CBN Orders OFIs To Comply With Cybersecurity Guidelines

The Central Bank of Nigeria has ordered Other Financial Institutions (OFIs) to fully comply with its cybersecurity guidelines.

This was disclosed by Mrs Nkiru Asiegbu, Director of OFI’s Supervision Department in a recently released circular.

OFIs include development finance institutions (DFIs), microfinance banks, (MFBs), primary mortgage banks (PMBs), and finance companies (FCs).

The regulator stressed that the safety and soundness of OFIs required that they operate in a safe and secure environment for the avoidance of financial loss and reputation risks among others.

The circular reads, “As a result of the recent increase in the number and sophistication of cybersecurity threats against financial institutions, especially Other Financial Institutions (OFIs), it has become mandatory for institutions to strengthen their cyber defences if they are to remain safe and sound.

“Consequently, the CBN hereby issues the attached Risk-Based Cybersecurity Framework and Guidelines for OFIs, which represent the minimum requirements to be put in place by all OFIs.” The Bank said. “The effective date for full compliance with the provisions of the guidelines is January 1, 2023.

The CBN observed that threats such as ransomware, targeted phishing attacks and Advanced Persistent Threats (APT) have become prevalent, demanding that financial institutions, including OFIs, strengthen their cyber resilience and take proactive steps to secure their critical information assets to ensure their safety and soundness.”