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  • Business - Companies
  • Updated: June 30, 2022

CBN Unveils Cyber Security Guidelines

A guideline has been issued by the Central Bank of Nigeria (CBN) for improved cyber security in the Nigerian financial sector, especially among the Other Financial Institutions (OFIs).

The circular was issued by Nkiru Asiegbu, the Director of OFIs Supervision Department, which is set to be effective from January 1, 2023, for compliance by all affected institutions.

According to the circular, “As a result of the 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 effective date for full compliance with the provisions of the guidelines is January 1, 2023.”

"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.”

The guidelines outline the policies, procedures, and requirements the OFIs were requested to observe in the development and implementation of strategies activities aimed at mitigating cyber risks.

The OFIs were directed to ensure a more sound cyber environment that “supports information system security and promotes stability of the OFIs sub-sector.”

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Felicia Abisola  Olamiji
Felicia Abisola Olamiji

  A graduate of English Language from Olabisi Onabanjo University, passionate about learning new...

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