The 2018 framework however, did not include other financial institutions such as development banks, mortgage banks payment service banks as well as microfinance banks.
The exposure draft also stipulates that financial institutions share cyber security breaches, a move that has been called for so many times in the industry to combat fraud and activities of cyber criminals. Thus, last week, the apex bank released the Risk Based Cybersecurity Framework and Guidelines for Other Financial Institutions in the country with a stipulated effective date of January 1, 2023. This gives the institutions a six month period of ensuring compliance with the framework.
Cybersecurity resiliencies considered as an organization’s ability to maintain normal operations despite all cyber threats and potential risks in its environment. Resilience provides an assurance of sustainability for the organisation using its governance, interconnected networks and culture. It is also to contribute towards the prevention and combating of cybercrime in the OFI sub-sector, promote the adoption and implementation of best practices and appropriate cybersecurity standards by OFIs and promote and maintain public trust and confidence in the OFI sub-sector Classified as Confidential
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