Grace Ashiru
Since cyberattacks are worsening, more African countries must protect online from hackers and scammers. Techloy said last week that Nigeria had a large rise in data breaches, with 82,000 accounts leaked in Q1 2023.
To protect Ghana’s financial institutions from this danger, the Bank of Ghana (BoG) has announced the launch of the Financial Industry Command Security Operations Centre (FICSOC) Project, which aims to create a safe cyber environment in the country’s financial sector.
The BoG started the FICSOC Project in 2019. It is a place where regulated financial institutions can share threat information, improve industry-wide situational awareness, and make it easier to respond to incidents.
Before the FICSOC project, the BoG had passed the Cyber and Information Security Directive (CISD) in 2018, which required banks and other controlled financial institutions to implement Information Security Management Systems (ISMS) controls.
The order was implemented over 36 months, and the BoG monitored and supervised it well to ensure the digital financial industry was safer.
Ghana’s financial sector wants to reduce cyber risks, protect operating resilience, and promote a safe digital environment for financial services by setting up FICSOC and working to improve cybersecurity measures.
