Bank of Ghana Expands Cybersecurity Framework to Shield Financial Sector from Digital Threats

In a strategic move to fortify Ghana’s financial system against growing cyber threats, the Bank of Ghana has intensified operations at its Cybersecurity Operations Centre (CyOC). The enhancement aims to provide real-time monitoring, threat intelligence, and incident response capabilities across the banking and fintech landscape. As digital finance continues to reshape the country’s economic fabric, the central bank’s proactive stance underscores a commitment to safeguarding financial stability, boosting stakeholder confidence, and aligning with global cybersecurity best practices.

The Bank of Ghana is ramping up its commitment to financial stability and cyber resilience with the official stakeholder engagement on the newly established Financial Industry Command Security Operations Centre (FICSOC).

In 2023, global financial cyberattacks surged by 38%, while annual money laundering flows exceeded $2 trillion. Ghana has not been spared. In 2024, cyber and technology-related fraud losses reached almost 10 million Ghana cedis, up from 8.9 million Ghana cedis the previous year, according to the Bank of Ghana’s 2024 Fraud Report. Hence the severity of the losses is paramount to the establishment of the initiative to curb the trend.

A cornerstone of this effort was the 2018 issuance of the Cyber and Information Security Directive (CISD), a bold step to establish clear expectations, strengthen accountability, and harmonize cybersecurity standards across the financial sector. The directive helped institutions move from reactive postures to proactive strategies, enabling them to anticipate and respond to emerging threats.

This led to the establishment of the Financial Industry Command Security Operations Centre (FICSOC), which has greatly enhanced collective situational awareness. Participating institutions can now monitor threats in real time, share incident reports promptly, and coordinate responses with greater speed and impact.

Speaking at the event, Dr. Zakari Mumuni, First Deputy Governor of the Bank of Ghana, emphasized the strategic role of FICSOC in securing Ghana’s financial ecosystem from escalating cyber threats.

“No single institution, no matter how large or well-resourced, can face these threats alone. We must share intelligence, align standards, and develop resilient systems to protect the integrity of our industry and the trust of those we serve. The Bank of Ghana has long recognized this imperative. Over the years, the Bank has made significant investments in cybersecurity not simply for compliance, but to build a foundation of trust and resilience for collective progress”. The Deputy Governor stressed.

FICSOC will serve as a central nerve hub, coordinating cyber threat intelligence, incident response, and real-time monitoring across licensed financial institutions. According to the Deputy Governor, the facility is designed to ensure that banks, fintechs, and other financial players can swiftly detect, share, and respond to security incidents.

The launch aligns with the Bank’s Cyber and Information Security Directive, which mandates sector-wide compliance with robust cybersecurity protocols. Dr. Mumuni underscored the importance of collaboration and trust among stakeholders to build a unified defense system.

“A breach in one part of our financial ecosystem could compromise operations, security, and the privacy of stakeholders across multiple institutions regulators, partners, vendors, and customers alike”. He warned.

The Bank of Ghana’s broader agenda includes fostering a resilient digital financial ecosystem, driven by innovation but anchored in security. Dr. Mumuni called on institutions to view FICSOC not as a compliance obligation, but as a collective asset for Ghana’s financial future.

“As a regulator, we are not resting on our success story. We are here today because we know cybersecurity is never static. It evolves and so must we. Together, we must reflect, re-strategize, and build on our shared progress” He mentioned.

Accordingly, the Bank of Ghana has initiated a process to revise the Cyber and Information Security Directive. The updated directive will address emerging risks tied to artificial intelligence, data privacy, cloud computing, and digital governance. It is being designed with proportionality in mind ensuring that regulatory requirements reflect the varied realities of different institutions while continuing to protect innovation.

In addition, the Bank has commenced steps to expand the scope of FICSOC to include all regulated financial institutions bringing in our sister regulators, namely NIC, NPRA, and SEC.

By broadening the circle of participation, The BoG aims to extend the benefits of early warning systems, situational awareness reporting, and threat intelligence to all players, large and small.

Stakeholders present included representatives from commercial banks, fintech companies, regulatory bodies, and international partners  all united in the shared mission of enhancing cybersecurity readiness.

Last Updated on May 9, 2025 by samboad