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Wednesday, 28 February 2024 07:24

CBN Releases Cyber Risk Rules To Guard Banks Against Technology Breaches

The Central Bank of Nigeria, CBN, has issued an Exposure Draft of the Risk-based Cyber Cyber-security Framework and Guidelines for Deposit Money Banks, DMBs and Payment Service Banks, PSBs, in a bid to manage technology platforms and infrastructure used in running financial operations in banks and other financial institutions.

The apex bank disclosed this in a letter to all DMBs and PSBs attached to the guidelines and framework signed by the Acting Director of Banking Supervision, CBN, Dr. Adetona Adedeji.

CBN said: “The Nigerian financial system has grown remarkably in recent years with increases in products, services, institutions and stakeholders.

“Financial Institutions have increasingly leveraged Information Technology to serve their customers and this has led to rapid evolution in the threat landscape.

“It is necessary that the technology infrastructure and platforms that support financial institutions operations should be managed effectively to promote a sound financial system.

“Consequently, the CBN has revised the Risk-Based Cyber-security Framework and Guidelines for DMBs and Payment Service Banks (PSBs) to provide guidance in the implementation of cyber-security programmes and enhance resilience.

“The revised framework addresses the gaps that have arisen due to the passage of time and outlines the minimum cyber-security controls to be put in place”.

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