By Daniel Bampoe
As cyber threats against Ghana’s financial sector surge, the Bank of Ghana has moved to deepen its collaborative cybersecurity efforts by expanding the reach and responsibilities of the Financial Industry Command Security Operations Centre (FICSOC).
This announcement was made during a high-level stakeholder engagement at the Bank Square in Accra, where the First Deputy Governor of the Bank, Dr. Zakari Mumuni, delivered a keynote address outlining current challenges, achievements, and new directions in the country’s digital financial security.
Established in the wake of growing cybersecurity concerns, FICSOC has served as a centralized platform to facilitate real-time threat monitoring, intelligence sharing, and coordinated responses among banks and regulated financial institutions.
Since its creation, the Centre has played a vital role in strengthening sector-wide vigilance and resilience. Its efforts were significantly guided by the Bank of Ghana’s 2018 Cyber and Information Security Directive (CISD), which introduced a unified framework to transition institutions from reactive to proactive cybersecurity strategies.
At the forum, Dr. Mumuni emphasized that the digital transformation of Ghana’s financial services — while offering vast opportunities for innovation and financial inclusion — has also introduced complex and borderless cyber risks.
According to the Bank’s 2024 Fraud Report, losses from cyber and technology-related fraud reached nearly GHS 10 million in 2024, up from GHS 8.9 million the previous year.
Globally, financial sector cyberattacks rose by 38% in 2023, with money laundering flows estimated at over $2 trillion.
These figures underscore the urgency of enhanced sector-wide cooperation, he said.
Recognizing the pivotal role of collaboration, Dr. Mumuni affirmed that “no single institution, no matter how large or well-resourced, can face these threats alone.”
He highlighted that the Bank of Ghana has invested significantly in cybersecurity infrastructure, not just for compliance purposes but to build a system grounded in trust and collective protection.
This approach has led to the Cyber Security Authority designating the Bank of Ghana as the Sectoral Computer Emergency Response Team (CERT) lead for the financial industry — a role that brings with it the responsibility to coordinate cross-sectoral threat intelligence and responses.
As part of its forward-looking strategy, the Bank has begun revising the CISD to address emerging challenges such as artificial intelligence vulnerabilities, data privacy concerns, cloud computing risks, and evolving digital governance models.
The updated directive is expected to be risk-based and proportionate, taking into account the differing operational capacities of regulated institutions.
A major announcement from the Deputy Governor was the planned expansion of FICSOC’s mandate to include all licensed financial institutions — beyond traditional banks.
This will bring the National Insurance Commission (NIC), the National Pensions Regulatory Authority (NPRA), and the Securities and Exchange Commission (SEC) under a common cybersecurity framework.
The goal is to democratize access to threat intelligence, early warning systems, and incident response tools, thereby enhancing the entire sector’s capacity to withstand cyber threats.
“This is not a time to rest on our laurels,” Dr. Mumuni cautioned. “Cybersecurity is never static. It evolves — and so must we.”
He urged all financial institutions to maintain internal diligence even as they benefit from FICSOC’s collective capabilities, reinforcing the notion that cybersecurity is a shared responsibility.
In his closing remarks, Dr. Mumuni called for stronger bridges between regulators, institutions, and technology providers, advocating for a unified front to protect customers, ensure service continuity, and build long-term digital trust.
“Let us commit to a safer, more inclusive financial ecosystem — one where no institution’s resilience stands alone, and no one is left behind,” he said.
The event gathered a diverse group of stakeholders including Second Deputy Governor Elsie Addo Awadzi, Director-Generals of key regulatory institutions, and cybersecurity heads from financial firms across the country.
It served as both a moment of reflection and a call to action amid an increasingly volatile cyber threat landscape.
Ghana’s financial sector, now more interconnected than ever, appears poised to tackle these challenges head-on — together.
