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The Central Bank of Nigeria (CBN) has released a new framework to check cyber security in Other Financial Institutions (OFIs) to create a safer and more secure cyber environment that will support information system security.
This is contained in a statement issued by Nkiru Asiegbu, Director, OFIs, CBN.
The 41-paged document comprises six parts: cybersecurity governance and oversight, cybersecurity risk management system, cyber resilience assessment, cybersecurity operational resilience, cyber-threat intelligence and metrics, monitoring, and reporting.
Asiegbu said that the framework was informed by the recent increase in the number and sophistication of cyber security threats against financial institutions, especially the OFIs.
“As a result of the recent increase in the number and sophistication of cyber security threats against financial institutions, it has become mandatory for institutions to strengthen their cyber defenses to remain safe and sound.
“Consequently, the CBN hereby issues the attached risk-based cyber security framework and guidelines for the OFIs, which represents the minimum requirements to be put in place by all OFIs.
“The effective date for full compliance with the provisions of the guidelines is Jan. 1, 2023.
“All OFIs are expected to comply on or before that date,’’ she said.
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