5, 2025
remittance, end-year cedi , $370m IMF disbursement, Effia MP, major currencies
Business

BoG moves to block leakages in remittance inflows as part of measures to stabilise cedi

June 5, 2025
remittance, end-year cedi , $370m IMF disbursement, Effia MP, major currencies
Business

Fitch revises end-year cedi projection to GH₵13 per dollar

June 2, 2025
Next Post
flagship programmes, SHS

Gov't tells IMF: We’ll review all flagship programmes, including Free SHS

POPULAR NEWS

Lighthouse chapel

Lighthouse Chapel Case: 6 Ex-Pastors Demand $12 Million Settlement

April 30, 2023
aircraft

Light House Brouhaha: Kofi Bentil Exposed Over $12M Settlement Deal

April 24, 2023
SSNIT Exonerates Lighthouse; Six Renegade EX-Pastors Shamed

SSNIT Exonerates Lighthouse; Six Renegade EX-Pastors Shamed

April 24, 2023
Kwaku Azar writes: Until a prima facie case is established

Akufo-Addo Nominates Gertrude Torkornoo As New Chief Justice

June 12, 2025
Lighthouse Brouhaha: Larry Odonkor charged with Stealing

Lighthouse Brouhaha: Larry Odonkor charged with Stealing

April 24, 2023

EDITOR'S PICK

E-levy will do a lot of projects for Ghana, NDC MPs are aware of this – Amoah

E-levy will do a lot of projects for Ghana, NDC MPs are aware of this – Amoah

January 29, 2022
Traders in Kumasi lock up shops to protest fall of Cedi; high taxes

Traders in Kumasi lock up shops to protest fall of Cedi; high taxes

October 10, 2022
Host Ivory Coast

AFCON 2023: Host Ivory Coast beat Nigeria to clinch third title

February 12, 2024
FDA closes down East Legon Mawarko over suspected food poisoning

Revealed: Marwako La, East Legon branches do not have food hygiene permit –FDA

May 13, 2022

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.

Important Links

  • Home
  • News
  • Business
  • Entertainment
  • Politics
  • Sports
  • Crime
  • Health
  • World News
  • Features & Opinions

Recent Posts

  • Afenyo-Markin challenges Deputy Speaker’s ruling: Says sub judice rule was misapplied
  • ActionAid Ghana makes strides in combating child marriage
  • Israel-Iran conflict cause of D-levy suspension – Energy Ministry
  • Minister admits 12 out of 14 districts suffering from galamsey

Archives

  • About
  • Privacy Policy
  • Terms of Use

© 2025 mypublisher24 - All rights reserved.

No Result
View All Result
  • Home
  • News
  • Business
  • Entertainment
  • Politics
  • Sports
  • Crime
  • Health
  • World News
  • Features & Opinions

© 2025 mypublisher24 - All rights reserved.