CSA, GAB to secure resilient digital ecosystem for financial sector

The Management of Cyber Security Authority (CSA) and the Ghana Association of Bankers (GAB) have liaised to fine-tune ideas on banks in ensuring a secure and resilient digital ecosystem for the financial sector.

This is to further strengthen cybersecurity, and discuss practical strategies for implementing the Cybersecurity Act 2020 (Act 1038) among various issues of mutual interest.

A joint statement signed by the CSA Ag. Director-General, Dr. Albert Antwi-Boasiako, and GAB Chief Executive Officer, John Awuah, indicated that both parties recognised the importance of securing the banking sector especially critical systems as they have been designated as critical information infrastructure (CII) pursuant to Section 35 of the Cybersecurity Act, 2020.

“All the members of the GAB are designated as owners of critical information infrastructures and hence the need to strengthen collaboration between the GAB, CSA and the Bank of Ghana (BoG). They agreed that security in the Banking sector could be improved if there is effective collaboration and partnerships with other institutions like the Financial Intelligence Centre (FIC), the Economic Organised Crime Office (EOCO), the Criminal Investigations Department (CID), and the Cyber Security Authority, amongst others,” the statement read.

Both CSA and GAB have also agreed to collaborate more closely on certain critical areas and provide each other with all the necessary assistance for the efficient performance of their functions.

They are the protection of CIIs, incident response, multi-stakeholder engagement, capacity building and awareness creation.

Commitment

Both agencies have also committed to work with the Bank of Ghana to review the existing financial sector cybersecurity directive based on the current cyber risk profile of the financial sector and to align with the Cybersecurity Act 2020 (Act 1038).

A memorandum of understanding on capacity building and awareness creation on cyber risks in the banking sector is expect5ed to be signed in that regard.

“The parties will further collaborate to sensitise the public on the latest trends in cyber threats and ways they can protect themselves as well as adopt a multi-stakeholder approach through partnerships and joint activities to increase stakeholder knowledge, understanding and compliance of the Cybersecurity Act, 2020 and to promote collaboration with other agencies to improve cybersecurity in the financial sector,” it added

They are to also work closely with the BoG to ensure the accreditation of the Financial Sector Sectorial CERT pursuant to Section 44 of the Cybersecurity Act, 2020 to facilitate incident reporting and information sharing on cybersecurity incidents among banks and collaborate and contribute to the establishment of the Industry Forum pursuant to Section 81 of Act 1038.

Both the CSA and GAB resolved to work closely with the BoG and other relevant agencies to ensure alignment of the various regulatory responsibilities of Banks to facilitate effective cybersecurity development in the banking sector.