Central Bank of Nigeria to develop risk-based cybersecurity framework

The deputy-governor, Financial System Stability, Mrs Aisha Ahmad, said the framework would ensure appropriate cyber security of data in Nigeria’s banking system. Ahmad highlighted some of the complex security challenges cybercrime posed by modern technology despite its convenience to include identity and intellectual property theft, phishing, email spamming, virus dissemination, to sophisticated hacking and theft by digital crime syndicates.

The CBN committed to strengthen the regulatory and supervisory framework for cyber risk and encouraging realistic vulnerability testing and contingency planning for regulated institutions. In partnership with stakeholders in the financial industry the bank is developing a Risk Based Cyber Security Framework for deposit money banks and payment service providers and internally, it has relied on instruments of automation, artificial intelligence and machine learning to address the cyber threat landscape.