The directive has been set to ensure that institutions create a secure environment within cyberspace for the financial services industry and generate adequate trust and confidence in ICT systems as well as transactions in the cyberspace.

It is also meant to strengthen the regulatory framework for ensuring a secure environment within cyberspace, amongst others.

The event, which brought together stakeholders in the financial services including representatives of the Bank of Ghana, discussed the status of cyber security in the region as well as Microsoft's commitment to comply with Ghana's cyber security directive.

It was aimed to provide a forum where stakeholders in the Financial Services Industry could discuss global best practices in cyber security and also explore the implementation of the policy set out.

Microsoft, demonstrated the methodology for managing and handling cyber security challenges, which comply with international standards such as National Institute of Standards and Technology (NIST) and ISO 2700

Opening the workshop, Government Affairs Director, Microsoft Nigeria and Ghana, Rimini Makama stated that success in advancing cyber security required a multi-stakeholder approach.

She said governments around the world were having very crucial conversations on cyber security, which were resulting in more policies to improve cyber security-related risk management globally.

She added 'we live in a time where technology is greatly impacting how we live, from the way we work, connect with each other to how we see our world. To succeed in this privacy-focused era, organizations need a trusted partner who can help you not only overcome the challenges but make the most of the opportunities that lie ahead'. 

The event also aimed to equip the banks with the tools, knowledge, and understanding to benchmark, assess, and improve their enterprise risk management programme. Within the past year, the financial services industry has seen great change in Ghana and has particularly increased spotlight on the financial services industry as the plight against cybercrime remains ever changing.

 "To be able to present to those in attendance and see their interest was rather exciting. Like Microsoft, Innovare shares the commitment to privacy and security of an individual's data. Both parties believe that the digital information our customers create and store using cloud services is and remains the property of the customer and is entitled to the same privacy protection as paper records sent by mail or stored in a safe," says CK Bruce, CEO at Innovare

John Edokpolo, Lead Commercial Attorney for Microsoft Emerging Markets, said "As organisations transform digitally, they need to be able to trust their technology solutions providers that are partnering with them to shape that transformation.

"Microsoft's cloud platform and solutions lead the industry in security, privacy practices and compliance with major regulations and standards. We have earned the trust of companies and organisations worldwide of all sizes and across all industries in this regard, and we are excited to share global best practices with the FSI industry in Ghana today".

He said both Microsoft and Innovare were excited at the possibilities and awareness that the workshop would bring going forward.

"Being compliant to regulations set out in the region will only mean that organisations are able to carry out business as usual and be thoroughly protected against any attempts that threaten data privacy and security.

"Our approach to cloud services and transparency provides customers with confidence their data will be kept secure, private and meet industry compliance requirements. We hope that Ghana and the rest of the continent going forward, will embrace these technologies as they remain compliant in their day to day organisational activities," Mr Edokpolo added.