The Central Bank of Nigeria (CBN) has released an Exposure Draft of the Risk-Based Cybersecurity Framework and Guidelines for Deposit Money Banks (DMBs) and Payment Service Banks (PSBs). This initiative aims to effectively manage technology platforms and infrastructure utilized by banks and other financial institutions in conducting financial operations.
In a letter addressed to all DMBs and PSBs, the Acting Director of Banking Supervision, Dr. Adetona Adedeji, attached the guidelines and framework, emphasizing the need to address the evolving threat landscape in the financial sector. The CBN highlighted the significant growth in the Nigerian financial system, with advancements in products, services, institutions, and stakeholders.
As financial institutions increasingly leverage information technology to serve customers, the CBN recognizes the corresponding rise in cybersecurity threats. In response, the Risk-Based Cybersecurity Framework and Guidelines have been revised to provide guidance for the implementation of robust cybersecurity programs and enhance overall resilience.
The exposure draft is part of the CBN’s commitment to promoting a sound financial system by ensuring the effective management of technology infrastructure and platforms. Cybersecurity measures are crucial in safeguarding financial institutions from potential threats and vulnerabilities in an evolving digital landscape.
The guidelines and framework are expected to assist DMBs and PSBs in developing and implementing cybersecurity measures that align with best practices, ultimately contributing to a more secure and resilient financial ecosystem in Nigeria as Stakeholders in the financial sector are encouraged to review and provide feedback on the exposure draft as part of the collaborative effort to enhance cybersecurity measures within the industry.
