Home Business Stress-test your systems against possible cyber-attacks – BoG to banks – Citi...

Stress-test your systems against possible cyber-attacks – BoG to banks – Citi Business News

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Governor of the Financial institution of Ghana, Dr. Ernest Addison has charged banks within the nation to repeatedly stress-test their establishments beneath totally different situations to make sure they’re prepared when unexpected dangers happen.

In contrast to different sectors that suffered appreciable losses, the monetary sector has remained comparatively secure within the face of the pandemic.

Whereas touting the constructive impression of a few of the measures the Central Financial institution launched within the aftermath of the identification of the Coronavirus in Ghana, the governor of the Central Financial institution Dr. Ernest Addison as a part of his keynote handle throughout a webinar organized by the Ghana Affiliation of Bankers on the subject ‘Managing Banking Dangers in Unsure Occasions – Covid-19 Take a look at Case’, highlighted some key dangers that should be effectively managed by banks to forestall any unintended penalties.

“The constructive outcomes however, we should admit that the pandemic has additionally launched a number of dangers within the banking sector. Let me spotlight three main dangers that the pandemic both unearthed or intensified, which should be effectively managed by banks to keep away from any unintended penalties on the trade. These are cyber safety dangers, credit score dangers, and operational dangers. Though the pandemic boosted the transfer in direction of digital transactions and monetary inclusion, it additionally introduced in its wake a heightened sense of cyber-attacks throughout the sector.”

On the purpose of Cyber safety dangers Dr. Addison mentioned all steps should be taken to guard the good points made thus far.

The welcomed drive in direction of extra digitization has heightened cyber dangers and fraud, and subsequently requires efficient cyber danger administration insurance policies and procedures by banks. The Financial institution of Ghana expects all banks to construct sturdy techniques to forestall such cyber safety incidences. All of the successes chalked within the digitization of banking techniques can be eroded if enough investments will not be made for efficient safety of the data expertise and safety infrastructure. On this regard, the Financial institution has issued directives and pointers such because the Cyber Safety Directive that banks should meet on an on-going foundation to successfully handle cyber danger and fraud.”

The Governor went on to additional entreat all banks within the nation to emphasize check their techniques to allow them put together for potential shocks.

“To additional construct our defenses towards the pandemic, I might encourage the GAB to repeatedly interact trade gamers to collectively strengthen their operational resilience in these occasions. From supervisory perspective, I might entreat the assorted danger managers to repeatedly stress-test your banks beneath totally different excessive however believable situations to allow you comprise potential dangers which will emanate from the COVID-induced uncertainties.”

 

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