First Deputy Governor of the Financial institution of Ghana Dr Maxwell Opoku-Afari has mentioned cyber-attacks, assaults on info and communication know-how programs, have emerged as a worldwide menace to monetary stability and the lifestyle.
He mentioned profitable cyber-attacks on laptop programs and networks supporting crucial nationwide belongings and infrastructure might trigger vital havoc to the lifestyle, trigger monetary loss, undermine public confidence, and trigger main disruption to native financial system.
“I’m subsequently inspired that each one the main stakeholders are gathered right here immediately to launch a nationwide effort aimed toward creating cyber safety consciousness to fight the rising menace posed by cyber-attacks and cyber-crimes. It’s my hope that the steps we’re taking immediately will likely be sustained to advertise confidence within the monetary system and in addition guarantee monetary inclusion,” he mentioned throughout the official launch of the Nationwide Cyber safety consciousness month on Friday October 1.
He additional acknowledged that “let me additionally add that the COVID-19 pandemic, and points emanating from it, has accelerated the adoption of digitalization in Ghana and that is progressing at prime pace. Embracing the brand new norm of working remotely, transferring sources throughout monetary platforms, buying items and companies on-line, are steadily altering the face of our financial system and we have to place ourselves in readiness for the threats that come together with this altering life and doing enterprise. The pandemic has additionally impacted cybersecurity in numerous methods, together with:
“Bringing to the fore a quickly evolving cybersecurity menace panorama that has rendered conventional or typical cybersecurity safeguards insufficient; and Elevated cybersecurity publicity for Essential Info Infrastructure.
“These new and rising threats have left nations and organizations uncovered and susceptible to cyber-attacks. Present developments in cybersecurity level to vital will increase in assaults towards Essential Info Infrastructure and associated organizations which are drivers of nationwide economies. For a lot of organizations immediately, the priority is not ‘if or when the group is hacked”, however reasonably “the group is probably going hacked, we simply don’t know the way and when it occurred’.
Addressing cyber safety dangers, Dr Opoku-Afari mentioned, “has turn out to be extra vital than ever and coverage makers have to internalize this truth of their discourse. In what follows, I’ll talk about regulatory regimes which are being adopted by way of to reinforce cybersecurity consciousness within the banking sector. We’re all conscious that the banking sector is one crucial establishment whose position is to help progress.
“Over time, banks have progressively moved to digitize their operations and within the course of have turn out to be susceptible to cyberattacks. Our incapacity to place in place insurance policies to guard the infrastructure of banks from assaults might outcome within the destruction of the very basis of progress and this has nationwide safety implications. Regulating and shut monitoring of cyber actions in”
the banking sector thus turn out to be an vital crucial position for the central financial institution.
“Whereas we pursue this agenda, we have to acknowledge that regulatory frameworks alone might not be sufficient to guard the nation’s crucial info infrastructure. Regulatory frameworks have to be adopted by actionable steps to lock-in potential intentions. Because of this, I’ll try to undergo some points and spotlight the significance of cyber safety consciousness together with on cyber hygiene as a way of confronting head-on cyber safety dangers.
“Globally, cyber-attacks on digitized cost merchandise are more and more changing into refined, particularly on monetary establishments with insecure IT programs.
“We have now witnessed international cyber-attacks which resulted in disruptions to some crucial monetary companies and destroyed monetary belongings and financial savings. It will be important subsequently to make sure that the safety of digital banking services will not be compromised.”
By Laud Nartey|3news.com|Ghana