BoG leads cybersecurity push to protect all financial institutions

Writer: Princess Debrah Avenyoh

The Bank of Ghana (BoG) is stepping up efforts to protect Ghana’s financial sector from cyberattacks by expanding its cybersecurity centre to include all financial institutions. This means banks, insurance companies, pension firms, and securities operators will now work together to stop digital threats.

The move comes as cyber fraud in the sector continues to rise. According to BoG’s latest fraud report, nearly GH¢10 million was lost to cyber and tech-related crime in 2024 — up from GH¢8.9 million in 2023.

Speaking at a stakeholder event on May 7, 2025, BoG’s First Deputy Governor, Dr. Zakari Mumuni, said digital services are helping more people access financial tools but also opening new doors for cybercriminals.

“We must connect systems across the industry not just for better service, but to protect the millions of Ghanaians now using digital finance,” he said. “Each new connection is an opportunity, but also a risk. If one system is attacked, others can also be affected.”

To address this, BoG plans to upgrade its Financial Industry Command Security Operations Centre (FICSOC) to work with other regulators like the National Insurance Commission (NIC), National Pensions Regulatory Authority (NPRA), and the Securities and Exchange Commission (SEC).

BoG is also revising its Cyber and Information Security Directive (CISD), first released in 2018, to keep up with new risks like artificial intelligence, cloud computing, and data privacy. Dr. Mumuni said the update will match the needs of both large and small financial institutions.

The Bank has also been named the official lead for cybersecurity in the financial sector by the Cyber Security Authority. This role lets it coordinate nationwide responses to attacks and share threat information with key players.

Dr. Mumuni urged financial institutions to invest in their own defenses, even as they benefit from shared protection. “Cybersecurity is always changing. We must change too, together,” he said.