CBN mandates OFIs to strengthen cyber security

CBN mandates OFIs to strengthen cyber security

 

 

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A new framework for checking cyber security in Other Financial Institutions, OFIs, has been released by the Central Bank of Nigeria.

This was disclosed in a statement by the Director, OFIs, CBN Nkiru Asiegbu.

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According to Mr. Asiegbu, the framework was influenced by the recent growth in the number and sophistication of cyber security threats against financial institutions, particularly 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 defenses to remain safe and sound.

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“Consequently, the CBN hereby issues the attached risk-based cyber security 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.

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

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