Central Bank of Nigeria Issues Cybersecurity Guidelines for Banks and Processors

The Central Bank of Nigeria (CBN) has recently released new cyber-security guidelines for banks and Payment Service Providers. According to a letter sent by CBN on the 25th of June 2018, the reasons for issuing these guidelines were “Due to the recent increase in the number and sophistication of cyber-security threats against Deposit Money Banks (DMBs) and Payment Service Providers (PSPs)”

According to CBN, the framework provides a risk-based approach to managing cybersecurity risk and addresses six areas: Cybersecurity Governance and Oversight, Cybersecurity Risk Management System, Cyber Resilience Assessment, Cybersecurity Operational Resilience, Cyber-Threat Intelligence and Metrics, Monitoring & Reporting.

The draft guidelines for stipulating the minimum requirements for enhancing cyber-security can be seen here.