1st Dep Governor: Financial industry demands deeper collaboration to understand evolving threat patterns

First Deputy Governor of the Bank of Ghana (BoG), Dr Zakari Mumuni, has said that the central bank is not letting its guard down in the area of cybersecurity in the financial sector.

He made that the point as Ghana’s financial sector embraces the promise of digital inclusion, there is also a need to confront the risks it brings, particularly in the realm of cybersecurity.

Every new doorway to financial empowerment can also become an entry point for malicious actors, he said.

“Cyber risks are unlike any other. They are stealthy, adaptive, and borderless. A single weakness in one institution can cascade into systemic threats, amplified by the very interconnectedness we rely upon for efficiency and scale. A breach in one part of our financial ecosystem could compromise operations, security, and the privacy of stakeholders across multiple institutions — regulators, partners, vendors, and customers alike,” he said while speaking at a Stakeholder Engagement, Financial Industry Command Security Operations Centre (FICSOC), at the Bank Square in Accra on Wednesday, May 7.

Dr Mumuni further stated that this is why collaboration is not optional.

No single institution, no matter how large or well-resourced, can face these threats alone, he stressed.

“We must share intelligence, align standards, and develop resilient systems to protect the integrity of our industry and the trust of those we serve. The Bank of Ghana has long recognized this imperative. Over the years, the Bank has made significant investments in cybersecurity — not simply for compliance, but to build a foundation of trust and resilience for collective progress,” he said.

He further explained that a cornerstone of this effort was the 2018 issuance of the Cyber and Information Security Directive (CISD)— a bold step to establish clear expectations, strengthen accountability, and harmonize cybersecurity standards across the financial sector.

The directive helped institutions move from reactive postures to proactive strategies, enabling them to anticipate and respond to emerging threats. This led to the establishment of the Financial Industry Command Security Operations Centre (FICSOC), which has greatly enhanced our collective situational awareness. Participating institutions can now monitor threats in real time, share incident reports promptly, and coordinate responses with greater speed and impact.

“It is a living example of how collaboration breeds resilience. Indeed, when we work together, we are stronger, smarter, and faster. Our work at FICSOC has not gone unnoticed. The Cyber Security Authority has formally designated the Bank of Ghana as the Sectoral Computer Emergency Response Team (CERT) lead for the financial industry. This designation is not just a title — it is a responsibility. As a sector rich in Critical Information Infrastructure (CII), the financial industry demands deeper collaboration to understand evolving threat patterns—ranging from insider breaches and digital fraud to advanced persistent threats. Indeed, the CERT designation opens the door to cross-sectoral intelligence sharing, collective defense, and a unified national response. When we collaborate, we do not fight alone – we defend our sector with shared purpose and shared tools. While FICSOC offers a powerful collective shield, individual institutions must continue investing in their own cyber capabilities. A shared defense does not replace internal diligence; it strengthens it.

“But let me be clear — as a regulator, we are not resting on our success story. We are here today because we know cybersecurity is never static. It evolves — and so must we. Together, we must reflect, re-strategize, and build on our shared progress. Accordingly, the Bank of Ghana has initiated a process to revise the Cyber and Information Security Directive.

“The updated directive will address emerging risks tied to artificial intelligence, data privacy, cloud computing, and digital governance. It is being designed with proportionality in mind — ensuring that regulatory requirements reflect the varied realities of different institutions while continuing to protect innovation,” he said.

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