Dr. Ernest Addison, Governor of the Bank of Ghana, has issued a stern warning to financial institutions in the country about the growing threat of cyberattacks. Speaking at the Chartered Institute of Bankers, Ghana's (CIB) Governors Day event in Accra, Dr. Addison emphasized that the increasing use of digital platforms for banking transactions presents both opportunities and threats.
The Governor cited the recent cyberattack on the Central Bank of Uganda, which resulted in a staggering loss of $16.8 million, as a stark reminder of the potential consequences of inadequate security measures. This attack highlights the importance of significant investments in cybersecurity measures to safeguard against digital vulnerabilities in the financial sector.
Dr. Addison also reflected on the challenges faced by the Bank of Ghana during his seven-year tenure, including the impact of disinformation, external economic shocks, and the government's fiscal policy responses on the country's economic stability. He noted that while external factors pose significant risks, the overreliance of Ghanaian financial institutions on government bonds and securities leaves them particularly vulnerable to external shocks. To mitigate these risks, Dr. Addison urged financial institutions to prioritize lending to the private sector to stimulate economic growth. He also emphasized the importance of ethical conduct among banking professionals, urging the newly inducted chartered bankers to adhere to the highest standards of integrity in their practices. In a commendable effort to promote ethical conduct, the Bank of Ghana has collaborated with the Chartered Institute of Bankers, Ghana, to develop an Ethics Certification Programme. This program has seen 11 banks enroll, with over 68,000 banking staff completing the training. The Bank of Ghana has also taken proactive steps to address cybersecurity threats. In May 2023, the bank launched a Security Operations Center (SOC) to enable threat intelligence sharing and provide real-time visibility into cyber threats and attacks targeting the banking sector.
In conclusion, Dr. Addison's warning serves as a timely reminder of the importance of prioritizing cybersecurity and ethical conduct in the financial sector. As the banking industry continues to evolve, it is crucial that financial institutions invest in robust cybersecurity measures and adhere to the highest standards of integrity to ensure the stability and growth of Ghana's economy.
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