CBN issues guidelines to manage tech platforms in financial institutions

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

Dr. Adetona Adedeji, the CBN Acting Directors of Banking Supervision, noted this  in a letter to all DMBs and PSBs to all the guidelines and framework.

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 important 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 survey 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 survey framework addresses the gaps that have arisen due to the period of time and outlines the minimum cyber-security controls to be put in order.”

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