Cyber-Security Threats: CBN Releases Draft Guidelines for Banks, PSPs

By Dipo Olowookere

The Central Bank of Nigeria (CBN) last week unveiled draft guidelines stipulating minimum requirements for enhancing cyber-security in the financial sector.

In a circular released by the apex bank, the central bank said it would entertain comments/inputs of Deposit Money Banks (DMBs) and Payment Service Providers (PSPs) operating in the country.

In the circular, the CBN explained that these guidelines became necessary due to the recent increase in the number and sophistication of cyber-security threats against the sector.

“Due to the recent increase in the number and sophistication of cyber-security threats against Deposit Money Banks (DMBs) and Payment Service Providers (PSPs), it has become mandatory for these institutions to strengthen their cyber defences if they are to remain safe and sound.

“The CBN hereby releases the attached draft guidelines stipulating minimum requirements for enhancing cyber-security for your comments/inputs.

“Kindly send hard copies of your comments/inputs to the Director, Banking Supervision while soft copies should be emailed to [email protected] on or before July 31, 2018,” the circular said.