The Central Bank of Nigeria (CBN) has issued cybersecurity guidelines for other financial institutions (OFIs).
The apex bank made this known in a circular dated June 29, 2022, and signed by Nkiru Asiegbu, director, other financial institutions supervision department.
According to the CBN, all OFIs are expected to fully comply with the provisions of the guidelines by January 1, 2023.
It explained that threats such as ransomware, targeted phishing attacks, and advanced persistent threats (APT) have become prevalent, demanding that financial institutions, including OFIs, strengthen their cyber resilience and take proactive steps to secure their critical information assets.
“As a result of the recent increase in the number and sophistication of cybersecurity threats against financial institutions, especially other financial institutions (OFIs), it has become mandatory for institutions to strengthen their cyber defenses if they are to remain safe and sound,” the circular reads.
“Consequently, the CBN hereby issues the attached risk-based cybersecurity framework and guidelines for OFIs, which represent the minimum requirements to be put in place by all…
