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CBN releases guidelines to manage tech platforms in financial institutions

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The Central Bank of Nigeria (CBN) has released an Exposure Draft of the Risk-based Cyber Cyber-security Framework and Guidelines for Deposit Money Banks (DMBs) and Payment Service Banks (PSBs) in an effort to manage technology platforms and infrastructure used in the operation of banks and other financial institutions.

The CBN’s Acting Director of Banking Supervision, Dr. Adetona Adedeji, stated this in a letter to all DMBs and PSBs, which was attached to the guidelines and framework.

CBN said: “The Nigerian financial system has grown remarkably in recent years with increases in products, services, institutions and stakeholders.

“Financial Institutions have increasingly leveraged Information Technology to serve their customers and this has led to rapid evolution in the threat landscape.

“It is necessary that the technology infrastructure and platforms that support financial institutions operations should be managed effectively to promote a sound financial system.

READ ALSO: EFCC arrests 6 bankers, 5 other currency racketeers operating near CBN office

“Consequently, the CBN has revised the Risk-Based Cyber-security Framework and Guidelines for DMBs and Payment Service Banks (PSBs) to provide guidance in the implementation of cyber-security programmes and enhance resilience.

“The revised framework addresses the gaps that have arisen due to the passage of time and outlines the minimum cyber-security controls to be put in place”.

 

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