Cybersecurity: CBN releases framework to financial institutions

The Central Bank of Nigeria (CBN), has released a new framework to check cybersecurity in Other Financial Institutions (OFIs).

This is contained in a statement issued by the Director, OFIs, CBN, Nkiru Asiegbu.

Asiegbu  said that the framework was informed by the recent increase in the number and sophistication of cybersecurity threats against financial institutions, especially the OFIs.

“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.

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

“The effective date for full compliance of the provisions of the guidelines is Jan. 1, 2023.

“All OFIs are expected to comply on or before that date,’’ she said.