Central Bank of Nigeria (CBN) recently issued the Risk-Based Cybersecurity Framework and Guidelines for Other Financial Institutions (OFIs) in Nigeria.
OFIs consist of Development Finance Institutions (DFIs), Microfinance Banks (MFBs), Primary Mortgage Banks (PMBs) and Finance Companies (FCs). The Risk-Based Cybersecurity Framework and Guidelines will serve as the minimum requirements to be implemented by OFIs on or before January 1st, 2023. The guideline seeks to strengthen cyber defences to safeguard financial assets in the country in response to the rise in cybersecurity threats against financial institutions, especially OFIs in the country. In addition, the policy is a measure to strengthen financial institutions’ cybersecurity, thereby safeguarding funds that the OFIs manage from cyberattacks. The outcome of the initiative depends on the extent of compliance by OFIs. As a result, the CBN should ensure it monitors and enforces the adoption of the Framework and Guidelines by OFIs to guarantee compliance as stated in the policy document. Ultimately, this would help achieve the policy’s target and gain investors’ confidence in Nigeria’s financial markets, knowing that there are existing measures to protect their transactions from all cyber-attacks.
