CBN Releases Risk-Based Cyber-Security Framework and Guidelines for OFIs

The Central Bank of Nigeria (CBN) recently released a framework to protect Other Financial Institutions (OFIs) against cyber attacks. This was contained in a memo by Nkiru Asiegbu, CBN’s Director, Other Financial Institutions Supervision Department, addressed to the OFIs.

Asiegbu said that the framework was necessitated by the number and sophistication of cybersecurity threats and attacks against the OFIs.

“Due to the recent increase in the number and sophistication of cybersecurity threats and attacks OFIs, it has become necessary and mandatory for the sub-sector to strengthen its cyber resilience if it is to remain safe and sound.

“Consequently, the CBN is releasing the draft framework and guidelines stipulating minimum requirements for enhancing cybersecurity,’’ she said.

She urged the OFIs to forward their input on the draft to the OFI supervision department of the apex bank.

The News Agency of Nigeria reports that the framework prescribes improved cybersecurity oversight by the board of the OFIs and strict implementation of board-approved of cyber-security policies by their management.

It also recommends the appointment of a Chief Information Security Officer (CISO), vested with the responsibility of day-to-day cybersecurity and mitigation of cyber-security risks in the OFIs, amongst other provisions.