The Central Bank of Nigeria has released a framework to protect ‘Other Financial Institutions’ against rising cyberattacks in the country.
This was contained in a memo by Nkiru Asiegbu, CBN’s director at the Other Financial Institutions Supervision Department.
Ms Asiegbu disclosed that the framework was necessitated by the number and sophistication of cybersecurity threats and attacks against the OFIs.
“Due to the recent increase in the number and sophistication of cybersecurity threats and attacks on OFIs, it has become necessary and mandatory for the sub-sector to strengthen its cyber resilience if it is to remain safe and sound,” said the CBN director. “Consequently, the CBN is releasing the draft framework and guidelines stipulating minimum requirements for enhancing cybersecurity.’’
She urged the OFIs to forward their input on the draft to the OFI supervision department of the apex bank.
The framework prescribed improved cybersecurity oversight by the board of the OFIs and strict implementation of board-approved cybersecurity policies by their management.
It also recommended appointing a chief information security officer (CISO), vested with the responsibility of day-to-day cybersecurity and mitigation of cybersecurity risks in the OFIs, amongst other provisions.