THE CYBER Security Authority (CSA) and the Ghana Association of Banks (GAB) have pledged to work closely with the Bank of Ghana to ensure the alignment of the various regulatory responsibilities for banks to facilitate effective cyber security development in the banking sector.
A joint statement signed by Dr. Albert Antwi Boasiako , Director General of the Cyber Security Authority and Mr. John Awuah, Executive Director of GAB, said this is to ensure a secure and resilient digital ecosystem for the financial sector.
The statement indicated that 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 Cyber security Act, 2020.
“The Bank of Ghana is the regulator of the banking and financial services sector but CSA only regulates owners of CII with respect to cyber security activities as provided in Section 3 (c) of Act 1038,” the statement said.
It further stated that all the members of the GAB are designated as owners of critical information infrastructure and hence the need to strengthen collaboration between the GAB, CSA and the BoG.
According to the statement, the two organisations have also resolved to collaborate with the Bank of Ghana to review the existing financial sector cyber security directive based on the current cyber risk profile of the financial sector.
“They will also adopt a multi-stakeholder approach through partnerships and joint activities to increase stakeholder knowledge, understanding and compliance of the Cyber security Act, 2020 and to promote collaboration with other agencies to improve cyber security in the financial sector,” it added.
BY Linda Tenyah-Ayettey