Financial Institutions To Publish Cyber Security Policies – BoG

The internet has been a blessing to the human race since its inception. In the finance sector especially, transactions are made faster and easier due to the quick evolution of the digital world. However, Cyber related risks have been a major pain in the neck of banks and other financial institutions. It is for this reason that Standard Chartered Bank organized the Digital Banking and Cyber Security Summit.
About solving Cyber Security, Michael Mensah, the Head of ICT at the Bank of Ghana (BoG) said that financial institutions will soon be required to publish their cyber security policies.
According to him, this goes in accordance with a bill expected to be passed by parliament soon and will help banks to “achieve both business and security-focused objectives as well as regulatory compliance in an efficient and effective way.”
Also speaking at the summit, Mansa Nettey, CEO of Standard Chartered Ghana urged all banks and financial institutions in Ghana to unite in the war against cyber theft.
Bernard Koku Avle of the Citi FM Morning show moderated a panel discussion at the event titled: “Combating Cyber Crime in the digital banking revolution”. The panelists included Vincent Odotei Sowah – Deputy Minister of Communications, Archie Hesse – CEO, GHIPSS, Alex Bram – CEO, Hubtel, Sheikh Jobe – CIO, SCB Ghana & West Africa and Professor Nii Narku Quaynor – Computer Scientist.
They all agreed that there was the need for financial institutions to unite and find ways of solving all issues regarding Digital banking and Cyber Security.
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