The Bank of Ghana (BoG) and the Cyber Security Authority (CSA) has agreed to collaborate more closely on cyber and information security related matters.

The two institutions have also decided to provide each other with all the necessary assistance for the efficient performance of their respective functions.

This was after a meeting between the Central Bank and the CSA to discuss collaborative ways to improve cybersecurity in the banking sector as well as various ways of collaboration to implement the Cybersecurity Act, 2020 (Act 1038).

The discussions were led by the First Deputy Governor of BoG, Dr. Maxwell Opoku-Afari and the Acting Director-General of CSA, Dr. Albert Antwi-Boasiako.

The meeting concluded with a Joint Statement outlining the areas of cooperation to improve information sharing and to increase awareness for the benefit of the stakeholders of the BoG and the CSA.

The Bank of Ghana highlighted the proactive measures taken prior to the promulgation of Act 1038, to address cybersecurity challenges in the banking sector.

The most notable of these initiatives was the issuance of the Cyber and Information Security Directive (CISD) in the year 2018 to regulate cybersecurity related activities in the banking sector.

In 2021, the Central Bank established the Financial Industry Command Security Operations Centre (FICSOC), to provide real-time visibility into cyber threats and attacks targeting the banking sector.

The parties recognised the importance of securing information assets in the banking sector which have been designated as Critical Information Infrastructure, pursuant to Section 35 of Act 1038. They also recognised that the CSA is a designated security sector institution and that, elements of cybersecurity in the BoG’s activities are considered national security issues.

The parties also recognised that under Section 3(c) of Act 1038, CSA has oversight of BoG’s Critical Information Infrastructure in respect of cybersecurity activities.

The BoG and the CSA reaffirmed their commitment to collaborate to interrogate and review the existing CISD 2018 to align with Act 1038.

The CSA subsequently will pay a working visit to the FICSOC as Bank of Ghana and the CSA seek to promote cybersecurity incident response and coordination.

The Central Bank to continue to be a key member of the Joint Cybersecurity Committee (JCC), pursuant to Section 13 of Act 1038.

Going forward, the CSA will rely on the BoG for timely provision of information on cybersecurity incidents relating to the banking sector.