Advertisement
2023 GOVERNORSHIP AND
STATE HOUSE OF ASSEMBLY ELECTIONS
- days
- Hours
- Minutes
- Seconds
Advertisement
The Central Bank of Nigeria (CBN) has issued the guidelines for improved cyber security in Nigerian financial sector, especially among the Other Financial Institutions (OFIs).
The circular to that effect which was issued by the Director of OFIs Supervision Department, Mrs. Nkiru Asiegbu, yesterday, set January 1, 2023, for compliance by all affected institutions.
According to the circular, “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 effective date for full compliance with the provisions of the guidelines is January 1, 2023.”
Advertisement
It added, ‘In recent times, threats such as ransomware, targeted phishing attacks and Adanced 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 requirements the OFIs were requested to observe in the development and implementation of strategies , policies, procedures and related activities aimed at mitigating cyber risks.
The OFIs were directed to ensure a more sound cyber environment that “supports information system security and promote stability of the OFIs sub-sector.”
(Vanguard)
Disclaimer
Contents provided and/or opinions expressed here do not reflect the opinions of The Pacesetter Frontier Magazine or any employee thereof.
Support The Pacesetter Frontier Magazine
It takes a lot to get credible, true and reliable stories.
As a privately owned media outfit, we believe in setting the pace and leaving strides in time.
If you like what we do, you can donate a token to us here. Your support will ensure that the right news is put out there at all times, reaching an unlimited number of persons at no cost to them.
Related posts
Stay connected
Recent News
Fubara-Wike Feud: Finance Commissioner loyal to Wike resigns over redeployment
Advertisement Issac Kamalum, a loyalist of Nyesom Wike, Minister of Federal Capital Territory, who is a member of Governor Similanayi…
NYPF commends Enugu gov’t on Foreign Direct Investments, charges them to be more tax friendly to MSMEs
Advertisement The Nigerian Young Professionals Forum, Enugu State, has urged the Enugu State Government to be more tax friendly to…