BoG, Cyber Security Authority hold consultative meeting on the Cybersecurity Act

The Bank of Ghana (BoG) and the Cyber Security Authority (CSA) has reaffirmed their commitment to work together to find ways of collaborating to implement the Cybersecurity Act, 2020 (Act 1038).

The two bodies have agreed to improve collaboration and timely information flow to facilitate incident reporting and information sharing on cybersecurity issues, pursuant to Section 44 of Act
1038.

They also agreed to collaborate to interrogate and review the existing CISD 2018 to align with Act
1038.

The Bank of Ghana and the Cyber Security Authority agreed on the above measures when they met on Tuesday, 21st June 2022, to discuss collaborative ways to improve cybersecurity in the banking sector and to collaborate more closely on cyber and information security related matters and to provide each other with all the necessary assistance for the efficient performance of their respective functions.

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.

Other areas of collaboration include;

• The CSA will pay a working visit to the FICSOC as BoG and the CSA seek to promote
  cybersecurity incident response and coordination;
• BoG will 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;
• Leverage on the National Cyber Security Awareness Month in October, to organise
  programmes that will benefit the stakeholders of the BoG and the financial sector
  at large; and
• Develop a framework and execute a Memorandum of Understanding to guide the
  Parties on the major areas of collaboration

At the meeting, the Bank of Ghana highlighted the proactive measures taken by the Bank 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 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.