The parties have stressed the need to strengthen cyber security, introduce practical strategies for the implementation of the Cyber security Act 2020 (Act 1038), and make a possible revision of the Bank of Ghana’s (BoG) Cyber and Information Security Directive.

This was contained in a statement issued and signed by Dr Albert Antwi-Boasiako, Acting Director-General, CSA, and Mr John Awuah, Chief Executive Officer (CEO), GBA, and copied to the Ghanaian Times last Saturday.

The statement said the parties recognised the importance of securing the banking sector, especially critical systems as they have been designated as Critical Information Infrastructure (CII) pursuant to Section 35 of the Cyber security Act, 2020.

They agreed that security in the banking sector could be improved if there was effective collaboration and partnerships with other institutions such as the Financial Intelligence Centre (FIC), the Economic Organised Crime Office (EOCO), the Criminal Investigations Department (CID), and the CSA.

The CSA and the GBA, therefore, resolved to collaborate with the BoG to review the existing financial sector cybersecurity directive based on the current cyber risk profile of the financial sector and to align with the cybersecurity Act 2020 (Act 1038).

They also signed a Memorandum of Understanding on capacity building and awareness creation on cyber risks in the banking sector and resolved to sensitise the public on the latest trends in cyber threats and ways they could protect themselves.

The statement said they again adopted a multi-stakeholder approach through partnerships and joint activities to increase stakeholder knowledge, understanding and compliance of the cybersecurity Act, 2020 and to promote collaboration with other agencies to improve cybersecurity in the financial sector.

It said they would collaborate and contribute to the establishment of the Industry Forum pursuant to Section 81 of Act 1038.

“Both the CSA and GAB resolved to work closely with the BoG and other relevant agencies to ensure alignment of the various regulatory responsibilities of Banks to facilitate effective cybersecurity development in the banking sector,” the statement added.

Present at the meeting were representatives from the Information Security Office of the Bank of Ghana (BoG).