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Central Bank of Nigeria (CBN) Becomes Serious on Cybersecurity

Cybersecurity In The Workplace - Tekedia

"The Central Bank of Nigeria (CBN) has issued guidelines for improved cyber security in the Nigerian financial sector, especially among the Other Financial Institutions (OFIs)setting January 1, 2023, as the deadline for compliance by all impacted institutions", reports Nairametrics. 

As a result of recent increase in the number and sophistication of cybersecurity threats against financial institutions, especially Other Financial Institutions (OFIs), it has become mandatory for institutions to strengthen their cyber defences if they are to remain safe and sound.  

“Consequently, the CBN hereby issues the attached Risk-Based Cybersecurity Framework and Guidelines for OFIs, which represent the minimum requirements to be put in place by all OFIs.” The Bank said. “The effective date for full compliance with the provisions of the guidelines is January 1, 2023.” 

 It added, “In recent times, threats such as ransomware, targeted phishing attacks and Advanced Persistent Threats (APT) have become prevalent, demanding that financial institutions, including OFIs strengthen their cyber resilience and take proactive steps to secure their critical information assets to ensure their safety and soundness. 

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