The Central Bank of Nigeria (CBN) has released a framework to protect Other Financial Institutions (OFIs) against cybercrimes attack.
The apex bank, in a memo issued on Tuesday by its Director, Other Financial Institutions Supervision Department, Nkiru Asiegbu, and addressed to the OFIs, stated that the framework was necessitated by the rising incidents and sophistication of cybersecurity threats and attacks against OFIs globally.
She clarified: “Due to the recent increase in the number and sophistication of cybersecurity threats and attacks OFIs, it has become necessary and mandatory for the sub-sector to strengthen its cyber resilience if it is to remain safe and sound.
“Consequently, the CBN is releasing the draft framework and guidelines stipulating minimum requirements for enhancing cybersecurity”, the top banker added.
Asiegbu urged the OFIs to forward their input on the draft to the OFI supervision department of the apex bank.
The framework prescribes improved cybersecurity oversight by the board of the OFIs and strict implementation of board-approved of cyber-security policies by their management.
In addition, it also recommends the appointment of a Chief Information Security Officer (CISO), vested with the responsibility of day-to-day cybersecurity and mitigation of cyber-security risks in the OFIs, amongst other provisions.
