CBN gives new guidelines on Cybersecurity for Other Financial Institutions in Nigeria

Following the rapid increase in the rate of attacks against the other Financial sectors in Nigeria, the Central Bank of Nigeria (CBN) has been compelled to take actions geared toward curbing the rate of threats posed against Cybersecurity endangering safety of Other Financial Institutions (OFI) in the country.

According to the recent Circular released by the CBN which was disclosed by Mrs. Nkiru Asiegbu - the Supervisor of OFI in Nigeria, “it has become mandatory for Other Financial Institutions to strengthen their cyber defenses if they are to remain safe and sound...,” in fulfilling their financial obligations to their clients.

This clarion call, is all the more very urgent at this point “as a result of the recent increase in the number and sophistication of Cybersecurity threats against the Nigerian Financial Institutions, especially Other Financial Institutions...,” operating in Nigeria.

Further, the CBN proceeded to issue a new Risk-Based Cybersecurity Framework and Guidelines for OFIs in the country, which stated the requirements and standards to be followed by all OFIs operating in Nigeria.

This guideline demands that all OFI must establish a proper Cybersecurity strategy capable of minimizing their exposure to attacks from “ransomware, targeted phishing attacks, and Advanced Persistent Threats (APT)” which have become very rampant in the financial sectors today.

This, therefore, requires all OFI to “take proactive steps to secure their critical information assets to ensure their safety and soundness.”

The major emphasis from the CBN is that all OFIs operating in the country must be well equipped to maintain their inviolability in the face of all threats posed against them. To achieve this, all OFI were asked to create a sound cyber environment that supports the security of all transmitted information and the safety of the organization's data.

These new Guidelines are to take effect from 1st January 2023.